Chicago gears up to lead the BTC space.
The region already hosts a bitcoin ATM operator and a crypto mining facility and now it is looking to add a lot more into the mix. Chicago becomes a crypto hub.
Chicago becomes a Crypto Hub
“The real expert, the final arbiter of what is happening, is the market itself. People can pass judgement on bitcoin all they want, but when you have a market that has reached over $1 trillion, this is way beyond proof of concept.”
David Carman – fintech consultant and board member with Global DCA
He adds that in the last few years, people in the city have grown to love digital assets. Also the market itself starts to prosper there.
Now it seems like regulators from Chicago and Illinois are considering the passing of a new bill that might establish a special purpose depository trust for crypto assets. Banks are required to follow specific rules to offer digital assets to their customers.
If the bill gets the greenlight, Illinois will be the second state to allow trusts to hold crypto. The move is aimed to bring many attention to Chicago and inspire many financial institutions that delve in digital assets and blockchain to set up shop there.
“It is not only just about the charter itself, but it is also the signal to businesses who are dealing in this space that we will create a stable regulatory environment. This is the one time we could beat New York in financial services or in an emerging industry.”
Representative Margaret Croke of Chicago
Chicago is home to one of the biggest crypto mining facilities in the country. Currently owned by Sangha Systems, the company was based in New York before. However, they decided to open their Illinois location in 2019. Sangha listens to all the arguments about Bitcoin mining and the environment. It has also established a new facility as solar powered to address some of the environmental concerns that critics have.
Environmental Problems Fixed
“It is absolutely true that cryptocurrency mining uses an amount of electricity that is unprecedented. I look at the demand for electricity that mining represents as effectively a subsidy for the build-out of renewable energy supply.”
Spencer Marr, president and co-founder of Sangha
The facility was a steel mill that has approximately 873 acres. Covering around 1.35 million square feet. The mill formerly closed its doors around 12 years ago – before bitcoin arrived on the financial scene.
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