Best Countries to Be a Bitcoin Miner
In addition to trade and investment, mining is one of the most popular key activities of the cryptocurrency sphere. Now, mining is quite widespread, but at the same time, it requires more effort to master and work with it. It also matters where you are in the mining process, as it can both simplify and complicate your process. In this article we explore what country mines the most Bitcoin and how many miners are there for Bitcoin.
Which Country Mined the Most Bitcoin?
Mining is the process by which cryptocurrency transactions between users are verified and added to the blockchain. It’s also responsible for adding new coins to the existing circulation. Mining is one of the essential elements of the crypto and blockchain network, which allows it to work as a distributed registry.
You can mine Bitcoin in entirely different parts of the world. However, it’s important to understand all the nuances. So where is Bitcoin mined from and what are the most popular Bitcoin mining locations? Let’s see!
For all Bitcoin miners, it’s crucial to find a place with the availability of cheap electricity, political stability, the availability of qualified specialists, and legal support for the cryptocurrency industry. This category with the highest Bitcoin mining distribution by country can include Canada, Argentina, Paraguay, Germany, Portugal, The United States, etc. All these countries can offer miners affordable electricity and a sufficient number of qualified specialists.
Nevertheless, it is worth noting that in this rather extensive list of the largest Bitcoin mining countries, China has long remained a leader in the crypto field due to the large amount of cheap electricity. However, after the ban on mining in 2021, the United States occupies the first place. The following countries after the USA where is most Bitcoin mined are the Gulf states, Malaysia, Kazakhstan, Argentina, Iceland, and Singapore.
It’s vital to carefully consider all the information about a particular country in accordance with your requirements and the mining process itself. Despite the fact that these countries do occupy leading positions in the field of Bitcoin mining, it’s significant to study additional aspects of their financial and digital policies.
Where Are the Largest Bitcoin Mining Farms Located?
A mining farm is a computer data center or warehouse that houses a set of devices whose power is used to mine digital currency. Nowadays, such devices, combined into massive networks, are rapidly gaining popularity since, with the help of mining farms, it is possible to increase the profit from mining cryptocurrency continuously and exceptionally effectively. If the state owns or controls companies that have mining farms, then Bitcoin mining by country is definitely growing over time.
Most mining farms are located in North America, particularly in the USA and that’s right. However, you might think that the United States also owns the largest mining farm in the world, but this is not the case at all.
The largest mining farm in the world is located in Mongolia on the territory of a specialized industrial park. This farm was built by Bitmain Corporation. It’s so huge that several shifts service it, each of 50 people. These people monitor the condition of this mining farm around the clock and promptly eliminate possible problems.
You may also be wondering how many Bitcoin miners are there. So this genuinely huge mining farm consists of 25,000 miners and produces $250,000 worth of Bitcoins per day.
Mining farms can also be found in Canada, Malaysia, Japan and even in the mountains of Georgia. The cold mountain air effectively cools thousands of devices. Therefore, it’s preferable to build such farms not in hot countries or where the climate and weather conditions will not expose the device systems to heat or high humidity. Due to this fact, Iceland also has the most significant farm for the mining of Ether.
Where Is the Best Place to Mine Bitcoin?
For everyone interested in mining crypto, one of the hardest things is to find the best place to mine Bitcoin. Criteria for choosing the best place for mining are different and depend on the miner’s preferences. Nevertheless, the quality and cost of electricity, digital technology policies and political stability in the country remain the most essential ones. Due to these aspects, here are the several countries where are Bitcoins mined conveniently and affordably.
Kuwait is considered by many to be the most profitable country for mining, as it costs no more than $2,000 to mine Bitcoin there, with potential profits up to ten times the mining price. Compared to Kuwait, many countries that are even among the top most popular for mining cannot boast of such a profitable process.
It’s not surprising that the main innovation center of Southeast Asia has quite favorable conditions for Bitcoin mining. There are affordable prices for mining cryptocurrencies, inexpensive electricity and adequate regulation, which definitely attracts a lot of people interested in mining. Additionally, there is no capital gains tax in cryptocurrency. However, if the corporation is based in Singapore, working in the crypto trading sector and accepting payments in cryptocurrency, you will have to pay income tax.
Georgia is an excellent alternative for miners from any corner of the world. In addition to inexpensive electricity and a reasonably loyal policy towards cryptocurrency, the cost of mining itself also does not cost a lot of money, so the advantages are apparent here.
Despite sometimes rough weather conditions, this is one of the best places to mine Bitcoin. Mining equipment plays a significant role and due to the time-consuming process, it can often overheat. So Iceland is an ideal mining location due to low temperatures, which reduces the cost of cooling equipment.
Additionally, Iceland literally has an overabundance of electricity due to high production rates and minimal population, so there is the availability of cheap geothermal energy, which the country is actively developing.
Estonia is also a good place from where Bitcoin is mined. The country is also actively legalizing cryptocurrency, and investors are willing to invest in internal blockchain-related projects. In Estonia, the payment of taxes on income from cryptocurrencies is very strictly monitored. Mining of any cryptocurrency, including Bitcoin, is taxable, so it is worth taking this very carefully.
Where is most of Bitcoin mined and what is Bitcoin mining distribution by country? We hope this article helped you to find the answer and now you know more about Bitcoin mining. Check more articles and handy guides in the Cryptomus blog and be in touch with the cryptocurrency sphere!