The US Has Now Most Bitcoin Miners In The World

The recent crypto debacle in China deprived the market of many Bitcoin miners. China banned cryptocurrencies in June last year and influenced several small and large-scale companies. The mining process experienced a global slowdown. However, the US has been able to fill into China’s shoes with an increased number of Bitcoin miners.

The US Has Now Most Bitcoin Miners In The World

The recent surge of miners in the US has made it the world’s Bitcoin mining capital. Yahoo Finance reports that the US is one of the most growing crypto markets globally. The crypto market has witnessed an increase in investors and traders over the past few years.

US Trumps China After The Market Crash In 2021

Yahoo Finance quoted GEM Mining CEO John Warren, who said, “What you’ve seen over the past years with China shutting down, Kazakhstan shutting down, is that North America and especially the United States – really become the Bitcoin (BTC-USD) capital of the world. And I think that’s a positive thing for the United States.” The American market is becoming a hub for fast-growing businesses in the crypto field.

The US States Provide Ample Growth Opportunities To The Miners

In states including Texas and Georgia, the government has provided lucrative tax benefits that suit miners. The crypto-related business also employs those cities, becoming a significant economic asset.
“GEM Mining, my company, we are 97% carbon neutral. There are very few companies in the US that can say that. But a huge component, as you know, is energy. And certain states are very friendly to the miners. One of the biggest things is getting an exemption for the sales tax for all the miners. I mean, we have over $300 million deployed in miners. That’s a huge sales tax benefit if you don’t have to pay it. So ultimately, the miners are located in states where they have that sales tax exemption,” added Warren.

The crypto companies are enjoying tax exemptions from the government; this results in a high number of investors and traders putting their money into the market. The crypto holders face lower transaction charges compared to the US dollar. Several digital platforms and wallets help asset holders to manage their holdings and trade efficiently.