The Chinese government ban on crypto mining has made a huge impact on the price of cryptocurrencies and the blockchain network. The bitcoin protocol was forced to adjust the algorithms that regulate the rate at which bitcoin is mined.
The global hash rate or the total computing power being put towards crypto mining worldwide has fallen dramatically since the mining operations have been forced to shut down in China. It is estimated that 65% of the world’s miners were based in China.
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At the same time, new opportunities have been created for miners in other parts of the world, including Kazakstan and especially North America. Miners are moving their rigs and in search of cheap energy to resume their operations. States like Texas are at the top of the list with pro-crypto politicians and 20% of the state’s power coming from wind energy.
TheStreet Crypto Investor Senior Reporter Stacy Elliott explains how the migration of crypto mining is taking shape right here in the U.S.