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U.S. Becomes the Largest Bitcoin Mining Hub After China Bans Cryptocurrency

U.S. Becomes the Largest Bitcoin Mining Hub After China Bans Cryptocurrency

Bitcoin

The U.S. has become one of the main hubs of the Bitcoin mining market. This is in large part due to the Chinese government’s crackdown on cryptocurrencies. Local agencies, including the country’s securities regulator and the People’s Bank of China (PBOC), recently said in a statement that all cryptocurrency-related business activities are illegal and promised to punish illicit activities involving digital currencies. As a result, the U.S. now has the largest share of global Bitcoin mining networks, according to data from the University of Cambridge.

The price of Bitcoin climbed above the US$60,000 mark on 8th October, Friday as investors and traders anticipate that the U.S. regulators will clear the first Bitcoin futures exchange-traded fund. According to a report by CNBC, the ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange, and experts believe the SEC is unlikely to object to the product. As a result of the crypto boom that occurred earlier this year, many companies and organizations like ISW Holdings Inc., Riot Blockchain, Inc., Sphere 3D Corp., SOS Limited, HIVE Blockchain Technologies Ltd. have become noticeably more open to blockchain technology and cryptocurrencies.

ISW Holdings Inc. (OTC: ISWH), transitioning to “BlockQuarry,” pending name change, announced last month for current and prospective shareholders with a more detailed discussion about, “the company’s recent landmark deal with Bitmain Technologies (“Bitmain”), the world’s leading producer of cryptocurrency mining hardware and a leading global cryptocurrency mining firm. The Company is currently running 700 miners, representing a mix of Bitmain Antminer S17’s, BitMain S19 95TH/ s’s, and Canaan Avalons. Those miners are running in POD5 units in Stronghold, Pennsylvania at a site managed by Bit5ive.

Riot Blockchain, Inc. (NASDAQ: RIOT) announced last month its September production and operations updates, including its unaudited Bitcoin production for September 2021 and its miner shipping/deployment status. In September 2021, Riot produced 406 BTC, an increase of approximately 346% over its September 2020 production of 91 BTC. Year to date through September 2021, the company produced a total of 2,457 BTC, an increase of approximately 236% over its BTC production during the same 2020 period of 731 BTC.

Sphere 3D Corp. (NASDAQ: ANY) announced this June that it has entered into an Agreement and Plan of Merger with Gryphon Digital Mining Inc. (“Gryphon”), a privately-held company focused on the mining of Bitcoin using renewable energy. Upon completion of the merger, the company will change its name to Gryphon Digital Mining Inc. The merged company will focus on expanding Gryphon’s digital mining operations and utilize Sphere 3D’s proprietary enterprise solutions to optimize Gryphon’s processes. “Gryphon’s future focus on mining using 100% renewable energy will set the bar for mining companies of the future.

SOS Limited (NYSE: SOS) reported back in June that it has entered into a joint venture agreement with Niagara Development LLC (“Niagara Development ”), a New Jersey limited liability company, for a joint venture to be based in Niagara, Wisconsin. The joint venture, FD LLC, is expected to carry out cryptocurrency mining operations and construct an international standardized Digital SuperComputing Custody Operation Center. Under terms of the agreement, Niagara Development will be responsible for providing up to 150MW of electricity, including electricity generated from renewable sources, and construction of the Digital SuperComputing Custody Operation Center. SOS will be responsible for the management, operations, and financing of the joint venture. SOS remains committed to its blockchain strategy and strives to become a sustainability leader in the industry.

HIVE Blockchain Technologies Ltd. (NASDAQ: HVBT) reported last month that it has ordered 1,800 Antminer S19j Pro miners from Bitmain Technologies Ltd. (“Bitmain”). These new miners have an aggregate hash power of 180 Petahash per second (PH/s). HIVE is proud to reconnect with Bitmain, one of the leading manufacturers in the industry and is excited to make this initial order of S19j Pro miners from Bitmain. These 1,800 miners are the first of its 2022 mining purchase program and will be delivered in 6 equal tranches of 300 miners, commencing in January 2022 through June 2022.

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