When it comes to the energy- and capital-intensive process of mining cryptocurrency, people tend to think of China, where about is located.
But like many other closely observed metrics in crypto, American hashrate is a number that seems to be on the cusp of significant increase.
Crypto mining, which harnesses data centers full of specialized computers to earn by processing a so-called proof-of-work algorithm, is an industry that’s about to come out from under the radar in North America, say its proponents, and become new core infrastructure.
While the U.S. and Canada don’t have the cheapest energy on the planet, there’s plenty of underused power and energy infrastructure to repurpose. But the really deciding factor is stability, and with that comes access to capital markets and institutional investment.