Bitcoin mining migrating from China to the United States

There are signs that Bitcoin mining is beginning to gain a foothold in the United States-a win for the decentralization of the cryptocurrency ecosystem.

Considering the looming crypto mining ban, increasing pressure from the U.S.-China trade war, and the Chinese government's cautious stance towards crypto, the diversification of miners out of the country isn't surprising.

Squire Mining, a publicly traded Canadian blockchain company-and one of the largest miners in the world by hashpower-signed a letter of intent to host over 41,000 Bitcoin ASICs to the United States.

Squire Mining has close connections to the leaders behind Bitcoin SV. Craig Wright and Jimmy Nguyen, executives at nChain, both serve as advisors to the firm.

The move by Squire is a boon for decentralization of the Bitcoin, Bitcoin Cash, and Bitcoin SV networks.

Previously, research suggested that over 70 percent of cryptocurrency mining is localized in China.

Even more concerning: multiple sources have suggested the majority of the mining in China takes place in a single province-Guangdong.

CryptoSlate reached out to employees at some of the biggest Bitcoin mining companies and ASIC designers in China.

A shift away from a Chinese dominated mining landscape is a victory for decentralization.

"The recent release of EY's Nightfall protocol and Microsoft's identity solution on Bitcoin is indicative of Fortune 500 companies starting to realize the value of public chains. We're going to see a flywheel of consumerism. More investors, more developers, and more applications-which all leads to more transactions. 2017 was the year of the private chain, I see 2020 as the year of the public chain."