Crypto Mining Operations Establish a Foothold in North America
The Chinese government’s crackdown on crypto mining continues. According to a report by CNN, the Chinese authorities are ramping up atheir crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions. The Chinese authorities also target crypto miners because they view the digital currencies as a big financial risk, as people can evade the strict national controls on capital. The National Development and Reform Commission of the People’s Republic of China (NDRC) indicated that it will would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. In the meantime, the U.S is now the largest crypto mining hub in the world, as it has the largest share of global Bitcoin mining networks, according to data from the University of Cambridge. ISW Holdings Inc. (OTC: ISWH), Hut 8 Mining Corp. (NASDAQ: HUT), Ebang International Holdings Inc.