TL; DR failed
• The United States becomes number one in bitcoin mining and replaces China.
• National authorities seek legislation to clear cryptocurrencies.
Following the crackdown on digital currencies, China significantly reduced bitcoin mining rates and gave space to new players. After China’s largest cryptocurrency companies left for the United States, it turned the country into a digital currency powerhouse. As such, China is not the first country to mine bitcoins, leaving the position to the United States
According to The Wall Street Journal, the United States has become a major hub for digital currency extraction, surpassing its competitors in Asia and India.
United States: A country that will benefit from bitcoin mining
Long before China was looking for bitcoin mining companies, it was the center of bitcoin mining with more than 50 percent of its supply. At the time, the United States had extracted only less than 10 percent of the tokens, which made it less relevant in the digital currency market.
However, many companies migrated to North America or other parts of Asia after China banned the cryptocurrency trade and mining business. Analysts say the United States has been the most popular cryptocurrency mining, with more than 30 percent of its bitcoin supply circulating.
Many cryptocurrency companies have opened in the United States because of their transparent digital currency policies, and the country has been renewed with new technology. Initially, the US government was not convinced about BTC mining, but they changed their minds over the months.
US and crypto mining
North America seems to have renewed its policies on cryptocurrencies and opened up space for bitcoin mining. The only issue that the country’s representatives are discussing is greenhouse gases, which have created problems for bitcoin mining since the companies’ presence in China.
The government is reportedly trying to pass a law banning cryptocurrency extraction that is harmful to the environment. Companies that do this need to create technology that allows them to extract their bitcoins without consuming much energy. There are some prospects, such as extracting cryptocurrencies with a hard disk and not with a processor, but they are not yet developed.
Bitcoin mining has been a trend in the country and the future investment of Bitcoin ETFs has recently been approved by the Securities and Exchange Commission. This could provide a clearer picture of what the US government is looking for in cryptocurrencies: full acceptance.
Meanwhile, all the positive things that this country is doing are pushing Bitcoin and other tokens to their all-time high. For example, with normal bitcoin mining, the token supply reaches more than 18,000,000 BTC and costs more than $ 62,800 per token.