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The American company has bought a record number of farms for mining bitcoin
US targets full-scale offensive in cryptocurrency mining market.
Purchased machines deployed in Texas.
Russia can still succeed in this area, but it seems that there are no prospects in the short term.
American mining market intends to seize the chance and deprive China of a dominant position.
American blockchain company Core Scientific signed an agreement to purchase 17,000 bitcoin mining farms from one of the leading manufacturers of mining equipment – Bitmain.
According to an official press release, the company has acquired 17,595 S19 Antminers ASICs. Core Scientific claims to be the largest number of mining farms acquired by a single company.
Core Scientific CEO Kevin Turner claims that the company has already begun testing the first of the latest ASIC miners from Bitmain and has made significant progress in increasing the existing hash rate to 110 Tx / s ± 3%.
“With long-term electricity contracts on the market and the most powerful miners ready to deploy at any time, Core Scientific is well placed to meet our customers’ digital mining needs at a significantly faster pace than the competition,” Turner said..
The purchased ASICs are deployed in Texas to attract a range of mining companies and institutional investors.
Centralization of power
The US has been eyeing the cryptocurrency mining market for a long time.
Earlier this year, Barry Silbert, founder of the investment fund Grayscale Investments, which, by the way, already has at its disposal about 400,000 bitcoins (2% of all mined bitcoins), said that the United States or Canada would be the next mining hub..
“What I saw recently, perhaps in the last three to six months, is a real interest in moving most of the [mining] activity outside of China, in particular to the US and Canada,” Silbert said..
In March of this year, the western New York power plant in the Finger Lakes region set up a comprehensive system for mining Bitcoin, using generated electricity to generate a virtual asset..
For a faster arrival of institutional investors, the Three Arrows Capital investment fund and the largest mining pool, Cryptocurrency is not only an alternative to traditional money, but also a tool for earning. To process transactions in the network of coins, a computing … More PoolinCryptocurrency is not only an alternative to traditional money, but also a tool for making money. To process transactions in the coin network, computing is required … More even entered into an exclusive partnership that combined Poolin, an investment fund and a BlockFi DeFi wallet into a single ecosystem.
Note that the massive purchase of mining devices is taking place against the backdrop of a scandal at Bitmain, where conflicting leadership has been tirelessly fighting for power for six months now..
However, not only the West has a chance to take a leading position. Earlier, the CEO of the BitRiver mining company Igor Runets said that Russia has every chance of becoming more visible in the field of bitcoin mining.
Runets noted that Russia produces green, renewable and surplus electricity throughout the year, and the government economically supports such enterprises..
His statement is shared by Binance Pool CEO Alice Xu.
The head of a mining pool owned by a cryptocurrency exchange believes that Russia will be able to increase its presence in the mining market in the near future.
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However, Russia is still unlikely to become a real competitor to China, she said..
What do you think? Will the United States be able to change China’s leadership in the cryptocurrency mining market?? Share your thoughts with us in comments and join the discussion in our Telegram channel.
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