MINERS IN A PANIC  NO MORE AFFORDABLE ELECTRICITY? | Crypto

MINERS IN A PANIC NO MORE AFFORDABLE ELECTRICITY?

– In 2021, China initiated a ban on crypto mining, particularly Bitcoin mining.
– The ban on crypto mining erupted in different provinces of China with Xinjiang, Inner Mongolia, Sichuan, Beijing, and Yunnan provinces taking the lead.
– Kazakhstan initiated tough legislation to down the electricity supply from crypto mining.
– The lawmakers dramatically pushed the once low energy cost to a very high level, discouraging miners.
– The US energy sources are the most renewable and affordable for miners.
– Miners usually compete in a low-margin environment with electricity as their only variable cost.
– The possibility of remaining profitable for miners in the US is drastically dropping.
– Some miners who migrated to the country now have issues with permits to be able to connect to the grid even with those increased tariffs.
– As the mining difficulty rises, miners are looking for more ways to mint digital assets.
– And crypto community may pay attention to post-Soviet countries like Armenia.

pexels pixabay 461789 MINERS IN A PANIC NO MORE AFFORDABLE ELECTRICITY?

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