The Bitcoin exodus has begun; cryptocurrency mining firms are relocating to North America following the Chinese Government's new restrictions ↺
Some time ago, we reported that China planned to crack down on cryptocurrency mining operations within the country. We still don't know what the crackdown entails, but we're probably looking at stricter regulations. On the other hand, several large-scale mining firms are in the knowhow and are keen to move their operations out of China.
Sources familiar with the matter have told Technode that one Chinese mining firm plans on setting up shop in Texas (USA) and Alberta (Canada). While moving to nearby Asian countries makes more logistical sense, the sub-par internet infrastructure may have prompted the firm to look further west. Texas's cheap commercial power rates (0.1629 US$/kWh) could be a factor, too. It seems that the Bitcoin exodus out of China is happening faster than we thought it would.
Firms such as BTC.TOP and HashCow, and Huobi Mall have already begun winding up their Chinese operations and are actively looking for greener pastures. Then again, it isn't just the cryptocurrency miners who are eyeing the continental United States for their infrastructure. Samsung has earmarked US$18 billion for a 5nm facility in Texas. TSMC has plans to build six new plants in the country.