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- With more enterprises in the US aiming to enter the Bitcoin mining sector, the United States appears to be on track to overtake China as the world’s leading Bitcoin mining country
- Canaan has granted Genesis Digital Assets an option to purchase up to 180,000 more mining machines in connection with the Order, Canaan added
- Following China’s recent ban on cryptocurrency mining, North America is becoming the new home of cryptocurrency miners
With more enterprises in the US aiming to enter the Bitcoin mining sector, the United States appears to be on track to overtake China as the world’s leading Bitcoin mining country. Genesis Digital Assets, based in the United States, stated earlier today that it has purchased 20,000 Bitcoin miners. The purchase comes as the business looks to grow its cryptocurrency mining activities and establish itself as a major player in the industry in North America. Canaan, a renowned cryptocurrency miner manufacturer, sold Genesis the Bitcoin mining rigs. Genesis and Canaan’s agreement goes beyond simply purchasing Bitcoin miners; they’ll collaborate to create and operate industrial-scale Bitcoin mining data centers to support the 20,000 machines.
Canaan has granted Genesis Digital Assets an option to purchase up to 180,000 more mining machines in connection with the Order, Canaan added. This current set of Bitcoin mining machines, according to Genesis co-founder and executive chairman Abdumalik Mirakhmedov, will help them extend their mining activities in North America. They also plan to expand into the Nordic countries. He went on to say that the cryptocurrency company wants to expand its activities in these areas because of its interest in sustainable energy. The additional machines will significantly improve their capacity as they strive toward their objective of 1.4 gigawatts of capacity by the end of 2023, he added.
Following China’s recent ban on cryptocurrency mining, North America is becoming the new home of cryptocurrency miners. The Chinese government has made cryptocurrency mining virtually impossible in the country. As a result, some miners have begun to relocate to more advantageous areas such as the United States, Canada, Kazakhstan, and Russia. The price of bitcoin is still hovering around $50,000. It has gained less than 1% in the last 24 hours and is currently trading slightly above the $47k barrier. If the current upward trend continues, the leading cryptocurrency could break beyond the $48k barrier in the following hours.
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.
