The United States has become one of the largest cryptocurrency mining countries in the world.
The United States has become home to some of the leading cryptocurrency mining companies in the world.
Since China’s crackdown on cryptocurrency mining activities in recent years, the US has become one of the favourable destinations for cryptocurrency mining companies.
Riot Blockchain CEO Jason Les told Yahoo Finance that he believes Bitcoin mining will continue to flourish in the United States. Riot Blockchain is one of the leading Bitcoin mining companies in the US.
When asked about cryptocurrency mining during this crypto winter, Les said;
“I think mining is going to continue to flourish in the United States, particularly in grids like ERCOT in Texas, a very business-friendly environment, a great power environment. We– even though Bitcoin mining economics have gone down, there’s still tremendous opportunity here.
And grid programs like 4CP, CLR, and all the programs that ERCOT offers, help miners reduce their energy costs. And it incentivizes more generation development in that grid. So I think we will continue to see expansion, but we’re going to see expansion by more and more efficient operators. Efficiency and power strategy is going to be key to those players who want to be successful.”
Les added that the company feels that there is room for growth in the cryptocurrency sector within North America. He added that;
“So we have what is, we believe– as far as we’re aware, the largest facility in North America and what we will believe will soon be the largest in the world, our Winstone facility out in Rockdale, Texas. We’re expanding that to about 700 megawatts right now. We had just, in recent months, announced a new site we’re building about two hours away that’s going to be even bigger than that, one gigawatt when fully completed. So absolutely, we are continuing to scale our business, continuing to scale our power strategy, continuing to scale our positive presence in the ERCOT grid.”
The cryptocurrency market has been in a bear market for the past few months, with most coins down by over 60% from their all-time highs.