3 December 2020
Bitcoin mining is a process wherein a transaction is validated and added in the cryptocurrency blockchain ledger by the miners resulting in rewards. This process consists of complex mathematical algorithms by using a higher amount of computing power, a miner and it costs electricity.
However, mining can also be executed on a larger scale wherein it consists of a vast number of mining hardware. In a mining pool or a mining farm, a group of miners come together to work in the stated mine and share their block rewards with regards to proportion allocation based on their contributed hash power. Because the computing power is so high, it consumes a significant amount of energy too such as electricity. Usually, bitcoin mining gravitates and works for best in the countries where electricity is cheap and eventually become the hub for Bitcoin mining.
As per the Bitcoin Mining Map stated by the University of Cambridge, it states that China accounts for almost 65.08% of the world’s hash power, followed by the United States accounting 7.24% and Russia 6.90%. The statistics provide data of an approximate geographic distribution of global Bitcoin hash rate from September 2019 to April 2020.
In this blog we are going to introduce you to the Top 3 largest bitcoin mining countries:
China is called the hub for Bitcoin mining. Due to its cheap electricity, it has managed to capture a large percentage of Bitcoin’s hash power. Also, because it mines the most bitcoin, it exports the most bitcoins. It is also home to known bitcoin mining companies like BW, BTCC, AntPool and F2Pool.
Georgia was the first country that had implemented the blockchain land registry. It has tax policies on cryptocurrency mining operations, in fact in the year 2018, mining a BTC in Georgia was around $3,000.
BitFury is based in Georgia and it is one of the known names in the Bitcoin mining business that develops and sells efficient streaming hardware to Bitcoin businesses and users. It is one of the leading blockchain technology companies, one of the largest blockchain ecosystem infrastructure provider and one of the largest producers of bitcoin mining hardware and chips.
USA is the home to 21 Inc. - a known Bitcoin mining company that is based in California. The company runs a huge mining business due to its low selling powered bitcoin mining solutions and major of its hash power is leaned towards its mining pool.