Future of Bitcoin Mining in Texas Per LieglOctober 21, 2019
Bitcoin was not considered seriously for quite some time. The Central Banks began to pay close attention to cryptocurrency only when the price was sent soaring to newer heights.
Efficiency and speed in payments is the major benefit of cryptocurrency. Banks are in the business of making profits by moving people’s money, and digital cash will only help them further.
Banks are feeling alarmed by the emergence of payment systems based on cryptocurrency as they well know that if they do not improve on their payment mechanisms, they will have to give up to inexpensive and alternative transfer mechanisms.
The Central Banks of several countries are experimenting with their cryptocurrencies. If an alternative global currency existed, the Central Banks would not be able to manage their monetary policy effectively.
Bitcoin has been trading above $8,200, and the upside momentum has been losing traction. During early Monday hours, Altcoins have not been doing well, and they were range bound and were trading with a bearish bias.
Several significant digital assets were not doing well, and they were dealing with their losses. The overall cryptocurrency market capitalization was at $222 billion. The average trading volume was at $57 billion, and the Bitcoin market share was at 66.6%
Peter Thiel, a billionaire investor, has been doubling down on the Bitcoin. There is forever a threat of regulatory crackdown with anything related to cryptocurrency.
Layer1, a renewable energy-based Bitcoin mining operation based in San Francisco, is backed by Peter Thiel, Paypal Co-founder.
Layer1 has recently stated that it had raised about $50 million from several undisclosed cryptocurrency investors.
In a recent blog post that announced the fresh funding, Alexander Liegl stated, “According to industry research, over 60% of bitcoin’s hash rate and 100% of bitcoin hardware production are located in China.”
China dominates Bitcoin mining. It also leads to the manufacturing of computer chips and other equipment, which are essential for the mining process.
Liegl stated, “The future of bitcoin mining lies in the heart of the United States: Texas.” This is where the electricity prices are world-class, the regulations are friendly, renewable energy options in abundance, possibility to improve hash rate by scaling of the mining operations.
There were previous failed attempts when it was about bringing in large scale Bitcoin mining to North America. Several other countries are trying to use renewable energy like hydroelectric power and natural cooling for Bitcoin mining from across the world.