When the cryptocurrency industry came into being, the country that took the lead in the mining sector for Bitcoin (BTC) was China. If you think that China only took the lead in the initial years of the advent of cryptocurrency, then that would be an understatement.
Even until the year 2021, China had the lead when it came to the adoption of cryptocurrency mining. The Chinese sector had been really active when it came to mining Bitcoin. According to records from the crypto-mining data analyzing firms, until May of 2021, China was responsible for mining 64% of the total Bitcoin around the world.
However, by mid of May 2021, the Chinese regulatory authorities decided to take matters into their own hands. The regulatory authorities in China became very aggressive and active against the crypto- and Bitcoin-mining firms in the country.
The regulators from China continued cracking down on the mining firms in China. This led to all of the mining firms being closed down in China until the end of June 2021. As a result, the entire mining sector ended up getting shut down in the country.
While the regulators in China were dealing a swift blow to the mining firms in the country, the North American region was busy monitoring the situation. The countries in the North American region started welcoming cryptocurrency mining farms to their territories.
The North Americans made full use of the opportunity and announced that their lands were open to the mining farms wanting to relocate from China. These countries offered open lands with high electricity/energy reserves. Therefore, the mining farms shut down in China decided to move to the North American regions.
As the relocation phase was completed for most of the mining farms by July, the North American region started generating high mining results. This meant that the North American region has started high hashrate versus other regions in the world.
While old mining firms are moving to North America, the existing mining companies in the region are observing even higher mining rates. For the month of July, the major publicly listed mining firms from North America have shared promising mining results.
The five major mining firms in North America have reported that together, they have successfully mined 1,802 Bitcoin in July. The firms have revealed that it is 59% high mining rate than the former month of June.
The names of these major firms from North America include Bitfarm, Hut8, Argo Blockchain, Riot Blockchain, and Marathon Digital. These mining firms have demonstrated great participation in the mining of Bitcoin from the North American region. They have reported that they have even become more active in mining Bitcoin since the Chinese crackdown on its crypto-mining sector.
The post North American Mining Firms Close To Leading Bitcoin Mining Industry appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/north-american-mining-firms-close-to-leading-bitcoin-mining-industry/
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