Monday, Mar 7th, 2022 | Cryptostotle #9 | By: Brad Lathrop
Bitcoin mining has always been a hot topic in the crypto and investing world, and many Bitcoin critics allege Bitcoin production has a significant negative impact on the environment.
Putting that aside for a second (and likely for a future article), I want to take a look at where Bitcoin is produced globally today.
Where are Bitcoin Miners Predominantly Located?
According to a recent study published by Statista last month, the majority of Bitcoin mining takes place in…the United States!
35.4% of Bitcoin production (hash rate) in August of 2021 occurred in the U.S., the most by far of any country. Kazakhstan came in second place at 18.1%, followed by Russia at 11.2% and Canada at 9.5%.
Interestingly enough, this has not always been the case. The same study started publishing hash rate data in September of 2019. Guess who the top mining country was then?
Not the United States. The U.S. wasn’t even close. In fact, no country was a close second…because China mined over 75% of the Bitcoin that month. Over 75%! The next closest mining country? Russia at under 6%.
Today, guess how much China mines? 0%. Zilch. Nada.
China banned Bitcoin mining and all cryptocurrency activity in September 2021.
Which U.S. States are Producing the Most Bitcoin?
Now that we know the U.S. is the top Bitcoin-mining country in the world, this begs the question as to which states are processing the most of the infamous cryptocurrency.
According to a CNBC article published last October, “19.9% of bitcoin’s hashrate is in New York, 18.7% in Kentucky, 17.3% in Georgia, and Texas accounts for 14%.”
The article goes on to say that the data “…shows the largest bitcoin mining operations are in some of the states with the most sources of renewable energy – a game changer for the debate around bitcoin’s environmental impact.”
It is known that good locations for Bitcoin mining tend to have a large and steady supply of coal-powered electricity. This is why a country like China was dominating Bitcoin mining for several years until its ban.
Bitcoin’s price currently sits at $38,764.
