Bitcoinwas not considered seriously for quite some time. The Central Banks began to pay closeattention to cryptocurrency only when the price was sent soaring to newerheights.

Efficiencyand speed in payments is the major benefit of cryptocurrency. Banks are in the business of making profitsby moving people's money, and digital cash will only help them further.

Banksare feeling alarmed by the emergence of payment systems based on cryptocurrencyas they well know that if they do not improve on their payment mechanisms, theywill have to give up to inexpensive and alternative transfer mechanisms.

TheCentral Banks of several countries are experimenting with theircryptocurrencies. If an alternativeglobal currency existed, the Central Banks would not be able to manage theirmonetary 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.

Severalsignificant digital assets were not doing well, and they were dealing withtheir losses. The overall cryptocurrencymarket capitalization was at $222 billion. The average trading volume was at $57 billion, and the Bitcoin marketshare was at 66.6%

PeterThiel, a billionaire investor, has been doubling down on the Bitcoin. There is forever a threat of regulatorycrackdown with anything related to cryptocurrency.

Layer1,a renewable energy-based Bitcoin mining operation based in San Francisco, isbacked by Peter Thiel, Paypal Co-founder.

Layer1has recently stated that it had raised about $50 million from severalundisclosed cryptocurrency investors.

In a recent blog post that announced the fresh funding, AlexanderLiegl stated, "According to industry research, over 60% of bitcoin’s hashrate and 100% of bitcoin hardware production are located in China."

China dominates Bitcoin mining. It also leads to the manufacturing of computer chips and otherequipment, which are essential for the mining process.

Liegl stated, “The future of bitcoin mining lies in theheart of the United States: Texas." This is where the electricity pricesare world-class, the regulations are friendly, renewable energy options inabundance, possibility to improve hash rate by scaling of the miningoperations.

There were previous failed attempts when it wasabout bringing in large scale Bitcoin mining to North America. Several other countries are trying to userenewable energy like hydroelectric power and natural cooling for Bitcoinmining from across the world.