Great Exodus: Chinese Miners See Texas as a New Sanctuary
The Chinese government continues its forward policy to restrict the mining of cryptocurrencies in the country. One after another, the largest and most attractive provinces for miners declare a ban on mining and the termination of projects "within a couple of days" or, in some cases, until September.
On Monday, the province of Yunnan became the next "victim". This was the last drop for miners before seriously considering the possibility of relocation. The US, particularly the state of Texas is on top of the moving to list.
This state attracts cryptocurrency miners for a reason. Here are some of the lowest energy prices in the world, with a sufficient amount of renewable energy sources, in particular wind energy, which is converted by wind generators into electricity.
Nearly 30% of all US power generation capacity is concentrated in Texas. Half of it runs on natural gas, and coal-fired power plants and wind turbines each generate 20% of the state's electricity. Two nuclear power plants generate another 11% of all electricity.
At the same time, there is competition in the "Lone Star State" in which you can choose the most suitable electricity supplier. State Governor G. Abbott provides maximum loyal support at the legislative level, promoting open and transparent conditions for cryptocurrency miners in the region. It is safe to say that in the entire Western Hemisphere it is now the friendliest region for miners.
Opening a mining business is also very easy, especially if you have a couple of tens of millions of dollars for investment. Considering the drop in the hashrate of the Bitcoin network, it is obvious that there is a massive shutdown of miners. Castle Island Ventures analyst N. Carter believes that China risks losing up to 50-60% of its production capacity. The actual hashrate of the Bitcoin network is currently 114.5 Eh / s, down 33% from the peak of 171.4 Eh / s on May 13.