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- Bitcoin miners in North America are soaringly acquiring more hash power
- Following the East-West shift, the miners are seeking to win the global hash rate dominance
- North American mining firms have concerns regarding energy consumption and are keen to collaborate with oil and gas firms
Bitcoin miners in China are facing heavy regulatory restrictions. China used to dominate the mining industry by more than 30%. However, the government has restricted all crypto firms to operate in the region. Indeed, the miners in the Sichuan province of China had to shut down their machines. Following such a scenario, the miners are allocating their businesses from the region. Notably, the shift of miners from the region has seemed positive for miners from North America. Where China is getting out of the equation, American miners are seeking to exert hash rate dominance.
North American Bitcoin miners are accumulating hashes
China is yet to wield the ban hammer on cryptocurrency mining firms finally. However, Bitcoin miners in North America are already building up their capacity. Ultimately, they are seeking to gain a larger share of the global hash rate distribution.
To achieve their goals, the miners are building more immense data centres to acquire hardware inventories. Moreover, such establishments are making concert efforts to balance the hash power dichotomy among the East and West hemispheres.
North American mining firms have energy concerns
North American Bitcoin miners are facing some issues regarding power consumption. Moreover, mining firms in the regions are keen to partner with oil and gas firms. Indeed, the miners have become the buyers of the last resort for flared gas.
American oil drillers are also collaborating with these miners over natural gas utilization. Indeed, the scenario proves that the potential for BTC thermodynamic capacity is set to be a net positive for the environment. Despite the criticism for PoW based mining.
Riot Blockchain is expanding its mining operations
Wrapping a major hardware acquisition, Riot Blockchain is expanding its operations. The firm is among the four most prominent firms in the region. Last year, the firm had spent millions of dollars to acquire thousands of Antminers. The acquisition had helped the firm to increase its hash power by 460%.
This year, the firm had continued to acquire more rigs and purchased more than 42k Antminers. Moreover, the mining firm announced a $650 million purchase of a central data centre in Texas.
Unsurprisingly, Riot is enjoying more tremendous Bitcoin mining success, as evidenced by the figures quoted in its monthly production and operations update. In total, the firm has a total of 2,200 BTC as of the end of last month.
Other firms like Marathon, Hut 8, and Hive Blockchain are also racing to acquire more hash power. These all firms are increasingly acquiring more rigs. Indeed, North American Bitcoin miners are seemingly on the cusp of establishing a more significant presence in the global Bitcoin mining matrix.
