US States Adopt Soft Regulations for Crypto Mining
According to recent reports, many US states, including Oklahoma, Montana, Mississippi, and Missouri, have put protective legislation in place for cryptocurrency mining companies. Small-scale Bitcoin mining is permitted in residential areas under these restrictions, while large-scale operations are only permitted in industrial zones.
Leading Mining Firms are Unaffected
Leading businesses like Core Scientific, Greenidge Generation, and BIT Mining will carry on as normal, and it’s doubtful that the new restrictions will significantly alter how they conduct business.
Miners Lack Motivation to Hold On to Stocks
The low miner reserve figures show that there isn’t much of a reason for miners to hang onto their coins given the present market circumstances. However, the first week of February witnessed a minor improvement in the miner reserve index. As the price of Bitcoin increased during the first three weeks of January, miner outflows surged. Since then, they have decreased and are now within a 5-week lower range. These figures imply that miners are impacted by Bitcoin’s price movement and may hang onto their coins in an effort to increase their profits.
In conclusion, the rules established for crypto miners in the US are specific to one nation and do not constitute a serious risk to the market. The scope of Bitcoin activities is still worldwide.