The growth of mining in North America is just one of the things driving the return of bullish mood across the industry. We present to you the North American companies that mined 59% more of Bitcoin.
In July, North American Bitcoin miners enjoyed higher Bitcoin production without a significant increase in hash rate capacity. Five publicly traded North American companies mined a combined 1,802 BTC this month.
Specifically, Bitcoin mining companies in North America saw a significant increase from the previous month. The adjustment came after China’s crackdown on its miners.
Bitcoin mining companies
In particular, five publicly traded North American Bitcoin mining companies significantly increased their Bitcoin outflows in July, producing 1,802 Bitcoins. Which represents an increase of 59% compared to the previous month.
In fact, production update statements released by each of the five miners – Marathon, Argo Blockchain, Bitfarms, Hut 8, and Riot Blockchain – detail their exceptionally productive July. Without a sharp increase in the power of the hash rate, all five of them could dramatically increase their mining production of BTC.
So, Riot and Marathon top the list for productivity increases, increasing their Bitcoin mined in July by 82% and 66.42%, respectively. As of June, the two miners had produced only 243 and 265.6 BTC.
For its part, Bitfarms 47.5%, Hut 8 53.85% and Argo 34.73%. In general, investors seem to be simply celebrating the gains of Bitcoin (BTC). These companies generate income from Bitcoin mining. So it makes sense for investors to be bullish.
Why this increase?
In effect, the rise in Bitcoin production by the listed North American miners. It is mainly due to the widespread crackdown on Bitcoin in China.
The country took tighter regulatory sanctions against the industry in May and June, shutting down miners and causing an exodus of ASICs. Since then, many miners have opened stores abroad, definitely changing the landscape of Bitcoin mining.
So why is this bullish? For several reasons. First of all, there is the overall energy mix of the Bitcoin network. Mining in China often uses coal as its primary energy source, while North American mining operations are comparatively clean.
Are Bitcoin miners the winners?
After all, as long as the Bitcoin industry cares about shifting its energy mix to relatively more renewables, the move away from China is a demonstrably good thing. In short, for multiple reasons, the hashing power leaving China is a significant net positive for Bitcoin.
As a result, Bitcoin miners in North America have become the big winners from the Chinese crackdown.
In closing, just to recap, we have a major hashing power migration out of China, which is a potentially challenging area for Bitcoin in the first place. And, American companies benefit from that.
I close with this phrase by Mike Colyer: «There are a huge number of machines leaving China that need to find new homes».