Encryption miners' forge ahead under the changing global mining situation

According to Brandessence Market Research, the cryptocurrency mining market size will reach $2.2854 billion in 2021. The cryptocurrency mining market is growing at a CAGR of 28.5% and will reach $5,293.9 million in 2028.

The high demand for cryptocurrencies is one of the major factors driving the growth of the global cryptocurrency mining market. But during this period, changes in the global mining industry also affected the hearts of crypto miners.Now, it begs the question where is mining cryptocurrency still a good option?

The US has been the dominant country for crypto mining, especially in Texas. Texas has a lot of excess energy such as wind and solar, and on the basis of objectively solving the energy problem, the privately owned electric grid also ensures that the mining business is not disturbed by bureaucracy.

Even though miners in Texas are not the latest to be so active in the state's mining industry, miners there are taking care of electricity issues, such as some large companies regularly shutting down equipment, prioritizing residential consumers and critical infrastructure. , so that the state's electricity problem has not been amplified and intensified.

Considering the issue of energy shortages, using mining as a support for implementing green energy utilization may be another way for miners to gain more support.

Looking at the bigger picture, the energy consumption of Bitcoin mining may not be that outrageous. According to the BMC 2021 Q4 report, Bitcoin mining uses a higher sustainable energy mix than any major country or industry in the world, and the energy consumption of BTC mining only accounts for 0.142% of the world’s total energy. Mining consumes 0.44% of the world's energy.

We believe that despite the changes in the global mining landscape, the development prospects of virtual currencies are still trustworthy. Whether it is from finding resources with low electricity prices, choosing to build mines in a suitable climate, or seeking the support of local residents and policies, miners are still actively moving forward under the changing situation.