From bitcoin (BTC) miningindustry is turned upside down. That is mainly for these two reasons. Since then, we have seen a number of rapid and major developments, especially in China. There, large companies would cease operations and move them to countries such as the United States. In the US, large mining companies are seizing the opportunity to expand their operations.
Bitcoin miners mine bitcoin by solving complicated math problems. This takes a lot of electricity, and that’s for a reason. This ensures that all transactions on the network are correct and that no one can change them just like that. However, the large consumption was reason for Elon Musk, Tesla CEO, to no longer accept the cryptocurrency as a payment method. Then the news came out that China will go after miners.
According to sources from Technode, large Chinese mining companies would be packing their things to ship their operations to other parts of the world. A source reports that his company will ship thousands of miners to Alberta in Canada and Texas in the US.
It was therefore expected that the computing power of the Bitcoin network would decrease as a result. That is indeed the case at the moment. The network saw the hash rate so far with 21% decrease. A declining hash rate offers opportunities for bitcoin miners in other parts of the world. A decrease makes mining bitcoin easier because of Bitcoin’s automatic mechanism to continue to stimulate competition between miners. This is also called the difficulty.
Marathon Digital Holdings, a Nasdaq-listed company, immediately seizes the opportunity. The company has one deal closed with Compute North to get 73,000 miners host in Texas. Marathon thus strengthens its position as a mining power. The good news is that 70% of this operation will be CO2 neutral. The goal is to eventually become 100% CO2 neutral, probably to the satisfaction of Musk and Tesla.
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