Bitcoin Mining is not for the faint of heart. Infact, to mine a cryptocurrency, one needs the support of an entire country! These words are not ideally said. The power consumption that is involved in cryptocurrency mining is often frowned upon by majority of the electrical companies. Many a times, they try to dissuade the miners from doing so, due to power surges that affect their transformers.
Miners too on other hand, are seeking out locations that offer them cheap energy simply because despite the costs, Bitcoin mining is a lucrative industry. For this reason alone, many have moved their homes and permanent locations in a quest for budget friendly electricity!
Bitcoin is currently priced at about $ 6,800 per Bitcoin. That makes the total amount reaching a sum of over $9 Million new Bitcoin in a day, by simply mining them.
See Also: Bitcoin Mining Hardware: A Glance
Looking at these huge numbers, why won’t the mining community hunt for locations that make this process a little easier for them?
Mentioned below are the top 3 locations that are ideal for Bitcoin and other cryptocurrency mining
China has always been ahead of its time. When companies and countries are scrambling to put together a small scale mining pool, trust China to step up in the game and create Bitcoin FARMING! You read that right. Deep in the heart of mainland China, Bitcoin are farmed, therefore ending up exporting or trading them the most. Electricity in China is cheap and hence, Chinese Bitcoin miners hold a large percentage of Bitcoin’s hash power. China is home to many of the top Bitcoin mining companies such as F2Pool, BTCC, BW. and AntPool.
Reykjavik! What a beautiful location for Bitcoin mining. With nature’s best at display straight from the kitchen window to mineral enriched heating pools just down the block. If that is not enough motivation to move to this god’s wonderland, the electricity rates are at one of the lowest in all of Europe. This sealed the deal for many miners who have moved to the Nordic lands to enjoy the cheap and accessible hydropower and cold climate. Though it is slowly and steadily working towards becoming the number 2 location of choice for miners after China, unfortunately skeptical investors are already looking elsewhere simply because for them either Iceland is too remote or the rent and labour costs there are on the higher side. Irrespective, it is home to Genesis Mining. A company which became famous for almost launching the concept of cloud mining. It has even built the world’s largest Ethereum farm in Iceland. Keep an eye open for this one folks!
Oh Canada! Your vast white wilderness is unparalleled to any. Your stable government, friendly folks and low energy pricing checks the tick marks in all the boxes of potential miners. Hence, Quebec specially is seeing a surge of Bitcoin miners. It was an obvious eventuality that it set out to woo technological giants like Yahoo, Amazon and Facebook to open branches and backoffices there, they sure have made a quick jump to focus in the world of cryptocurrency. Another plus in its favour is that it is the largest hydroelectric power producers in the world. This has resulted in the lowest power rates in all of North America! So, that worked as a win win for all. With Dash already being mined in Toronto, Quebec is the close second location for anyone who wants to pursue cryptomining without breaking the bank of electricity bills. For the cherry on the cake, The cold weather makes the ASIC heating problem almost non existent due to which hardware lasts longer and does more mining.
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