With China’s continuous, intensifying, and broadening crypto crackdown, Chinese miners are planning for a “mass migration” to a more crypto-friendly destination.
Chinese miners are now considering Texas as a place to transfer all their mining operations facilities. Texas is the second-largest state in the U.S, both by area and population.
But apart from these “bragging rights”, it appears that Texas is also one of the most ideal places for crypto mining operations. It has one of the world’s lowest energy prices and has growing renewable energy facilities.
On top of these things, it also has a deregulated power grid, which means the state’s residents have the freedom to choose their electricity provider. Texas is also a top wind-electricity producer in the country.
With all these assets in place, it is considered a “paradise” for crypto miners.
Pro crypto state
But if there is one top thing that miners would really love about Texas, it would be that the state and its politicians are cryptocurrency supporters.
According to Brandon Arvanaghi, who formerly works at Gemini, a regulated crypto exchange: “We have governors like Greg Abbott in Texas who are promoting mining.”
Nic Cartner, a partner in Castle Island Ventures, an early-stage venture capital firm, said that 50% to 60% of China’s bitcoin hashrate will certainly be gone soon.
Alejandro De La Torre, VP of Poolin, a Hong Kong-based mining pool, said that the company is trying to diversify its global hashrate away from China to other places like the United States and Canada.
He also added: “We do not want to face every single year, some sort of new ban coming from China.”
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