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

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China was once a powerhouse for bitcoin mining, contributing to much of the global mining hashrate. However, Chinese lawmakers banned crypto mining in May 2021 over environmental concerns.

This led to a mass exodus of the crypto mining industry, which began to look for other countries to set up operations.Enter the United States.Studies show that in August 2021, roughly 35 percent of the global mining hashrate took place in the US. Just one year before this, it was 4 percent.A trillion-dollar present?A mining executive told CoinDesk that China's ban on crypto mining was a "trillion-dollar present" to the US.

This view was mirrored by Michael Saylor, CEO of MicroStrategy, a software analytics company that has been accumulating bitcoin in bulk since last year.Also Read: How a change in code can cut Bitcoin energy consumption by 99%Saylor called China's ban a trillion-dollar mistake in an interview with Bloomberg in June 2021. He further explained that China was cracking down on an asset generating $10 billion yearly, and it had the potential to have 100 percent year over year growth.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.

And unless the Asian superpower rethinks its stance, the prospects of crypto mining in the US look even more promising.The mining industry's transition to green energyThe mining industry has been mostly met with hostility and labelled as an undesirable element by many entities and governments worldwide. To rehabilitate its image, the mining industry has taken some substantial steps.Many mining endeavours have taken the approach of