Over the course of one month, North America experienced a 58 percent increase in BTC mining. In July, five Bitcoin mining behemoths in North America, Marathon Digital, Riot Blockchain, Bitfarm, Argo Blockchain, and Hut8, mined a total of 1802 Bitcoins, up from 1135.6 Bitcoins in June.
The Chinese crypto crackdown, which caused the great miners to migrate, is blamed for the BTC rain in North America. Following the coin’s legendary decline over the last few months, the Bitcoin community is back in action with a bull run.
“Today, the global cryptocurrency market cap is $1.98 trillion, representing a 3.6 percent increase in the last 24 hours. The total cryptocurrency trading volume in the previous day was $157 billion. Bitcoin has a 43.7 percent market share, while Ethereum has a 19.1 percent market share.” According to the most recent market update from CoinGecko.
While some Chinese mining behemoths in North America experienced BTC’s bull run, companies such as BIT Mining, BIT Digital, and The9 City are currently in the process of shipping out their machines to regions such as Kazakhstan, Russia, and the United States, rather than facing financial hardship.
The US Infrastructure Bill may endanger Bitcoin mining in the United States.
Last week, Sam Bankman-Fried, CEO of FTX crypto exchange, tweeted in opposition to the Crypto Infrastructure Bill. He cited the ongoing fight against the crypto clause in the US Infrastructure Bill as a red flag for the US crypto community. Furthermore, he speculated that the bill could lead to another massive migration of miners, this time from the United States.
The $1.2 trillion bipartisan US infrastructure bill intends to significantly increase cryptocurrency taxes and raise nearly $28 billion through cryptocurrency tax enforcement measures. Furthermore, the tax regulations will allow the Internal Revenue Service (IRS) in the United States to require all digital asset subsidiaries to report tax liabilities on crypto transactions. The recent letter from SEC Chair Gary Gensler to Senator Elizabeth Warren opposing volatile crypto demonstrates the US government’s strong opposition to the crypto community.
“Right now, I believe investors using these platforms are not adequately protected,” Gensler wrote in a Thursday response to the Massachusetts Democrat.