What is the biggest risk to Bitcoin mining?   

Without a doubt it's jurisdiction. Let me explain that for a second. If we look at China overnight, one day, they decided they are going to ban Bitcoin mining and poof done gone. That industry is over in China. That is a great example of how a single actor can fundamentally change Bitcoin mining based on jurisdiction.  

Another example, Kazakhstan, they attracted a bunch of Bitcoin miners and then overnight they said hey, here's a whole bunch of new things to comply with and a bunch of taxes.   Third example, state of New York proposed a moratorium on Bitcoin mining because it's not understood about its power consumption.  

So we definitely see the number one risk for mining Bitcoin to be jurisdiction. So why would Bitcoin miners continually go to the United States? Well, there's also a plus to regulatory certainty and the United States has a great history of regulation and how it moves throughout time. It does move very slowly. It moves with certainty. And ultimately that is a very attractive thing for people making large scale capital investment.   

Our suggestion? Decentralize. Focus on a bunch of jurisdictions in the United States, gain that regulatory certainty but spread the risk among a bunch of different states.  That's it for today!