Asian Superpower has already shut down all cryptocurrency-related operations from its use to its mining last year.
Since China stopped operations related to digital currencies from its use for transactions trading to its mining, the effects have been seen all over the crypto space. Undoubtedly, cryptocurrencies are decentralized, and no entity can control them. Still, the Asian country had become a significant crypto player since then, so much so that when it shut down crypto operations, the shockwaves were all around.
One of the significant sectors affected more than any other was mining. Until the shutting down of crypto operations, China was the top country in terms of Bitcoin miners and mining rigs. After the announcement, they needed to shut down their mining rigs and were left out with two options. Either they leave their bitcoin mining business or shift the infrastructure to another place.
Most firms have chosen the latter options, and recent news of another bitcoin miner firm has reported to set up other than China. Crypto miners named BTT or Bit Digital have deployed 39.2% of their total crypto mining rigs to North America after moving out entirely from China.
Till 15th March total of 10,462 Bitcoin miners and 712 Ethereum miners transferred their mining firms and deployed them to North American sites. For Bitcoin and Ethereum, computing power reported 0.511 exahash/second and 0.188 terahash/second, respectively, in North America. In a press release, the miner stated that although the rigs have moved to North America in Nov, securing electricity and facilities development to keep them took some time.
As of now, Bit Digital firm has 27,744 bitcoin miners and 731 Ethereum miners, and additionally, it placed an order for 10,000 machines from Bitmain in October 2021 for a price of $65 million. For Q4 of 2021, the firm has mined about 240.57 bitcoins which was considered a huge fall from its year-to-date Q4, 695.96 BTC. The firm put the reason for this as the migration and redeployment of miners and mining rigs.
Overall, Bit Digital expects around 103 megawatts of hosting capacity to get its mining rigs ready by the end of this year. The company would have to pay $3.7 per kilowatt-hour as the average price across different contracts for the electricity it would consume. As per the press release, North America has provided around 20 megawatts to its Nebraska and Texas mining sites and plans to deliver more than 28 megawatts of hosting capacity to miners and mining rigs at the time of the last two quarters of this year.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/03/16/does-bit-digitals-deployment-in-north-america-indicate-a-complete-crypto-shutdown-in-china/