Bitcoin mining has received a heavy blow in the past month. This is because China banned Bitcoin. Over the past eight years, China has banned Bitcoin (BTC) about 17 times. However, with each announcement, Bitcoin has rallied and seen new all-time highs. This year, however, the ban has a different ring to it. China has also decided to ban all crypto trading platforms.
China ban negatively affected Bitcoin mining. This is because the country was the most significant contributor to the mining hash rate. About two weeks after the ban, the Bitcoin mining hash rate is nearing an all-time high. This signifies that China may have been permanently locked out of the Bitcoin mining pie. We now look at the best places to mine Bitcoin around the world.
What Does the Ideal Bitcoin Mining Location Entail?
Bitcoin mining is famous for its high energy consumption. A while back, a man in New York was to face jail time for mining BTC using company equipment. The main giveaway was the enormous electric bills that the county clerk’s office received. Crypto mining uses graphical processing units that consume a lot of electricity. Hence, a location where the cost of electricity is cheap (or free) is ideal.
The other thing to consider is the local laws in that location. Bitcoin is famous. However, in some areas, it is sometimes outright illegal. Hence, an ideal place for mining should have laws that support BTC and crypto.
These are the two biggest hindrances to crypto mining. There are others. But a place that has these two is ideal to start Bitcoin mining.
Which are the Best Places for Mining Bitcoin?
Canada has been gaining interest in the eyes of Bitcoin miners. After the China debacle, miners are looking to move operations there. Canada has low electricity costs, cold temperatures, and accessibility to high-speed internet.
Iceland is also gaining rank with respect to the go-to places for Bitcoin mining operations. The country has some of the lowest temperatures in the world, which would provide excellent cooling for the GPUs. Additionally, electricity is geothermal, meaning it’s cheap. DigitalBTC and Genesis Mining, which are crypto-mining companies, have already been set up in Iceland.
3. Georgia Republic
Georgia, the Republic (not the State), is already paving the way for Bitcoin miners. The country has strengthened its crypto-adoption stance over the months. The government of Georgia is partnering with BitFury, one of the world’s largest crypto mining companies. BitFury has mined over 600k BTC in its lifetime. Georgia will become the first country in the world to register and record land ownership titles on the blockchain.
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There are many more places where mining is allowed and probably beneficial. However, these three places come out on top. They have the right political and ecological environment. Moreover, the cost of electricity is affordable. Hence, this is your Bitcoin mining map for now. As more countries adopt Bitcoin, the mining landscape may change as new locations present themselves.