North America to Become Cryptomining Central Now That China Miners Have Gone Dark

NetworkNewsWire Editorial Coverage

NEW YORK, July 13, 2021 /PRNewswire/ -- Cryptocurrency mining, where banks of specialized computers rush to solve complex algorithms and build data blocks of transaction activity on the blockchain to earn cryptocurrency, is energy intensive, to say the least. From the outset, China kept a stranglehold on the market owing to abundant and cheap energy, including in the coal plant hubs of inner Mongolia and Xinjiang, resulting in more than half of the world's mining activity occurring in the country. However, Beijing is facing pressure to control carbon emissions, and it is pointing its finger directly at cryptomining for its failure to meet targets. To that end, Chinese regulators have taken unprecedented action in shutting down crypto miners, shining a spotlight on cleaner energy solutions, like those offered by ISW Holdings Inc. (OTCPK: ISWH) (Profile), which just got a head start in a race for power in the United States. The Chinese shutdown also means that all those coins that would have been mined by Chinese firms are up for grabs, which is good news for ISWH and crypto miners such as Marathon Digital Holdings Inc. (NASDAQ: MARA), CleanSpark Inc. (NASDAQ: CLSK), Riot Blockchain Inc (NASDAQ: RIOT) and Bitfarms Ltd. (NASDAQ: BITF)

• ISWH formed a JV with Bit5ive, North America's largest provider of collective management services and official distribution partner of industry juggernaut Bitmain.
• ISWH expanded into Georgia with land lease development agreement that includes first-phase, seven-acre property tailored for cryptocurrency mining operations.
• Phase 1 includes 20 megawatts deployed across 20 of latest-generation, 1-MW POD5 units expected to initially generate $10 million in annual revenue.
• The complete project is targeting 100 MW that will generate in excess of $100 million per annum.

Click here to view the custom infographic of the ISW Holdings editorial.

North America Will Dominate Cryptomining Market

With Bitcoin prices exploding from around $157 in 2015 to a high of almost $65,000 this year, crypto mining competition has become intense, as evidenced by the explosion of hashrate, mining nomenclature for aggregate Bitcoin computing power worldwide. The forced mining exodus in China resulted in hashrate plunging to a one-year low, as Chinese companies packed up their machines to head for different countries.