China's ban could be a 'trillion-dollar' present to the US

As bitcoin miners go green, China's ban could be a 'trillion-dollar' present to US

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A mining executive told CoinDesk that China's ban on crypto mining was a "trillion-dollar present" to the US.

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This view was mirrored by Michael Saylor, CEO of MicroStrategy, a software analytics company that has been accumulating bitcoin in bulk since last year.

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China was once a powerhouse for bitcoin mining, contributing to much of the global mining hashrate

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However, Chinese lawmakers banned crypto mining in May 2021 over environmental concerns.

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This led to a mass exodus of the crypto mining industry, which began to look for other countries to set up operations.

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A mining executive told CoinDesk that China's ban on crypto mining was a "trillion-dollar present" to the US.

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China was cracking down on an asset generating $10 billion yearly, and it had the potential to have 100 percent year over year growth.

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As states like Texas and Miami welcome miners with open arms and the crypto mining industry transitions to green energy solutions, the ban on crypto mining looks more and more like a blunder on the part of China

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China's ban on crypto mining has resulted in multi-billion-dollar operations shifting base to the US. It has led to significant revenue generation for the nation and created jobs in several states as well

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