U.S. officially the top destination for bitcoin miners, beating out China for the first time
As of July, 35.4% of bitcoins hashrate – an industry term used to describe the collective computing power of miners – is in the United States, according to the Cambridge Centre for Alternative Finance. Miners started fleeing China en masse, heading to the cheapest energy sources on the planet in what was dubbed "the great mining migration." "The large, publicly-traded miners were able to raise capital to go make big purchases," said Mike Colyer, CEO of digital currency company Foundry, which helped bring over $300 million of mining equipment into North America. Alex Brammer of Luxor Mining, a cryptocurrency pool built for advanced miners, points out that maturing capital markets and financial instruments around the mining industry also played a big role in the industrys quick ascent in the U.S. Brammer says many of these American operators were able to start rapidly expanding once they secured financing by leveraging a multi-year track record of profitability and existing capital as collateral. "All the money printing during the pandemic meant that more capital needed to be deployed," explained bitcoin mining engineer Brandon Arvanaghi.
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