What is crypto mining and why is it popular?
Crypto mining is the process of verifying and adding new transactions to the blockchain using computing power. Miners are rewarded for doing this work in the form of cryptocurrencies.
The popularity of mining is linked to its profitability. Despite the volatility of the bitcoin exchange rate, major players continue to invest in mining farms, as bitcoin remains one of the most liquid digital assets. The cost of electricity, access to advanced equipment and favorable climatic conditions play an important role in this business.
The largest mining farms in the world
U.S.
The USA is the world leader in BTC mining, accounting for more than 30% of the global hashrate. The largest publicly traded mining companies operate in the country. One of the industry giants is Marathon Digital Holdings (MARA) with a hashrate of 53.2 EH/s. The company owns several data centers in the US, operates its own pool (MaraPool) and finances the development of specialized equipment for mining.
However, the largest mining farm in the US belongs to Riot Platforms. The Whinstone data center, located in Texas, covers an area of over 400,000 m2 and consumes up to 1,000 MW of energy. Texas is one of the most popular states for miners due to its affordable electricity and loyal legislation.
China
Although China announced a ban on cryptocurrency mining in 2021, the country remains an important center for the industry. The reasons are simple: China produces the lion’s share of mining equipment and also has a large amount of cheap electricity.
There is no exact information about the largest bitcoin farm in China, but most Chinese crypto miners are based in Sichuan province, known for its large number of hydroelectric power plants.
Kazakhstan
After restrictions were introduced in China, many Asian crypto mining companies moved their operations to Kazakhstan. Cheap energy and loyal legislation quickly made the country one of the leaders in mining BTC and other cryptocurrencies.
However, in recent years, the enormous energy costs of the mining boom have attracted the attention of the government. Over the past few years, additional taxes and restrictions have been imposed on miners, so Kazakhstan’s share of global mining may decline in the coming years.
Russia
One of the leading positions in the global mining of BTC and other cryptocurrencies is occupied by Russia. Thanks to low electricity prices and a cold climate that reduces equipment cooling costs, the northern regions of the country are especially popular among miners.
The largest mining farm in Russia belongs to BitRiver. It operates 15 data centers with a combined capacity of over 533 MW, and their operations center is located in Bratsk. In total, Russia accounts for about 11% of the global hashrate, making it one of the key players in the market.
Canada
Canada accounts for about 6% of the global hashrate. Canadian companies like Hive Blockchain and Bitfarms operate in regions with strong energy infrastructure and cold climates, making their farms some of the best mining farms in the world in terms of efficiency.
However, Canadian companies are also actively working to expand their operations. For example, Bitfarms recently launched a data center in Paraguay, a country with plenty of cheap and environmentally friendly electricity.
Mining is not just mining cryptocurrency. It is an entire industry that plays an important role in the economy and energy sector of many countries. It is not so easy to give a definite answer to the question in which country the largest mining farm in the world is located: although according to official data, the United States is the leader in mining, in many countries miners are not in a hurry to publish all the information about their operations. It is possible that the largest crypto farm may be located in China or even in Russia.
Interest in mining is growing rapidly in the world, and modern companies are developing ways to make mining more efficient and affordable.If you are interested in getting into crypto mining, you should take a look at the ready-made solutions from Glorious DS. Join the future of crypto mining today!