Georgia to become the new Hot-spot for Crypto mining

After China and Russia imposed a ban on crypto mining, America has become the new preferred destination for crypto miners. According to a media report, thousands of mining machines are being installed in the country, which is drawing electricity through the electricity grid.

Some states in America are cautious about the use of electricity and the environmental impact of crypto mining. On the other hand, some are focused on making profits through taxes collected from this business. 

Among these states, Georgia is emerging as the most preferred destination for crypto miners. The data from Foundry USA shows that Georgia used more than 34% of its total percentage of the pool’s computing power as of January 31, 2022, almost double from the third quarter of last year.

The miners are attracted to Georgia because of its low electricity prices and the availability of large amounts of nuclear and solar power. The regulators in Georgia also do not impose any boundness on the miners. 

The state directs crypto miners to a special solar programme, which gives companies the opportunity to convert their emissions into renewable energy credits. This can also be the reason why Bitmain Technologies Ltd has announced that it plans to bring 56,000 more miners to the state.

Still, experts have been pointing out the environmental impact of cryptocurrency mining and cheap and clean energy will give companies a chance to project their image as a sustainable or emission-free brand to regulators.