Bitcoin mining equipment’s relocation is real and is happening as we speak; China couldn’t be more direct or clear about its intentions of shutting down all mining operations in the region. Due to which thousands of miners and mining companies that used to mine Bitcoin as their bread and butter depended on it are relocating to friendlier mining territories, and the USA is one of them. Many shipments have been packed and bound for relocation to the USA from China.
Due to a severe stance taken by China on crypto mining, Bitcoin miners have been badly affected, and Bitcoin’s hash rate is in the plummet, making the cryptocurrency struggle for its very existence in the recent crypto crash. Sure it wasn’t the only thing that started it, as Elon Musk’s whole environment is in danger due to the Bitcoin debacle also played a part, but China’s vicious take on mining can’t be ruled out from initiating the May crypto market crash.
Bitcoin Mining Relocation from China to the US Brings Cryptocurrency Closer to Stability
Anyway, according to a CNBC representative known as Eunice Yoon, a shipment of cryptocurrency mining rigs weighing about 3000kgs or approximately 3 tons is en route from Guangzhou to Maryland, USA. This clearly presents the common itinerary of all China-based miners; if this shipment reached alright to the US and started mining the way it is supposed to, almost all the other miners would do the same. In charge of Facebook’s crypto project Diem, David Marcus says that China backing out on Bitcoin mining is indeed a development for the pioneer cryptocurrency, Bitcoin.
The mayor of Miami, on the other hand, Francis Suarez, has also issued his thoughts regarding China’s crackdown against Bitcoin mining as an opportunity and has urged Bitcoin miners to relocate to Miami. He also urged them to cave in on the opportunity as Miami will also offer them incentives and crypto-tailored enterprise zones. Tax concessions, providing infrastructure and equipment support are also some of the mentions of this extensive support package introduced by the Mayor of Miami.