Barry Silbert says bitcoin mining is shifting from China to the USA

The CEO of Grayscale, the world's biggest cryptocurrency asset manager, Barry Silbert, said that he had observed an ongoing effort to shift the bitcoin mining industry from China to the USA.

According to the Aljazeera report, the CEO of Grayscale Barry Silbert revealed that over the last three to six months, they have been observing an effort to bring the bitcoin production from the cities of China to the USA and Canada. 

 

China is responsible for over 65% of bitcoin mining.

Currently, China is the leading country when it comes to bitcoin mining, as it is responsible for over 65% of the entire bitcoin mining that happens in the world. The founder of the New York-based Grayscale Investments said that he had witnessed a real growing shift towards attempts to move bitcoin production outside of China into specifically the United States and Canada. Currently, Chinese firms such as Bitmain are the world’s biggest miners and manufacturers of bitcoin mining hardware.

 

Why is there an effort to shift bitcoin mining from China to the USA?

The CEO of Grayscale Investments, Barry Silbert, did not specify as to why is there such an ongoing effort to move bitcoin mining from the Asian country to the USA. The Chinese government has also been harsh on the bitcoin miners as it announced a crackdown on bitcoin mining farms last year. The Bitcoin mining process consumes a lot of energy, and that is why it is done in the remote locations of China where electricity is cheap is generated with non-fossil fuels. 

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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