Crypto mining scales up in the US

Crypto mining operators in the US seem confident in the future of the mining industry to the point that they are now increasing their mining capabilities.

This comes after bitcoin (BTC) has been consistently losing value over the past three months, but it has not seemed to dissuade miners that the future is tied to the cryptocurrency.

Two major companies that operate in the space, Marathon Digital Holdings and GEM Mining, spoke to Cointelegraph and confirmed that they would seek to expand their operations, roughly doubling the number of machines they want to utilize to boost BTC mining.

Meanwhile, Chinese miners are continuing their westward migration with the US proving a fertile ground for their resuscitated operations.

GEM Mining CEO John Warren confirmed that his company expects to have 32,000 mining units up and running by 2022.

Where some investors have been skittish to invest in BTC for fear of losing heavily on it, GEM Mining and Marathon Digital Holdings seem to be exploring an industry that is set to succeed in the long run and do not seek immediate gains.

However, Warren is also confident that there are various incentives for companies such as his to carry on, including tax breaks and even new technology.

“Energy is one of the most significant inputs for mining operations, and tax breaks that exempt the sale or use of electricity can assist with reducing overhead costs and maintaining cash flows”, Warren told Cointelegraph.

What is clear is that he is confident in the long-term prospects of BTC and the sustained investment appetite in it. An appetite that is only likely to go up judging by his company’s actions.

Meanwhile, crypto remains a popular currency for people to use at casinos such as Bitcasino, 1xBit and FortuneJack. Appetite for gaming has grown in equal measure.

Source

Updated: 02/25/2022 — 22:00