Many Chinese cryptocurrency miners who sought favorable conditions for operating found them in the United States. Warren stressed that the high energy consumption in the mining industry worries farm operators, but they can pay low taxes.
John Warren, CEO of GEM Mining, recently expressed his view about the current advantage of the United States concerning legal freedoms for cryptocurrencies. He stated that the country is currently the most prominent regarding the world of crypto assets.
Chinese Miners Find Better Conditions for Operating in the United States
As the sanctions against cryptocurrencies in China and other prominent countries gained momentum, the tide of migrant miners found many obstacles to sustaining the industry. In that regard, the United States has represented a gateway where the community could look for refuge.
The cryptocurrency mining industry moved away from the Chinese territory to find favorable conditions to operate abroad. The GEM Mining firm said that the North American country offered a scenario having many advantages for miners.
This company explained that cryptocurrency mining farms could use the legal advantages of some areas in the United States that opened their doors to the industry.
Besides GEM Mining, various mining groups take advantage of the good legal treatment by the USA to continue with the activity. That happens primarily in the southern part of the country, where farms agglomerate under a friendly regulatory framework.
John Warren Is Optimistic about the Future of the Cryptocurrency Industry
The CEO of GEM Mining reiterated his heartening position on the current role of the United States after the ban on cryptocurrencies in China. He believes that this country has become the mining capital of cryptocurrencies, among which he highlights Bitcoin.
Warren thinks that the arrival of cryptocurrency miners has been something positive thing for the United States. He foresees a scenario representing a labor benefit for creating more job opportunities.
He also stressed the section on energy consumption in the mining industry, which worries those operating farms. The CEO of GEM Mining clarified that miners working in the United States have the advantage of low taxes.
He acknowledges the high level of energy consumed by mining machines and appreciates the facilities granted by the federal governments.
Some States Provide a Favorable Environment for the Activity
The executive explained that reduced taxes allowed cryptocurrency mining farms to maximize their profits in several states. He said that Texas, Georgia, and Kentucky were the leaders in that advantage for the new industry.
The current scope makes the development of the cryptocurrency mining activity in the territory more flexible. Warren said that there are more than USD 300 million in miners, a great sales tax benefit for those not having to pay it.
The mining of cryptocurrencies like Bitcoin has grown exponentially in the United States, now occupying first place in the ranking. Some states in the country welcome the activity and offer miners advantages like low taxes.
By Alexander Salazar
