Bitcoin Miners in North America from statistics mined a total of 1135.6 Bitcoins in June, while in the month of July 1804 Bitcoins were mined, showing an increase in Bitcoin mining by 58%.
Over the course of a month, North America saw a 58% increase in BTC mining activity. Marathon Digital, Riot Blockchain, Bitfarm, Argo Blockchain, and Hut8 are five Bitcoin mining giants in North America that mined a total of 1802 Bitcoins in July, compared to 1135.6 Bitcoins in June.
The Chinese crypto crackdown, which sparked the huge miners’ migration, is blamed for the BTC rain in North America. After a legendary slide in the last few months, the Bitcoin community is back in action with a bull run.
“The global cryptocurrency market cap today is $1.98 Trillion, a 3.6% change in the last 24 hours. Total cryptocurrency trading volume in the last day is at $157 Billion. Bitcoin dominance is at 43.7% and Ethereum dominance is at 19.1%.” According to CoinGecko’s latest market update.
While several Chinese mining behemoths in North America have reaped the benefits of BTC’s bull run, firms like BIT Mining, BIT Digital, and The9 City are currently relocating their machines to Kazakhstan, Russia, and the United States to avoid financial hardship.
New Infrastructure bill may threaten Bitcoin Mining in the US
Last Monday, the CEO of the FTX crypto exchange, Sam Bankman-Fried, tweeted his opposition to the crypto Infrastructure Bill.
He saw the ongoing fight against the crypto element in the US Infrastructure Bill as a warning flag for the crypto community in the United States.
Furthermore, he suggested that the measure could result in yet another mass migration of miners, this time from the United States.
The $1.2 trillion bipartisan US infrastructure package intends to earn approximately $28 billion in revenue from bitcoin tax enforcement measures.
Furthermore, the IRS will be able to require that all digital asset subsidiaries declare tax liabilities on crypto transactions under the new tax legislation.
Gary Gensler, the SEC Chair, recently wrote a letter to Sen. Elizabeth Warren criticizing the volatile crypto market, demonstrating the significant resistance to the crypto community in the United States.
