Mining has always been an integral part of the cryptocurrency community. In fact, miners are some of the most important parts of the entire crypto ecosystem, since they are able to control the supply of cryptocurrencies in the market. Without them, the entire industry could suffer a massive blow. And one of the biggest hubs for mining at the time was China.
Still considered to be the best place in the world to mine cryptocurrencies, China has recently taken quite the harsh stance against cryptocurrencies as a whole. And they started enacting their new rules and regulations on business and individuals associated with the crypto industry. And the first place that they targeted was the mining sub market of the crypto industry.
Companies that specialize in mining had to migrate to different countries where they would be able to continue their operations. China also shut down crypto trading, and would go so far as to imprison people who were still participating in the industry. It was a difficult time for many, but in this hardship came about a new opportunity.
Cryptocurrency was able to grow to such an extent and with such versatility, that even the biggest hub closing its doors for investors and miners couldn’t stop its growth. Instead, they moved to other countries where they continued their operations. And one of the countries that most companies fled to was the US.
The US has had a rocky relationship with cryptocurrencies, as despite being the biggest market in the world, the President is not a fan. At one point, President Biden even tried to ban cryptocurrencies, but that was an unsuccessful attempt that he learned from. Instead, he has decided to accept cryptocurrencies, if only with a few caveats.
Furthermore, given that states like Texas have plenty of land and even offer cheap electricity, both of which are essential to a successful mining operation. Many companies have come together to create a crypto mining compound, which they will dedicate specifically to mining.
Crypto mining is easily the driving factor towards the United States’ success, especially since these were the factors that made China the prime place for crypto miners. China offered plenty of space to expand and create infrastructure, and even offered cheaper electricity, which allowed companies to turn a massive profit.
When considering how much cryptocurrencies have managed to grow in such a short time, you can’t help but feel a little impressed. And despite the biggest hub for crypto closing down recently, the market is still making bullish moves and cryptocurrencies have continued to rise in price.