North America saw an exceptional rise in BTC mining over the span of one month, with a 58 percent hike. Five Bitcoin Mining giants in North America, Marathon Digital, Riot Blockchain, Bitfarm, Argo Blockchain, and Hut8 mined a total of 1802 Bitcoins in July as compared to June’s collection of 1135.6 Bitcoins.
The rain of BTC in North America is attributed to the Chinese crypto crackdown that caused the great miners’ migration. BTC community is back in action with its bull run after the legendary decline of the coin during the last couple of months.
“The global cryptocurrency market cap today is $1.98 Trillion, a 3.6% change in the last 24 hours. Total cryptocurrency trading volume in the last day is at $157 Billion. Bitcoin dominance is at 43.7% and Ethereum dominance is at 19.1%.” According to CoinGecko’s latest market update.
While some Chinese mining giants in North America tasted BTC’s bull run; companies like BIT Mining, BIT Digital, and The9 City are currently in the process of shipping out their machines to regions like Kazakhstan, Russia, and the US, instead of financial strain.
US infrastructure Bill may pose threat to BTC Mining in the US
FTX crypto exchange’s CEO, Sam Bankman-Fried tweeted last week against the crypto Infrastructure Bill. He referred to the ongoing hustle against the crypto clause in the US Infrastructure Bill to be a warning sign for the US crypto community. Furthermore, he speculated that the bill can potentially cause another great miners’ migration, this time from the US.
The $1.2 trillion bipartisan, US infrastructure bill plans to radically increase crypto tax and raise nearly $28 billion from cryptocurrency tax enforcement measures. Additionally, the tax regulations will also allow the U.S. Internal Revenue Service (IRS) to demand all digital asset subsidiaries to report tax liabilities on crypto transactions. SEC Chair, Gary Gensler’s recent letter to Sen. Elizabeth Warren against the volatile crypto proves the strong opposition against the crypto community in the US.
“Right now, I believe investors using these platforms are not adequately protected,” Gensler said in his response to the Massachusetts Democrat, dated Thursday.