One of the main themes among the crypto community in 2021 was China’s aggressive policy toward mining, which led to a complete ban on such activities in September. 

While mining as a type of financial activity has not gone away and is unlikely to disappear, Chinese cryptocurrency miners had to look for a new place to set up shop. Many of them moved to the United States — the world’s new mining mecca — while some left to Scandinavia and others to nearby Kazakhstan, with its cheap electricity.

Mining activities can’t stay under the radar forever, and governments around the world have begun to raise concerns over electricity capacity and power outages

Erik Thedéen, vice-chair of the European Securities and Markets Authority — who also serves as director general of the Swedish Financial Supervisory Authority — has called for a ban on mining proof-of-work cryptocurrencies like Bitcoin (BTC) in Europe.

As jurisdictions around the world begin to crack down on mining-related activities, it begs the question: “Where is it still profitable, and legally favorable, to mine crypto?”

Related: Finding a new home: Bitcoin miners settling down after China exodus

North America

It’s no secret that the U.S. is the main country for crypto mining, particularly in the Lone Star State, Texas. After the exodus from China, crypto miners and billions of dollars of capital flooded into the southern state. This is largely due to state policy, with Governor Greg Abbott having actively supported the Bitcoin industry.

Philip Salter, CEO of crypto mining firm Genesis Digital Assets,…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.