It is estimated that approximately 60% of the mining power for Bitcoin comes from overseas - the recent $50m investment by Thiel's in vertically integrated miner Layer1 (on an estimated valuation of $200m) will try to move the epicenter back to the US by using renewable energy in the plains for Texas.
Layer1 isn't the only North American company to plan a big move into crypto mining. Canada-based Blockstream, a consultancy with ties to many Bitcoin insiders, revealed it is building massive data centers for Bitcoin mining in the province of Quebec and in Adel, Georgia. "There's definitely an opportunity to take away market share from some of the other firms," says Samson Mow, Blockstream's chief strategy officer. "(Specialized chips) have started to reach their limits in terms of efficiency, so the playing field will continue to level off."