China’s bitcoin miners are migrating
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.