Bitcoin adoption among smaller central American countries is on rising. After El Salvador’s bold move to give bitcoin a fully legal status, other countries like Panama, Paraguay, Mexico, etc are planning to adopt and promote digital currencies and crypto mining in their own ways to strengthen their country’s economy.
The new pro-crypto member in the club is outspoken conservative Republican Senator Cynthia Lummis. She is now openly inviting Bitcoin miners from China to her state of Wyoming. She is also promising to provide the necessary infrastructure and facilities for renewable mining with the aim to use about 40% of renewable energy sources compared to traditional mining methods that only use about 12%.
Senator Cynthia has praised Bitcoin citing it as a great invention that has encouraged a lot of innovation around it and should be adopted. She also mentioned the case of El Salvador which passed a law to make Bitcoin its legal tender, citing that this will greatly reduce the time and fees used in sending money to relatives in El Salvador by their people who work in the U.S.
She joins other pro-crypto lawmakers such as Texas governor Greg Abbott and Miami Mayor Francis Suarez who have openly promoted the idea of mining and making payments using Bitcoin. Furthermore, she believes the gains of mining largely outweigh the risks and could be a solution to traditional mining hazards and waste.
Her invitation came just after China’s crackdown of crypto mining operations across major crypto mining hubs in the country. China first barred banks and financial institutions from dealing with cryptocurrencies followed by a massive crackdown of major mining operations across the country including mining hubs located around Sichuan, Inner Mongolia, and Xinjiang. This has lead to the biggest crypto market crash of all time. BTC which traded ATH in April is now been traded at half of its ATH price. With major mining firms going offline and relocating their mining operations to other countries, the global hash rate of the Bitcoin network has also fallen down by nearly half of its all-time high during April-May time.
As Chinese mining firms looking to establish their businesses in various US states such as Texas and other countries like Kazakistan etc. This is also been termed “the great mining migration” and believed to be beneficial to the entire ecosystem. Bitcoin mining will become more decentralized.