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26 July 2021

Bitcoin (BTC) Mining Getting Greener as Chinese Miners’ Exodus Continues

Bitcoin (BTC) Mining Getting Greener as Chinese Miners’ Exodus Continues

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The events of the past months have effectively crashed Bitcoin’s energy usage and experts have predicted that over 40 percent of the global hashrate by 2022, will be controlled by North America, thanks to the abundance of cheap renewable energy sources in the region.

While global bitcoin mining operations may not become entirely green overnight, as some of the operators that left China are still in Kazakhstan, a country that largely depends on electricity generated from coal, observers have predicted that the country’s new legislation that aims to increase taxes for bitcoin miners would effectively make it less attractive in the long run.

will slap exorbitant taxes on bitcoin mining operations as time goes on, North America remains the destination of choice for miners at the moment and Fed Thiel, the CEO of Marathon Digital has predicted that if the roughly 500,000 formerly Chinese mining rigs successfully make it to North America, the region could account for a massive 40 percent of the global Bitcoin hashrate by 2022

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