Crypto Continues Rebound And US Is New Bitcoin Mining Master

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Last Updated on 23 July 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Cryptocoins continue a rebound which started on Wednesday after Bitcoin experienced a drop below $30k on Monday when global markets fell out of fear for a resurging Covid-19 spread.

By Friday morning time of writing, Bitcoin is trading near $32,500 while Ethereum is again above $2,000. In the top 20 of CoinMarketCap we furthermore noted strong performances by Polkadot and Uniswap. In the beginning of the week, analysts predicted $20,000 as the next stop, but that will remain a distant dream as crypto continues its rebound for the moment.

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Equipment shipped from China to USA

Marathon Digital’s CEO Fred Thiel recently explained on CNBC how the US has slowly become the second largest destination for Bitcoin miners, with percentages (currently 17%) only expected to grow further this year. He thinks that by the end of 2022, the US would have 40% of Bitcoin miners.

New miners have been relocating to North America where their rigs are powered by renewables or gas which is offset by renewable energy credits. Most of them are now located in Texas.

Mike Colyer, CEO of digital currency company Foundry agreed with Thiel. He oversaw some $300 million in Bitcoin mining equipment being brought into North America and Canada and explained that:

The large, publicly traded miners were able to raise capital to go make big purchases.

A majority of the new equipment manufactured from May 2020 through December 2020 was shipped to the U.S. and Canada.

We don’t know when it will become official that the US is now the premier spot to mine Bitcoin, but don’t be surprised if that is what you read in a few months from now.

PromesaStudio / Depositphotos.com