As home to 21 Inc., one of the largest Bitcoin mining companies across the globe, the United States has become one of the highest bitcoin mining countries. A mining farm is set in a large space, like a warehouse, and it uses special mining computer equipment, as well as air conditioning to prevent the equipment from overheating and other resources to achieve the best results from Bitcoin mining. With this in mind, here are the countries best suited for Bitcoin mining. Based in California, 21 Inc runs a huge mining effort whilst selling low powered bitcoin miner solutions as part of their 21 Bitcoin computer product. With many of these companies in the same country, only a number of countries mine and export a significant amount of bitcoins. The country is yet another very good alternative for starting a Bitcoin mining business. Yes, despite the recent mining ban in one of its provinces, China’s cheap coal is still a godsend for Bitcoin miners. A new bitcoin mining map by the University of Cambridge shows that China accounts for 65% of the world’s hash power. China. When compared to larger countries like the U.S. (3,989 TWh) and China (6,543 TWh), the cryptocurrency’s energy consumption is relatively light. This is the second lowest cost of mining on our list of best countries for bitcoin mining. If Bitcoin were a country, it would rank 29th out of a theoretical 196, narrowly exceeding Norway’s consumption of 124 TWh. As Bitcoin mining is somewhat centralized, 10-15 mining companies have claimed the vast majority of network hash power. The platform was introduced on November 27, 2010, by Satoshi Labs. Some mining farms have their own investors, and they operate as start-ups. Canada also has a very cold climate which means that miners can save a fortune on cooling costs. The estimated cost of mining one bitcoin in Georgia is $3,316. The bitcoin mining process requires a hash power which helps the miners in minting a new bitcoin. For more on this, please read 3 Best Bitcoin Mining Machines . The Eastern European country is served by low electricity costs, which is evidenced by the massive mining farm owned by BitFury within the country’s borders. Rank Country Electricity Consumption in kWh/year Bitcoin Mining Consumption Relative To Country's Use; 1 China: 5,920,000,000,000.00 : 0.49%: 2 United States 1. Georgia has the second-highest bitcoin mining in the world after china according to the global cryptocurrency benchmarking study. In the summer of 2017, the site became the leader in Bitcoin mining. The main reason is the fact that it boasts fairly inexpensive electricity. Bitcoin mining tends to gravitate towards countries with cheap electricity. Articles You May Read. Analysis by the University of Cambridge published last month suggests Bitcoin mining uses more than 121 Twh annually, which would rank it in the top 30 electricity consumers worldwide if it were a country. After the Bitcoin fork, BCH appeared, and Antpool shifted part of its capacity to Bitcoin Cash, which led to Slush Pool’s leadership. This is why almost 2/3 of all Bitcoin mining is occurring in China. Several countries around the world offer haspower to the miners at a very cheap rate. This fact makes Slush pool the oldest Bitcoin mining in the industry. Bitcoin works under the Proof of Work (PoW) protocol and its units can only be mined through ASIC mining hardware.

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