In May, Beijing called for a severe crackdown on bitcoin mining. This caused what’s being called “the great mining migration” by those in the crypto world to places like Texas.
Texas appears to be an ideal destination for miners due to its deregulated power grid and pro-crypto political environment.
“You are going to see a dramatic shift over the next few months,” Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini, told CNBC. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”
On Sunday, China extended its crackdown to the southwestern province of Sichuan, where many mines were reportedly shuttered. Overall, China’s actions seem to have led to a significant decline in bitcoin’s hash rate, or processing power.
Bitcoin’s price fell as low as $31,760 on Monday morning, CNBC reported, dropping below $32,000 for the first time since June 8.
