[Brando]

Originally Posted by ShopCat

I'd argue this is good for the long term of BTC. China crackdown hopefully leads to a more decentralized mining network. USA needs to get it together. I think there is a big rig in TX coming.

You would be correct with that statement. So now we have CN firms pushing their (our?) money back into places where they can continue to reap the rewards of mining.

Chinese Bitcoin Firm to Invest $25M in Texas Mining Center

BIT Limited, a Chinese crypto mining company, has announced that it has entered into a binding investment term sheet with Dory Creek LLC to invest in a crypto mining data center in Texas. Dory Creek LLC is a wholly-owned subsidiary of Bitdeer, Inc.

The Chinese company will invest $25 million and jointly construct and operate the Texas mining center with Dory Creek LLC. The mining center has a total power capacity of 57.2 megawatts.

Currently, the majority of BIT Mining’s crypto mining operations take place in China’s Sichuan province, a hotspot for crypto miners due to the low cost of hydroelectric power.

The move to open a mining center in Texas is part of BIT Limited’s objective to lower its carbon footprint. According to a prepared statement, the firm claims that more than 98% of its power capacity would be generated from green sources.

Crypto Mining: China and the United States

China and the United States are competing for a foothold in the growing crypto mining business.

According to Cambridge University, almost two-thirds of the world’s Bitcoin mining industry occurs in China. However, this figure is on the decline. In September 2019, China enjoyed 75% of the world’s Bitcoin mining industry.

China still has a significant command of the Bitcoin mining market, but the United States has been pivoting to this industry, too. Today, the United States holds over 7% of the world’s Bitcoin mining industry, up from about 4% in September 2019.

What’s more, BIT Mining is not the first company to turn to Texas’ mining potential. In March of this year, UK-based Argo Blockchain bought land in the Lone Star State to launch a Bitcoin mining operation. U.S. firm Riot Blockchain also dropped $650 million on a massive Bitcoin mining site in Texas last year.

Oh, and I came across this earlier this week regarding crypto in the corporate news cycle: