An increasing number of companies are entering the cryptocurrency mining space in North America.
Houston-based tech company Lancium announced yesterday that it had raised $150 million in a bid to build Bitcoin mines across Texas. Texas is fast becoming one of the leading destinations for cryptocurrency mining activities.
By next year, the company intends to launch more than 2,000 megawatts of capacity across its numerous sites. Lancium intends to use clean energy to mine Bitcoin and other cryptocurrencies as the environmental pressure on crypto mining increases. Lancium Chief Executive Officer Michael McNamara said;
“I think the fact that it’s all energy companies investing suggests that we have a shared vision of the role bitcoin mining should play in the grid.”
The company revealed that the latest funding round was led by y clean energy company Hanwha Solutions in addition to other power companies. North America has become one of the top destinations for cryptocurrency miners, taking over from China.
China previously accounted for more than 50% of Bitcoin’s hashpower. However, the trend changed this year as the Chinese government cracked down on cryptocurrency mining and other crypto-related activities.
As a result of the ban, Chinese miners moved their operations to other parts of the world, including Kazakhstan and Russia. However, North American countries, Canada and the United States are some of the biggest winners.
The United States now accounts for the highest Bitcoin hashrate in the world. This is the first time the US took that position. In the United States, Texas has become home to most cryptocurrency miners due to its abundant solar and wind energy sources.
The state has also passed positive legislation that would ensure cryptocurrency investors and innovators thrive in the region. Thanks to its progressive legislation, Texas has become one of the biggest beneficiaries of cryptocurrencies in the United States.
Bitcoin has underperformed in recent weeks and is currently trading just above the $56k level, down by more than 18% from the all-time high of $69k it achieved two weeks ago.