The list of countries that mine Bitcoin (BTC) the most has changed in recent years, and this is what we can see on the website of the Cambridge University Center for Alternative Finance (CCAF).
The bitcoin mining has undergone several evolutions in these 13 years of existence of the cryptocurrency. First operating as a hobby for enthusiasts, reaching today as a multi-billion dollar industry.
With high or low concentration, companies from different countries have teams that produce bitcoins. Initially, mining was done using common processors, like those that make up any computer.
Subsequently, the mining race with video cards began. Completing the cycle, came the ASIC, an acronym for Integrated Circuit and Specific Application. This change further enhanced bitcoin mining competition.
Top 10 countries that mine Bitcoin the most
On the CCAF website we have the CBECI tab – Cambridge Bitcoin Consumption Index. This link indicates which countries consume the most energy in bitcoin mining and with that shows which are the biggest miners.
According to December 2021 data provided by CBECI, bitcoin mining is found almost everywhere in the world. Apart from the African continent, all continents are active in the mining sector.
In the past, China was the biggest power and dominated the bitcoin mining market for several years. Phenomenon that changed after the ban on cryptocurrencies by the Chinese government.
As a result, the United States currently leads the ranking. However, the Chinese are back in this ranking in the latest analysis. See below which are the 10 countries that produce the most bitcoin.
1. United States: 37.8%2. China: 21.1%3. Kazakhstan: 13.2%4. Canada: 6.5%5. Russia: 4.7%6. Germany: 3.1%7. Malaysia: 2.5%8. Ireland: 2%9. Thailand: 0.96%10. Norway: 0.74%
In the current Bitcoin issuance cycle, around 900 bitcoins/day worldwide, which together, at current prices, are worth around $21,505,530 USD. Of that BTC total, about 340 come from the United States, 190 from China, and 119 from Kazakhstan, the top three on the list.
However, even though Brazil Y Colombia have no relevance in this market, we are responsible for the 0.33% Y 0.01% of the global hashrate respectively.
What are the largest companies in the sector?
In May of this year, Cointelegraph Research Terminal A report was carried out and published by cryptocurrency consultancy Crypto Oxygen.
The study highlights the current landscape of publicly traded cryptocurrency mining companies that control approximately 17% of the total hash rate of the entire Bitcoin network.
Currently, for the data obtained, the largest Bitcoin miner is Stronghold, followed by Greenidge and IrisEnergy. The list also includes some publicly traded companies.
All the companies that appear at the top plan expansion for the coming quarters. This is supposed to be one of the reasons for the sale of billions of dollars in BTC in recent months, the sale being necessary to cover such expenses.