North America: the Next Leader of the BTC Hashrate?
In China, where in the spring of 2020 there was more than 65% of Bitcoin mining capacity, laws on saving the environment were passed. Therefore, mining decreased by 10%, and leadership was under threat
Some regions of China, like Inner Mongolia, have banned mining. Elsewhere, there was a massive coal mine accident recently that led to massive power outages in April.
And recently, as we have already written, the Chinese authorities realised that mining goes against the policy of improving the ecology of the state. This led to a number of bans on Bitcoin mining and a drop in the share in the total hashrate of Bitcoin to 55%.
HEsrate BTC for 1 year
Given the current situation, China's largest mining companies are thinking about where to migrate. While there is no clarity on this issue, a new candidate for the title of the leading region in the level of hashrate comes on the stage.
According to experts, if North American mining companies invest about 4 billion, they can overtake China. To do this, you need to purchase 630,000 ASIC miners and add 63 EH/s.
You don't have to worry about the environment. Unlike China, where coal and petroleum products are mainly extracted by processing coal and petroleum products, North America (USA, Canada) has many renewable energy plants.
However, in the conditions of economic downturn such huge costs for mining seem unfeasible. Most likely, in 2021, China will maintain its leading position. Only time will tell…
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