O’Shares and Beanstox chairman Kevin O’Leary might be the next big entrepreneur from the United States to have his own bitcoin mining plant. Kevin O’Leary, aka Mr. Wonderful, became a household name in the world following his appearance in the American TV show Shark Tank. In a recent interview with Anthony Pompliano from The Best Business Show, O’Leary talked at length about his Bitcoin mining projects. He revealed that he had visited the Middle East in connection to these projects. According to him, a lot of capital from the US and European countries will flow into the Middle East for mining projects in 2021. The availability of cheap mining projects from erstwhile Chinese miners will make the projects feasible at a large scale. At the same time, O’Leary did talk about the harmful environmental impacts of Bitcoin.
According to O’Leary, Bitcoin adoption will reach its peak in the coming few years. At this point, various sovereign entities will try to get into the crypto space. To facilitate this shift in the global economy, mining projects will play a big role. However, not all jurisdictions are open to Bitcoin mining for its power-intensive nature. The Middle East, particularly the UAE, gives a unique opportunity in this context to make the most of surplus nuclear power. However, effective cooling mechanisms remain a problem. Notwithstanding the different issues, O’Leary revealed that he has faith in the future of Bitcoin and cryptocurrencies. If he finalizes this project, it can be one of the biggest bitcoin mining projects in the world.
