China has long been home to more than half the world’s bitcoin miners, but now, Beijing wants them out ASAP. In May, the government called for a severe crackdown on bitcoin mining and trading, setting off what’s being dubbed in crypto circles as “the great mining migration.” This exodus is underway now, and it could be a game changer for Texas.
Despite a lack of reserves that caused dayslong blackouts last winter, Texas often has some of the world’s lowest energy prices, and its share of renewables is growing over time, with 20% of its power coming from wind as of 2019. It has a deregulated power grid that lets customers choose between power providers, and crucially, its political leaders are very pro-crypto – dream conditions for a miner looking for a kind welcome and cheap energy sources.
“You are going to see a dramatic shift over the next few months,” said Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”
2021 data for the global distribution of mining power is not yet available, but past estimates have shown that 65% to 75% of the world’s bitcoin mining happened in China – mostly in four Chinese provinces: Xinjiang, Inner Mongolia, Sichuan and Yunnan. Sichuan and Yunnan’s hydropower make them renewable energy meccas, while Xinjiang and Inner Mongolia are home to many of China’s coal plants.
JPMorgan says there’s weak bitcoin demand from big investors, crypto bear market could be on the way. The way this exodus is measured is by looking at hashrate, an industry term used to describe the computing power of all miners in the bitcoin network. “Given the drop in hashrate, it appears likely that installations are being turned off throughout the country,” continued Carter, who also thinks that probably 50% to 60% of bitcoin’s entire hashrate will ultimately leave China.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 82.4% | 26 | $61 292.24 | -4.32% | -12.43% | $1 206 564 917 346 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 78.4% | 34 | $2 999.19 | -3.38% | -14.63% | $360 117 900 419 | ||
3 | USDT | Tether predictions | 92% | 1 | $0.999859 | -0.06% | -0.02% | $108 717 143 672 | ||
4 | BNB | Binance Coin predictions | 89.2% | 18 | $536.78 | -1.12% | -11.50% | $80 258 760 835 | ||
5 | SOL | Solana predictions | 78.4% | 41 | $135.11 | -1.71% | -21.72% | $60 355 987 465 | ||
6 | USDC | USD Coin predictions | 92% | 2 | $0.999875 | -0.02% | -0.02% | $32 512 251 853 | ||
7 | XRP | XRP predictions | 81.6% | 36 | $0.495590 | -0.23% | -19.61% | $27 316 850 911 | ||
8 | DOGE | Dogecoin predictions | 72.4% | 57 | $0.148549 | -5.60% | -25.78% | $21 380 062 673 | ||
9 | TON | Toncoin predictions | 73.2% | 51 | $6.15 | -0.85% | -8.47% | $21 346 888 535 | ||
10 | ADA | Cardano predictions | 76.8% | 45 | $0.448920 | -2.63% | -22.82% | $15 989 890 543 | ||
11 | SHIB | SHIBA INU predictions | 62.4% | 82 | $0.000022 | -2.70% | -20.72% | $13 056 286 082 | ||
12 | AVAX | Avalanche predictions | 68% | 65 | $34.13 | -2.52% | -27.97% | $12 899 169 697 | ||
13 | STETH | Lido stETH predictions | 91.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | WTRX | Wrapped TRON predictions | 88.4% | 12 | $0.110175 | -0.97% | -7.25% | $9 653 480 964 | ||
15 | TRX | TRON predictions | 90.8% | 12 | $0.110102 | -1.42% | -7.18% | $9 647 092 238 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.