Bitcoin Miners Pledge to Expand Capacity, Hire More Staff in Reversal of Outlook

Bitcoin miners in the U.S. are planning to increase their capacity by 50% over the next six months, as rising energy prices and Donald Trump‘s election victory have breathed new life into an industry that was left reeling by the halving of mining rewards last year.

The U.S. currently accounts for around 13% of the global bitcoin mining hash rate, but that figure is set to rise sharply as new mining farms come online in response to the improving economics.

“We’re seeing a massive influx of interest in the U.S.,” said Darin Feinstein, co-founder and chief operating officer of Core Scientific Inc, one of the largest bitcoin mining companies in the U.S. “People are finally realizing that the U.S. has some of the best energy resources in the world.”

The move comes after Donald Trump, during his presidential campaign, promised that bitcoin would be “mined, minted and made in the USA.”

But for many miners, the decision to expand in the U.S. is also driven by a need to protect themselves from rising energy costs.

“The energy costs are killing us,” said one bitcoin miner in upstate New York, who asked not to be named. “We’re having to shut down our rigs for hours at a time just to save on electricity.”

The bitcoin mining difficulty, which measures how hard it is to mine a block of transactions and claim the reward, has risen sharply over the past few months as more miners join the network.

The difficulty is now at an all-time high, making it harder than ever to mine bitcoin. This has led to a decrease in the profitability of mining, especially for those miners who are operating in high-cost energy regions.

As a result, many miners are now looking to expand their operations in the U.S., where energy costs are typically lower. The U.S. also has a stable political and regulatory environment, which makes it an attractive destination for bitcoin miners.

“The U.S. is one of the few countries in the world where you can be sure that your mining operation will be legal and不受干扰,” said Feinstein. “That’s a big advantage for us.”