There are signs that Bitcoin mining is beginning to gain a foothold in the United States—a win for the decentralization of the cryptocurrency ecosystem.
Considering the looming crypto mining ban, increasing pressure from the U.S.-China trade war, and the Chinese government’s cautious stance towards crypto, the diversification of miners out of the country isn’t surprising.
Major Mining Player Diversifies to the United States
Squire Mining (SQRMF), a publicly traded Canadian blockchain company—and one of the largest miners in the world by hashpower—signed a letter of intent to host over 41,000 Bitcoin (SHA-256) ASICs to the United States.
The move is part of a deal with Core Scientific, a stealthy AI and blockchain firm helmed by former Microsoft COO Kevin Turner.
Squire committed $6.37 million to the agreement in hosting prepayments and Core Scientific intends to spend, at minimum, $12 million on infrastructure to accommodate the relocated equipment.
Squire Mining has close connections to the leaders behind Bitcoin SV. Craig Wright and Jimmy Nguyen, executives at nChain, both serve as advisors to the firm. Meanwhile, Squire is deeply involved in a series of agreements with Calvin Ayre-owned CoinGeek.
Harbinger for Greater Decentralization
This may be a harbinger in a more important shift in the proof-of-work (PoW) ecosystem.
The move by Squire is a boon for decentralization of the Bitcoin, Bitcoin Cash, and Bitcoin SV networks. Previously, research suggested that over 70 percent of cryptocurrency mining is localized in China. Even more concerning: multiple sources have suggested the majority of the mining in China takes place in a single province—Guangdong. Such a high concentration of hashpower makes the Bitcoin network vulnerable to censorship,