TL;DR Breakdown
• The United States becomes number one in BTC Mining, replacing China.
• The national authority seeks to create a law to make crypto-mining cleaner.
After repressions against cryptocurrencies, China significantly dropped in BTC mining rates, giving space to new players. After the largest crypto-mining companies in China left for the United States, this turned the country into a crypto powerhouse. In this way, China would cease to be the first for Bitcoin mining, leaving the position to the U.S.
According to the Wall Street Journal magazine, the United States has become the main focus of crypto mining, surpassing its competitors in Asia and India.
United States: A country that will benefit from BTC Mining
Long before China went after BTC Mining companies, the country had been the BTC mining center with over 50 percent of its supply. Back then, the United States had only mined less than 10 percent of the token, making its relevance in the crypto market low.
However, after China banned crypto trading and crypto-mining work, many companies migrated to North America or other parts of Asia. According to analysts, the United States has been the country with the highest reception to crypto mining, extracting over 30 percent of the circulating supply of Bitcoin.
Many crypto-mining companies opened their operations in the United States due to their clear policies regarding cryptocurrencies, and the country is renewed with the new technology. At first, the U.S. government was not convinced about the BTC Mining work, but they have changed their position over the months.
The United States and crypto mining
North America seems to renew its policies for cryptocurrencies and has made room for BTC Mining. The only thing that the country representatives discuss is the greenhouse emission gases that have brought problems to Bitcoin mining since the companies were in China.
The government is reportedly working to create a law prohibiting crypto-mining work with toxic gases that harm the environment. The companies that carry out this work must create a technology that allows them to extract their Bitcoin without consuming much energy. Some prospects exist, such as extracting cryptos with hard drives and not with processors, but they are not developed yet.
BTC Mining has been a trend in the country and the Bitcoin futures ETF investment that the stock and securities commission recently approved. This could establish a clearer picture of what the U.S. government is looking for with cryptos, their full adoption.
Meanwhile, all the positive actions that the country takes cause Bitcoin and other tokens to reach new all-time highs in their value. For example, with normalized Bitcoin mining, the supply of the token amounts to over 18,000,000 BTC, and its price exceeds $62,800 per token.
