The whole Bitcoin relies on blockchain technology and mining. Mining is the backbone of Bitcoin and its decentralised characteristics. Mining makes sure that the transactions are legit, there are rewards, and the entire philosophy of decentralised virtual currency remains intact. Mining is not uniform all across the globe due to many reasons. Some nations mine bitcoins more than others.
The efficiency is improved with the help of several factors. As mining is just solving complex computer mathematical problems, it requires a lot of electricity and high-end technology. Comparatively colder climates also help in cooling down the equipment, increasing the efficiency of bitcoin mining further. Adding to these factors are the regulations on bitcoin mining from country to country.
Let us have a look at the countries that mine the maximum numbers of bitcoin.
The United States of America offer quite affordable electricity. The prices vary from state to state, but more or less, the affordability is excellent. The USA also caters to some high-end technologies when it comes to computing, and mining is more or less unregulated in the country. There are still some confusions regarding the legal framework but more or less the USA mines a large chunk of Bitcoin.
When it’s about Bitcoin mining, China is the real king from the east. The electricity is very affordable, with rumours that many electricity companies funnel their excess produced power towards Bitcoin mining. China is the home of some of the world’s biggest mining pools, where many miners share their resources and mine Bitcoins. Easy availability of cheap labour and a population that is very tech-loving also adds to the factors of China being one of the countries that mine a large number of bitcoins per year.
The other side of the globe has Iceland. A small island full of natural resources to generate electricity. Iceland has an abundance of geothermal and hydroelectricity, making the electricity in the country quite affordable. The geographical location also plays an important role when it comes to Bitcoin mining. The mining produces a lot of heat. In the process, the computer equipment gets heated up, and it becomes necessary to cool them down. Being a country with a colder environment, Iceland has an advantage over other countries. Combining all these with favourable regulatory norms and tech-savvy sense, Iceland has become one of the top countries when it comes to Bitcoin mining.
The tiny country of Georgia has its location in easter Europe. Don’t go by its geographical size as it has become one of the top countries for Bitcoin mining, giving competition to countries like the USA, China, and Russia. This country has many mining farms such as Bitfury. Affordable electricity, tax laws in favour of the miners, and a tech-loving environment add to the list of favourable factors.
Russia is one of the friendly countries for Bitcoin miners. It mines the world’s 7% of the total mined Bitcoins. They provide subsidised electricity for the same and also have geographical positioning in such a way that a colder climate adds to the list of favourable conditions for bitcoin mining.
With a perfect combination of colder climate and lenient laws when it comes to Bitcoin mining, Canada has become one of the heavens for the Bitcoin miners. The Source of hydroelectricity helps in making electricity affordable.
A South American nation rich in oil has always been the go-to stop for bitcoin miners. The lowest of the low prices of electricity has made this nation a one-stop destination for Bitcoin mining. The recent political uncertainties and increasing unemployability also push many people to resort to Bitcoin mining for their financial needs. Venezuela has also launched its own cryptocurrency named “Petra currency” in 2017.
These are some of the countries that are riding the high waves of bitcoin mining. Whether you are from these nations or not, the information about the rise of Bitcoin and other cryptocurrencies is not hidden from you anymore, all thanks to the world of the internet today. Go ahead and read about what experts are calling the currency of the future. Please go through our blogs and increase your knowledge about cryptocurrencies.