A few weeks after China began its nationwide crackdown on bitcoin mining, new reports have confirmed speculation that some bitcoin miners will be looking to relocate to the USA.
According to the latest reports, the deportations have already begun, as three tons of mining machinery have been transported from China’s Guangzhou to Maryland in the United States of America.
The departure of miners from China to the United States:
The most populous country solidified its grip on bitcoin mining in May this year after it reiterated its ban on working with crypto firms.
The situation escalated when the government ordered several mining enterprises in multiple regions to cease operations.
Somewhat predictably, the Bitcoin hash rate fell almost immediately, especially after Sunday’s close in the Chinese province of Sichuan.
Some experts saw this as an opportunity for the US to attract Chinese Bitcoin miners who are looking for shelter for their equipment to continue their work, which appears to be a growing trend.
According to CNBC journalist Eunice Yun, a Chinese logistics company in Guangzhou has confirmed that it will transport three tons of bitcoin mining machines to Maryland, USA.
Interestingly, David Marcus, co-founder and board member of Facebook’s Diem project, gave his opinion by describing the Chinese crackdown on bitcoin mining as a “great development” for bitcoin.
Miami welcomes miners:
Another notable figure who saw China’s attacks as a real opportunity was Miami Mayor Francis Suarez, who has made clear his support for bitcoin and other digital currencies for several months, and who recently urged miners to move to the city he oversees.
In addition, he told Suarez that Miami will offer them incentives, including institutional zones dedicated to cryptocurrency.
It will include zones with tax concessions, infrastructure incentives, and flexible regulations to encourage investments.
Suarez also emphasized that miners would be able to take advantage of lower electricity prices because the city would supply them with nuclear power.
As of now, the gap between the US and China in terms of Bitcoin hashing is still large, but it may start to close in the following months if more miners actually move from China to the USA.