Mining is set to become a whole lot easier (and profitable) for North American crypto miners, thanks to the Chinese government’s aggressive crackdown on the industry.
Until recently, China accounted for between 65% and 75% of all Bitcoin mining. Market dominance is expected to shift to North America, though, after an estimated 90% of China’s Bitcoin mining capacity has been ordered to shut down due to concerns over its environmental impact.
Blockchain.com data already shows that the global hashrate, a measure of the computational power used per second by the Bitcoin network, has fallen 50% from its peak in mid-April. It’s now at its lowest level since November 2020.
This could be highly favorable for U.S. and Canadian crypto miners who (for now) will no longer have to compete with China for precious blocks.
Here are a list of publicly-traded crypto miner stocks that could benefit:
- HIVE Blockchain Technologies (HVBTF)
- Riot Blockchain (RIOT)
- Marathon Patent Group (MARA)
- Canaan (CAN)
- Hut 8 Mining Corp (HUT)
- Bit Digital (**BTBT)
- ClearnSpark (CLSK)