Hengduan Mountain in Sichuan Province is no longer the field of digital magic. Until recently, there was a building where cryptocurrency was mined. They used this power a lot because there is a hydroelectric power plant nearby that supplies electricity from the dam. Their machines were used for “mining,” the process of solving cryptographic puzzles and verifying transactions made in Bitcoin and other digital currencies. The building had a huge cooling system and usually one wall was covered with a huge fan to draw in the air.
But now the noise of fans has stopped all over Sichuan. In May, a government committee responsible for promoting fiscal stability promised to halt bitcoin mining. Within weeks, authorities in four major mining areas - Inner Mongolia, Sichuan, Xinjiang and Yunnan - ordered the closure of local projects. Residents of Inner Mongolia have urged them to call a hotline to report anyone violating the ban. In parts of Sichuan province, miners were ordered to clear their computers overnight and demolish buildings. Most of the power suppliers are unplugged.
As such, China was a mining powerhouse that accounts for about 70% of the world's mining volume, but as the Chinese government's mining ban has left miners nowhere to go, the US is taking advantage of this opportunity to attract miners.
In particular, the state of Florida said, "We are looking for ways to lower electricity rates to bring miners to our city," and it seems that the power from nuclear power plants will lead to investment and job creation for mining companies.
In addition, Texas, Maryland, Kentucky, and Wyrming states are also trying to attract mining companies.
What is the estimated effect of mining companies on the local economy, so why are they trying so hard to attract mining companies? Perhaps it is the aspect of tax revenue through the sale of surplus electricity.
In any case, I carefully anticipate that the fact that Bitcoin's dominance is shifting from China to the United States will act as a big boon in the future.