U.S. Takes Top Spot For Crypto Mining After China Crackdown: CNBC After Hours
s, and renewable energy is helping to make it happen. Welcome to cnbc after hours, im, pippa, stevens lets start off with todays market rally. The dow s, p and nasdaq ended higher thanks to a very strong start to earnings season. Big banks, like bank of america and morgan stanley, made more money than wall street was expecting. In fact, eight members of the s p 500 index reported earnings today and all of them beat expectations now. Investors just hope that kind of profitability can continue things. Look pretty good for crypto 2 bitcoin managed a one percent rally by 4 p.m: eastern bringing it just below 58 000 per coin, solanas sole token gained more than three percent and then theres ethereum it rallied more than seven percent, as momentum continues to build for the Platform also, here are some other numbers. You should know first up 293 000. Another thursday means another update on unemployment in the us and this week its good news. First time filings for unemployment fell to 293 000 thats, actually the first time its been below 300k. Since the start of the pandemic that positive economic data boosted todays rally next ten thousand, also on the labor front, john deere employees are going on strike. Ten thousand workers walked off the job today, after failed talks between the company and the union. The strike affects workers in 14 plants across five states and thats, not the only strike happening right now. Workers at kelloggs cereal plants have gone on strike over benefits and overtime, not to mention 60 thousand film and television workers plan to strike this coming monday over working conditions.
Lastly, 1.1 million coinbase announced its nft wallet this week and it looks like its already a big hit. 1.1 million people have joined the waitlist for access to the new feature. According to bloomberg, coinbase is taking on openc with the new nft product and for context. Openc says it has around 300 000 users, so many cryptocurrencies have rallied in recent weeks, and mining in the us is picking up steam as well. The university of cambridge is out with a new study which finds the us is the top choice for miners to set up shop following the crackdown in china. It also looked at how renewable energy adoption is growing in the crypto mining industry. Fellow host mackenzie segalos has that story. For us, the u.s is now the number one destination for bitcoin miners, accounting for about 35 of the networks, total hash rate thats up 428 from september of 2020. According to new data from cambridge university. Meanwhile, china, which was once the epicenter of this industry, has seen its share fall from 67 to zero in less than a year, thanks to the countrys crackdown on mining. Since then, weve seen this mass migration of chinese miners heading to places like the united states and for good reason for one, the u.s has been quietly boosting its hosting capacity for years. The us is also flush with sources of low cost power which, more often than not tend to be renewable in washington, state and new york youll see hydropowered mining farms.
More states are adding wind and solar power to their grids. Miners across the country have harnessed nuclear power and leftover natural gas as well. This shift toward clean energy sources has already begun to recast the narrative among skeptics. That bitcoin is bad for the environment. That said, not all miners are headed to renewable destinations. Kazakhstan is just behind the u.s in terms of its share of the global bitcoin mining market, with 18.1 percent of all crypto mining and keep in mind its home to coal mines that provide a cheap and abundant supply of energy, but also ample carbon dioxide emissions. However, several mining experts tell cnbc that they think kazakhstan, which neighbors china is just a temporary stopover on a longer migration west, all right before we go heres. One last thing to note: william shatner has boldly gone where only a few billionaires have gone before sorry. Couldnt. Resist the dad joke on wednesday shatner reached the edge of space using jeff bezoss blue origin. He was accompanied by a blue origin vp and two paying customers after the flight, which topped out at about 350 000 feet, shatner told jeff bezos. He was quote overwhelmed by the experience you can read about his space flight, along with everything else we talked about today by going to cnbc.com or downloading the cnbc app.