USA: Texas is expected to become the largest hub in Bitcoin mining

Since May this year, China's policies to curb cryptocurrencies have resulted in the loss of most of the mining nodes within two months. 

At the beginning of May, China's share of the Bitcoin mining network was over 60%, but with strict regulatory policy and a complete ban on BTC mining, that share began to fall to zero by the end of July 2021.

 According to the latest report, China's Yunnan recently announced that it has completely stopped mining Bitcoin and saved 2 billion kilowatt-hours of electricity.

China's loss has become a significant opportunity for countries such as the United States, Kazakhstan, and Russia, which have seen an influx of Chinese miners following a ban on cryptocurrency mining.

The US became the top choice for Bitcoin mining, specifically Texas, to become the new mining hub.

A Bloomberg report said many miners are expected to settle in Texas over the next two years. The main reason for Texas to become the most significant mining hub is the availability of cheap electricity and favorable regulations. As a result, the demand for mining could increase by 5,000 MW.

"The rubbish of one is the treasure of the other."

China's dominance in cryptocurrency mining has often been seen as a threat by many experts, given the country's austerity policies against the cryptocurrency market. 

Thus, when the repression of cryptocurrencies led to one of the largest "migrations" by miners, he may have seen it as a great victory. Bitcoin's mining hash rate sank by almost 50% after the Chinese ban, but it has recovered rapidly since then and reached new high levels of mining difficulty.

The growth of Texas as a mining hub in Bitcoin has also led to concerns about power outages and power outages, as observed in Iran and Kazakhstan.

However, the local government is confident that it will make the appropriate arrangements to meet the new demand.

This article is for informational purposes only and does not replace specialized consulting services with professional experts.