Inside the American Mining Boom

Source: American Consequences
by Trish Regan

“Deep in the heart of Texas, on a 100-acre site in Rockdale, 30,000 machines grind away at all hours of the day and night, mining for bitcoin. The computers are calculating the answers to equations on the blockchain — with the promise of 6.35 bitcoins (what a ‘block’ pays these days) for solving sophisticated mathematical problems. This company running these machines, Riot Blockchain, is one of the many massive crypto operations managed in the U.S … with that number growing exponentially. You see, in the spring of 2021, China’s Communist Party outlawed bitcoin mining and also said that crypto cannot be used as tender. And since then, China’s bitcoin problem has become America’s opportunity. Within months of China sending crypto companies packing, the U.S. began welcoming more and more mining companies. America is now positioned to become the dominant force in bitcoin mining …” (01/13/22)