The United States now accounts for 35.4 percent of bitcoin’s hash rate, said Colin Harper, head of content and research at Luxor, a bitcoin mining pool and software startup. According to Harper, competition for materials to build a mining plant or space to lease has increased over the previous year since the country has both ample power and a more solid rule of law than other mining hotspots.
“I believe the United States will become the world’s largest mining hub,” he stated. “Within two years, more than 60% of the entire hash rate will be in the United States.”
Bitcoin miners from China have shifted to the United States and North American enterprises are expanding, adding to the gloom for other countries in the field of bitcoin mining. As a result, a lot of miners from different nations are considering relocating to the United States even with the possibility of experiencing significant financial hardship.
Bitcoin miners benefit from the United States’ increased availability to renewable energy sources.
The energy intensity of bitcoin mining is still a strongly disputed topic among climate activists, researchers and miners themselves. Renewable energy isn’t always incentivized for miners, but it’s become a big priority as bitcoin’s price has surged in 2020 and 2021.
“Publicly traded miners and those aiming to go public will continue to “green” their operations by seeking renewables directly or purchasing carbon credits/offsets for two major reasons,” according to a Luxor annual report. To begin with, businesses will choose to do so voluntarily in order to “mollify criticism.” Second, it will be required under ESG standards imposed by US regulators.
The US House Energy and Commerce Committee will hold a hearing on the energy impacts of cryptocurrency on January 20, with bitcoin mining expected to be a major topic of discussion.