The United States is looking prime to replace China as the number of Bitcoin mining country in the world, with more companies in the US now looking to enter the mining market.
Genesis Digital Assets Acquires 20,000 Bitcoin Miners
US-based Genesis Digital Assets announced earlier today that it had acquired 20,000 Bitcoin miners. The acquisition comes as the company seeks to expand its cryptocurrency mining operations and become one of the leading industry players in North America.
Genesis bought the Bitcoin mining machines from Canaan, a leading manufacturer of cryptocurrency miners. The partnership between Genesis and Canaan extends beyond just buying the Bitcoin miners as they would work together to build and operate industrial-scale Bitcoin mining data centers to cater to the 20,000 machines.
Canaan said, “In conjunction with the Order, Canaan has granted Genesis Digital Assets an option to purchase up to 180,000 additional mining machines.” According to Genesis co-founder and executive chairman Abdumalik Mirakhmedov, this latest batch of Bitcoin mining machines will help them expand their mining operations in North America. They also intend to expand their operations to the Nordics. He added that the cryptocurrency firm wants to scale its operations in these regions due to its interest in harnessing renewable energy. “These new machines will dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023,” he added.
North America Is The New Home Of Crypto Miners
North America is becoming the new home of cryptocurrency miners following China’s crackdown on crypto mining activities in recent months. The Chinese government has made it almost impossible for cryptocurrency miners to operate in the country. As a result, some of the miners have started moving to more favorable regions like the United States, Canada, Kazakhstan and Russia.
Bitcoin’s price continues to struggle below the $50k region. It is up by less than 1% over the past 24 hours and is trading just above the $47k mark. The leading cryptocurrency could look to surpass the $48k level over the coming hours if the positive momentum continues.
This article was originally posted on FX Empire