China and the United States of America are global rivals when it comes to winning the crown of becoming the financial empire. Many policies are knowingly designed to take an edge over the other.
However, one policy designed by China has now backfired to work in favor of the USA. China banned cryptocurrency and mining of cryptocurrency last year through its repressive policy. This has started to work well for America.
The US Gains From China’s Loss
After China imposed the ban, many miners migrated to the place that offered them the liberty to pursue crypto mining – The United States of America, which has now gone to become the global capital of cryptocurrency, especially Bitcoin.
China banning cryptocurrency led to a crash in the market for a while but only to bounce back again after a small phase. Bitcoin is still down to $42,280, but experts predict that it will go back to the value of $72,000 by the end of this year. Get more details about the future estimates and predictions of BTC by experts.
The attempt by China to completely eradicate cryptocurrency from its soil has handed the USA a base for victory. Many Crypto miners have migrated to the USA, making it the largest and most open host for them.
This was highlighted by John Warren in his recent media interaction. John Warren is the Chief Executive Officer of GEM Mining.
He called the USA a global capital for crypto mining and said China plays a role in making it happen. Many analysts agree that had China not designed a regressive policy to ban cryptocurrency, it could have made it to the top of the list instead of the USA.
There is no certainty to it, but there could have been a small gap for China to leave its mark on the global crypto community.
John Warren credited North America for keeping its doors open with various incentives for crypto miners despite taking a toll on its energy consumption and sales tax collection. Even though North America appears to be losing on these two fronts, John Warren believes that it is actually a good thing for North America.
Incentives that are offered to miners in the USA include exemption from Sales Tax and access to renewable energy sources. Local politicians also gain from crypto mining as mining firms generate employment.
At a personal level, John Warren has assured the community that his crypto mining firm is working to achieve carbon neutrality by 2026.
Energy consumption and carbon neutrality have been a concern for a long time. Crypto mining is a process that is known to consume the maximum amount of energy. Such measures and subsequent achievements motivate others to follow suit.
Warren shared that GEM Mining has already gone 97% carbon neutral and will reach the goal of 100% in the next four years.
GEM Mining, a South Carolina-based Crypto mining firm, has so far extracted 600 Bitcoins worth around $25 million in 2021. It is present in 6 states and now looks to go beyond the figures for previous years.