Kim Kardashian Shills Ethereum Max And Texas Welcomes Crypto Miners Escaping China
For the second day in a row, Bitcoin is trading above $40k. It comes as a dramatic shift in global hash power is taking place.
At the same time that it is becoming obvious that the administration of Joe Biden will continue the cold war against China, Beijing is seeing Bitcoin miners flee the country and head for Texas.
Meanwhile socialite Kim Kardashian was seeing pushing a new cryptocoin called Ethereum Max.
Kim Kardashian gets into crypto
Reality TV-star Kim Kardashian posted a story about a coin called Ethereum Max on her Instagram account (which has a whopping 200 million followers). Kim admitted with an AD hashtag that she received payment to do so, a term known as shilling as it involves the promotion of a cryptocurrency.
The attention for the coin (which is not related to the original Ethereum founded by Vitalik Buterin) skyrocketed overnight, even making it into Newsweek.
About a month, Cryptotips already asked whether we were witnessing a geopolitical shift as Beijing cracked down on Bitcoin miners and some of them were relocating. Some of the US states with lots of energy to spare and eager to welcome a new industry looked ready to welcome them with open arms. None more so than Governor Gregg Abbott of Texas apparently.
China is kicking out bitcoin miners who might be relocating to Texas. Thank God that state's power grid can definitely handle a huge uptick in use— Pete Stegemeyer (@itspeterj) June 15, 2021
The vast space of the state of Texas means that 20% of its power comes from wind (a number that is set to increase in the next few years). This could be very good news for Bitcoin, which is seeing the Lone Star state provide it with the clean energy that Tesla CEO Elon Musk has demanded it uses.
China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas— ohmohm (@ohmohm) June 16, 2021
Tesla meanwhile is building a gigafactory near Austin. Perhaps they’ll see a Bitcoin mining facility pop up as its neighbor soon.
Brandon Arvanaghi who used to work as a security engineer at crypto exchange Gemini explained that:
You are going to see a dramatic shift over the next few months. We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.
Brandon explained furthermore that:
Texas…has some of the cheapest electricity in the globe. It’s also very easy to start up a mining company…if you have $30 million, $40 million, you can be a premier miner in the United States.
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