Crypto mining has been the talk of the town for a fair bit of time and for good reason. More and more people have been mining crypto, hoping to make it big in this landscape. More often than not, people have gained tremendous amounts of profits by making investments, trading or even mining crypto. Unfortunately, however, there are countries that do not look at crypto as favorably as others do. Because of this, miners in different parts of the world face a great deal of trouble.
While there are plenty of countries where governments have restricted crypto mining and anything related to it, China has been the main focus as of late. This is because the government in China imposed a ban on crypto-related mining. This essentially caused a variety of bitcoin entrepreneurs, traders, and miners to go to other places, preferably ones that are crypto-friendly. Most of these miners and traders are heading towards Texas.
While there are plenty of reasons that explain why Texas is such a great place, its crypto-friendly environment is arguably the biggest reason. Some experts in the world of crypto even think that Texas could well and truly become the crypto capital globally. If any of you reading this have been following the crypto bubble for a while, you will know that the Chinese government introduced a crypto and bitcoin crackdown during the month of May.
Ever since this crackdown took place, crypto enthusiasts in China have not been able to mine, trade, or even make investments in bitcoin. These events cause large and small-scale crypto miners to look for other places where they could mine crypto. Kevin Pan, who happens to be the chief executive officer of Poolin, a Chinese crypto mining company, left the country after hearing this news.
He appeared in a variety of interviews before as well as after his departure, where he claimed that his company staff and executives decided to move away for good. He even further mentioned that they will not be coming back to China because of its governments’ strict laws regarding crypto. For those who don’t know, Poolin happens to be the second-biggest bitcoin mining network all across the world. What’s more, a huge chunk of the company’s operations took place in China.
As all of you would expect, this news proved to be quite surprising because of a variety of different reasons. People were highly dependent on Poolin’s bitcoin mining and wondered who else they would turn to. However, most of the miners in China moved to Texas, which happens to be incredibly crypto-friendly, especially when it comes to mining.