The head of Ripple SBI Asia asserts that hashpower is migrating from east to west, however, notes that significant tensions remain between Chinese and US mining firms.
Speaking to Cointelegraph, the CEO of Ripple SBI Asia, Adam Traidman, predicted that the mining industry will continue to see hash rate migrate from east to west, asserting that he is already witnessing the transition begin.
“We are seeing a huge interest [from][ wealthy Chinese miners who are paying somewhere on average of $0.03 to $0.05 per kilowatt-hour [...] in Texas at $0.025 and below — in some cases way below,” Traidman stated.
Tensions between American and Chinese miners
However, the Ripple SBI Asia head noted that relations between mining firms in Texas and China have been soured in the past, stating:
“One of the issues is that the good old boys in Texas in some cases have a little bit of a bad taste in their mouth about working with some of the firms from overseas, based on some early attempts that didn’t work out well for a variety of business reasons.