Cryptocurrency Miners Turn to the U.S. in Search of Regulatory Support

FinancialBuzz.com News Commentary

NEW YORK, Aug. 11, 2021 /PRNewswire/ -- Despite the numerous obstacles the cryptocurrency market has had to overcome in recent months, there are clear indications that there is plenty of demand for the digital currencies and for blockchain technology. For example, Coinbase shares rose as much as 2.1% in extended trading Tuesday after reported second-quarter revenue  was stronger than analysts had expected, according to a report by CNBC. Additionally, the company reported that total trading volume was diversified beyond Bitcoin, into Ethereum and other crypto assets. Approximately 24% of the company's total trading volume for the quarter was concentrated in Bitcoin, down from 39% in the first quarter. ISW Holdings Inc. (OTC: ISWH), Bitfarms Ltd. (NASDAQ: BITF), Riot Blockchain, Inc. (NASDAQ: RIOT), Bit Digital, Inc. (NASDAQ: BTBT), Power & Digital Infrastructure Acquisition Corp. (NASDAQ: XPDI)

The U.S. in now the new hub of the Bitcoin mining market. In fact, it is the second-biggest mining destination on the planet, accounting for nearly 17% of all the world's bitcoin miners as of April 2021. That's a 151% increase from September 2020, according to CNBC. After the crackdown by the Chinese government on crypto mining, Bitcoin miners in China have begun looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported.

ISW Holdings Inc. (OTC: ISWH) announced last month breaking news regarding the, "signing of a cryptocurrency mining hosting agreement (the "Agreement") with Bitmain Technologies ("Bitmain"), the world's leading producer of cryptocurrency mining hardware and a leading global cryptocurrency mining firm.

The Agreement will form the backbone of the Company's Phase One launch of its cryptocurrency hosting and mining operation in Georgia. Further details related to this Agreement will be discussed in the near future.

Irene Gao, Antminer BD Director NCSA Region, Bitmain, said, "We are excited to have signed this new pioneering project to begin cooperation with ISW Holdings, a new milestone for the industry for creating hosting facilities overseas. The 200 MW facility is the first phase of our long-term partnership, utilizing renewable energy as its source. We expect to further expand this project into the future to support the development of the industry."