BTC Mining Recovery
However, one person’s trash is another person’s treasure. China’s ban of Bitcoin and the crypto industry writ large has afforded significant opportunities for other countries. New, recently displaced hashing power has come online from miners in North America, Latin America, and other regions. China’s ban on crypto mining led miners to migrate out of China, with some relocating to the U.S. This migration can be substantiated by the increased percentage share of crypto mining pools by US companies like Foundry U.S. This creates new jobs in the U.S. as well as giving the U.S. greater influence over the direction of digital markets.
Bitcoin’s hashrate has seen a rebound of more than 100% from its low after the ban.
El Salvador, the only nation in the world to recognize bitcoin as legal tender, officially began using geothermal energy generated from local volcanos to mine bitcoin. In September, El Salvador mined 0.0059 BTC, worth $260, in a trial run that is set to increase in scope once the process is proven out. The country heavily relies on geothermal energy and is one of the top producers of it in the world.
Mining powered by geothermal energy is neither new nor isolated to El Salvador. Bitcoin miners have been running in Iceland since 2010 thanks to its plentiful volcanic resources. Volcanoes and their geothermal energy provide Bitcoin miners with an abundance of cheap and renewable energy.