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Cipher Mining CEO: 2021 was a historical year for Bitcoin mining, 2022 will be on executing strategies

Cipher Mining CEO: 2021 was a historical year for Bitcoin mining, 2022 will be on executing strategies
Justinas
Baltrusaitis
5 months ago
3 mins read

Cipher Mining CEO Tyler Page has said 2021 remains a historical year for Bitcoin mining, and the industry should build on the gains made moving into 2022.

Speaking to Yahoo Finance, Page noted that the mining industry had witnessed a record inflow of capital that contributed to the general growth of companies in the space. Page believes that the potential of returning high profits inspired investors to pour more money into mining.

At the same time, Page indicated that the Bitcoin miner revenues for 2021 are worth pointing out, considering that the asset has recorded a significant price surge coupled with several record highs. 

According to Page, the growth recorded in 2021 formed the base for the sector, and most companies will be executing various strategies to keep up with the growth. 

“2021 was a historic one in terms of capital coming into our sector. The overall market caps of the companies have grown quite a bit, and the total revenue paid to miners is tracking in the neighbourhood of $16 billion. With the pretty big profit margins projected in the space, lots of capital has flown in, and folks have ambitious plans, so 2022 is going to be a year of execution,” said Page. 

Calls for the U.S. to embrace Bitcoin mining 

Furthermore, Page stated that following the global shift in Bitcoin mining from China, the United States now has a golden opportunity to embrace the technology. 

Notably, China, once the leader in Bitcoin mining, outlawed the activity with operators migrating to neighbouring countries. However, the countries are witnessing challenges with supplying sufficient energy for mining. 

Page, therefore, believes that the U.S. can stand up and take over the mantle. According to Page, mining should now have a ‘permanent safe home’ in the U.S. However, he acknowledged that mining is now back on course, with the hash rate migration happening sooner than expected.

His sentiments align with Miami Mayor Francis Suarez, who said the U.S. should mine more Bitcoin due to national security reasons.

The mayor has emerged among the biggest proponents of Bitcoin in the U.S., pushing to establish Miami as a crypto city.

At the same time, amid the regulatory crackdown on Chinese miners, Suarez invited the operators to the U.S., promising the provision of renewable energy. 

Watch the full interview below:

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Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

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