Crypto Mining Firms Fleeing China Seen to Benefit US Energy Sector

Crypto Mining Firms Fleeing China Seen to Benefit US Energy Sector

Simon Lomax discussed cryptocurrency mining’s boost for the US energy sector. He is an energy expert who works as a researcher and adviser to free-enterprise organizations and business groups in energy, economy, health care, and other industries.

We want to share this informative article with our readers. We found Mr. Lomax’s insights highly germane as he detailed how the United States will receive advantages as cryptocurrency miners recently got banished in China.

According to the article posted online by The Gazette, an online news outlet based in Colorado Springs, Colorado, in the United States, the Chinese central government recently prohibited the utilization and production of cryptocurrencies in its territory.

Lomax cited that this development is positive news for the United States, resulting in cryptocurrency mining’s boost for the US energy sector. He gave insights about Denver, Colorado-based technology company Crusoe, which mines virtual currencies with its fleet of mobile data centers.

Lomax mentioned Crusoe co-founder and president Cully Cavness disclosing that the Chinese government’s latest cryptocurrency ban had pushed miners towards the West, many of who opted to transfer to the United States. With this event, Lomax said that cryptocurrency infrastructure delivers inevitable energy and economic benefits for the US Mainland.

One advantage comes with the data centers that mine cryptocurrency. These plants are massive electricity consumers.

Lomax affirmed that data centers that mine cryptocurrency facilitate cryptocurrency mining’s boost for the US energy sector because they can provide the essential capital for utility firms to invest in new generation facilities and power grid upgrades.

Furthermore, Crusoe employs renewable electricity and “stranded” natural gas to power its mobile data centers. Cryptocurrency mining’s boost for the US energy sector is apparent in this scenario as it permits those kinds of energy not to get squandered due to bottlenecks in America’s electricity and natural gas infrastructure.

During the recent conference of Wyoming’s Select Committee on Blockchain, Financial Technology and Digital Innovation Technology, Black Hills Energy official David Bush informed that some proposals from cryptocurrency-oriented companies requested clean energy to power their virtual currency mining data centers.

Lomax relayed that this event is helpful news for the energy transition of the United States. He cited that cleaner and more affordable electricity sources would likely accelerate this energy transition even more if cryptocurrency miners and other decentralized finance or DeFi sector players place even more capital behind zero and low-carbon technologies.

Finally, Lomax pointed out that overseas virtual currency companies expanding their operations in the United States and domestic leaders in the DeFi industry carrying on growing are welcome news. These companies select the American free-enterprise system instead of the state-controlled Chinese economy.

Lomax said that cryptocurrency mining’s boost for the US energy sector is within reach in this instance. He explained that more money will then get invested in new energy sources and US power grid upgrades.

We agree with Mr. Lomax’s insights. China’s loss of cryptocurrency miners and other crypto-asset-related industries is a considerable gain for the United States.

After all, cryptocurrency mining presents many advantages for the economy, giving substantial capital for electricity sources to enhance its facilities. We are also pleased by cryptocurrency mining’s boost for the US energy sector being undeniable.

We believe this cryptocurrency-related business paves the way for cleaner and more affordable energy desired by most cryptocurrency mining companies. Therefore, we believe the United States can benefit considerably as China’s cryptocurrency miners have relocated there.

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