{"id":14092,"date":"2021-07-09T19:58:27","date_gmt":"2021-07-09T17:58:27","guid":{"rendered":"https:\/\/thecryptowolf.net\/2021\/07\/09\/heres-why-bitcoin-miners-are-heading-west\/"},"modified":"2021-07-09T19:58:27","modified_gmt":"2021-07-09T17:58:27","slug":"heres-why-bitcoin-miners-are-heading-west","status":"publish","type":"post","link":"https:\/\/thecryptowolf.net\/2021\/07\/09\/heres-why-bitcoin-miners-are-heading-west\/","title":{"rendered":"Here&#8217;s Why Bitcoin Miners Are Heading West"},"content":{"rendered":"<div style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Here&#8217;s Why Bitcoin Miners Are Heading West\" title=\"Here&#8217;s Why Bitcoin Miners Are Heading West\" \/><\/div><p> [ad_1]<br \/>\n<\/p>\n<div><!-- tml-version=\"2\" --><\/p>\n<p>Until recently, China accounted for more than half of all bitcoin mining. But since the crackdown by the Chinese government, market dominance is expected to shift to the west.\u00a0<\/p>\n<p>Part of the recent decline in Bitcoin and other cryptocurrency prices is thought to be related to the deluge of miners selling currencies for the cash needed to move their operations.\u00a0<\/p>\n<p>The <a href=\"https:\/\/www.thestreet.com\/partner\/china-s-bitcoin-crackdown-mining-equipment-and-carbon-emissions-moving-from-the-mainland-to-us-15692349\" target=\"_blank\" rel=\"noopener\">recent ban on crypto mining<\/a> was instituted ostensibly for environmental concerns and to prevent criminal activity, but the recent\u00a0announcement by The\u00a0People\u2019s Bank of China will create an official digital currency, the\u00a0<a href=\"https:\/\/www.thestreet.com\/partner\/china-digital-currency-hong-kong-shenzhen-proposed-as-expressway-for-cross-border-financial-innovation-15671958\" target=\"_blank\" rel=\"noopener\">Digital Currency Electronic Payment<\/a>\u00a0(DCEP),\u00a0points to other motivations.<\/p>\n<aside class=\"m-in-content-ad-row l-inline not-size-b not-size-c not-size-d\"\/>\n<p>Especially, in this case, the word &#8216;crisis&#8217; as in the Chinese character represents not only danger but opportunity. Mining companies in the U.S. and Canada are ramping up capacity and buying up heavily discounted mining rigs to increase their hash rates and market share of crypto mining.<\/p>\n<p>Many of these miners are also going public such as HIVE Blockchain Technologies,\u00a0<span> (<strong><a href=\"https:\/\/www.thestreet.com\/quote\/hvbtf\" target=\"_blank\" rel=\"noopener\">HVBTF<\/a><\/strong>) <\/span>\u00a0which has joined the NVIDIA,\u00a0<span> (<strong><a href=\"https:\/\/www.thestreet.com\/quote\/nvda\" target=\"_blank\" rel=\"noopener\">NVDA<\/a><\/strong>) &#8211; <a href=\"https:\/\/secure2.thestreet.com\/cap\/prm.do?OID=033365&amp;ticker=NVDA\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">Get Report<\/a><\/span>\u00a0Partner Network.<\/p>\n<aside class=\"m-in-content-ad-row l-inline not-size-a not-size-b\"\/>\n<p>Since the shutdown of China&#8217;s miners, more than 54% of bitcoin&#8217;s hash rate of collective computing power dropped off the network. The bitcoin code had to recalibrate by 28% to compensate and stabilize the rate of mining.<\/p>\n<aside class=\"m-in-content-ad-row l-inline not-size-a not-size-c not-size-d\"\/>\n<aside class=\"m-in-content-ad-row l-inline not-size-b not-size-c not-size-d\"\/>\n<p>This presents another opportunity for miners to make greater profits while less competition is online.<\/p>\n<p><a href=\"https:\/\/www.thestreet.com\/video\/the-digital-transformation-investing-strategies-and-opportunities\" target=\"_blank\" rel=\"noopener\">Watch TheStreet&#8217;s full webinar sponsored by VanEck<\/a> to hear more insight about the digital transformation and cryptocurrencies<\/p>\n<p>Also watch: <a href=\"https:\/\/www.thestreet.com\/investing\/what-investors-should-know-about-bitcoin-mining-equipment-and-technology\" target=\"_blank\" rel=\"noopener\">What Investors Should Know About Bitcoin Mining Equipment and Technology<\/a><\/p>\n<p>See TheStreet&#8217;s Tweet about \u00a0<a href=\"https:\/\/twitter.com\/TheStreet\/status\/1413192410428022788?s=20\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">The Biggest Challenges Facing CryptoCurrency and Blockchain<\/a><\/p>\n<p>Related: <a href=\"https:\/\/www.thestreet.com\/crypto\/bitcoin\/hvbt-hive-blockchain-technologies-nasdaq\" target=\"_blank\" rel=\"noopener\">Bitcoin and Ethereum Mining Company HIVE Blockchain (HVBT) Now Trading on Nasdaq<\/a><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><script type=\"text\/template\" id=\"facebookPixel135067773744716\">!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function()\n{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}\n;if(!f._fbq)f._fbq=n;\nn.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,\ndocument,'script','https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n(function(){\n    fbq('init', '135067773744716');\n    fbq('track', 'PageView');\n    var contentId = 'ci0287a1ac50002483';\n    if (contentId !== '') {\n        fbq('track', 'ViewContent', {content_ids: [contentId], content_type: 'product'});\n    }\n})();<\/script><br \/>\n<br \/>[ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Until recently, China accounted for more than half of all bitcoin mining. But since the crackdown by<\/p>\n","protected":false},"author":1,"featured_media":14093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37],"tags":[61,111,50,5718,1034,544,1044,3889],"class_list":["post-14092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-bitcoin","tag-cryptocurrency","tag-ethereum","tag-heading","tag-heres","tag-miners","tag-video","tag-west"],"featured_image_urls":{"full":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",0,0,false],"thumbnail":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false],"medium":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false],"medium_large":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false],"large":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false],"1536x1536":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false],"2048x2048":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false],"morenews-featured":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false],"morenews-large":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false],"morenews-medium":["https:\/\/www.thestreet.com\/.image\/t_share\/MTgyMjkyNDQ1ODQ3ODg5MjI0\/bitcoin-mining_storyblocks.jpg",null,null,false]},"author_info":{"info":["wolf2021"]},"category_info":"<a href=\"https:\/\/thecryptowolf.net\/category\/mining\/\" rel=\"category tag\">Mining<\/a>","tag_info":"Mining","comment_count":"0","_links":{"self":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts\/14092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/comments?post=14092"}],"version-history":[{"count":0,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts\/14092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/media\/14093"}],"wp:attachment":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/media?parent=14092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/categories?post=14092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/tags?post=14092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}