In the second quarter, the cryptocurrency market reached an all-time high, followed however by a collapse that has not yet stopped, all accompanied by a 32% increase in volumes traded globally. This is the scenario designed by the quarterly report commissioned by Coinbase and produced by Apex: E3. All while the United States is fast becoming the new destination for bitcoin mining. They are already the second most popular destination on the planet, hosting almost 17% of all bitcoin miners in the world, Cambridge University figure in April 2021: 151% more than in September 2020. A figure that still fails to do so. to take into account the mass exodus of miners from China where more than half of all miners have long ago started a mass exodus abroad or, at least, to regions such as Sichuan, a territory rich in low-cost energy generated from an advanced hydroelectric system that aims to welcome these bit workers again willingly, if only for the market induced they can generate. According to newly released Cambridge data, just before the Chinese mining ban began, the country accounted for 46% of the world’s total hashrate, a term that identifies the collective computing power of the bitcoin network. This is a sharp drop from 75.5% in September 2019 and the percentage is now probably even lower. There is talk of 500,000 former Chinese miners who are looking for homes in the United States: if that were the case, North America would have 40% of the global hashrate by the end of 2022. Recently, the mayor of Miami Francis Suarez explained that the doors of the cities are open for bitcoin miners fleeing China. Cryptocurrency mining is an energy-intensive process for creating new tokens and updating the digital ledger. A market that affects many administrations of the US states such as Texas where the senate discussed the Virtual Currency Bill, a law that establishes a legal framework around investments in bitcoin and cryptocurrencies to better structure their presence. Now. Large holders of publicly traded cryptocurrencies have been able to raise capital to make huge purchases while developing hundreds of millions of dollars of mining equipment in North America and building hosting spaces over the winter to host operations. Meanwhile, markets and financial instruments have begun to focus more attention around the cryptocurrency sector and, during the pandemic, the demand for personal investment in decentralized forms of finance has grown exponentially. Furthermore, according to various operators, the migration began well before the sudden repression initiated by Beijing: once capital was accumulated, or miners in fact began to seek greater geographical, political and legal stability for the protection of their wallets. Finally, the United States offers some of the cheapest energy sources on the planet, many of which are renewable. As large-scale miners compete in a low-margin industry, where their only variable cost is energy, they clearly have an incentive to move to cheaper energy sources.