China may have dominated the crypto-mining space by now, thanks to cheap labor and the excessive construction of dams and hydroelectric generation infrastructure. But the U.S. has begun to draw the attention of Chinese players looking to diversify, according to Peter Wall, CEO of Argo Blockchain, listed on the London Stock Exchange.
Bitcoin mining is advantageous thanks to its gigantic energy consumption, but less attention is paid to the fact that it is also at the forefront of energy innovation. Colyer calls the Bitcoin system's mining algorithm “relentless” in always seeking the lowest possible cost, which is generally geared towards renewable energy such as hydropower - the reason for a migration of up to 40,000 Chinese mining platforms at the end of the season rainy season in Szechuan.
Greenidge is a hybrid facility where bitcoin mining can be used to add stability to the grid. Being connected to the Millennium Pipeline system, a very liquid forward market, or over-the-counter market, also allows Greenidge to protect variable input costs over several years, said Tim Rainey, Greenidge's chief financial officer, at the Bitmain summit .
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