Are we witnessing the great migration of bitcoin miners? It seems that the United States is becoming their new host country.
East-West transition confirmed for Bitcoin mining
Adam Traidman, CEO of Ripple SBI Asia, confirmed a trend observed for several months now in the mining industry.
“We are witnessing the growing interest of wealthy Chinese miners who today pay an average of $ 0.03 to $ 0.05 per kW / h. By migrating to Texas. these same miners pay an average of $ 0.025 per kW / h, or even less in certain situations. ”
In addition to seeing much lower prices in some states, the political uncertainty linked to mining in China is a decisive factor for this migration. The political battles in Sichuan defeated the enthusiasm of Chinese miners and pushed them to find alternative solutions.
This confirmed drop in the price of kW / h across the Channel has been accelerated by the shutdown of the world production system and the implementation of general containments.
A decisive drop in oil prices?
Despite our records on Bitcoin mining and the use of hydroelectricity as a major energy resource, it is clear that the fall in the price of a barrel of oil greatly influences the mining ecosystem.
In a video published on May 27, Andreas Antonopoulos mentions the fact that the collapse of black gold benefits miners, but also creates competitive disparities depending on their geographic location:
“One of the most important mining infrastructures has opened in Texas, and I cannot imagine that this is a coincidence… This is probably linked to the fact that the USA produces 12 million barrels per day, and that the fall in prices oil is an opportunity for miners, and especially those based in the USA, in their quest for competitiveness. ”
Even if mining operations migrate to the United States , the companies leading this exodus are not from the same country. Indeed, 90% of orders related to mining rigs are still shipped to China , proving the great involvement of miners from the East.
Europe, shared between these two poles of influence, has long been left behind in the mining race. The operational costs linked to infrastructure and labor, as well as the distrust of the public authorities, have surely let slip one of the major strategic challenges of tomorrow.