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The countries that produce the most Bitcoin in the world have been announced
The countries that produce the most Bitcoin in the world have been announced
09.11.2023
ECONOMY
TECHNOLOGY

According to hash rates comparing the Bitcoin network rate on a country basis, the countries that mine the most in the world have been determined. As of 2023, the country that produced the most Bitcoin was the USA, followed by China and Kazakhstan.

TURKEY - The countries that produce the most Bitcoin in the world were determined by comparing the Bitcoin production rates measured with the hash rate, which measures the operating speed of high-performance hardware used for cryptocurrency mining. According to data compiled by WorldPopulationReview, regarding monthly hash rate share, the USA was the country that mined the most Bitcoin in the world, with a rate of 37.84%, followed by China and Kazakhstan.

Sharing his evaluations on the subject, Gate.io Global Growth Director Kafkas Sönmez said, “China was the country that produced the most Bitcoin in the world, with a production rate of 75%, until the crypto mining ban it implemented in 2021. "Although China lost its leadership to the USA with this ban, it maintains its place in the 'best' list by ranking 2nd," he said.

Access to equipment is easy in the USA, coal is cheap in Kazakhstan

Seeing Bitcoin mining as a threat to the country's economy, China banned it in 2021. According to Cambridge University data, production capacity in China, which was the most crucial source of global Bitcoin supply until then, dropped to zero in the July-August 2021 period. However, underground mining activities in China continued where they left off as of September 2021. Research by the Cambridge Center for Alternative Finance revealed that China accounts for over 22% of the total Bitcoin mining market.

Stating that, unlike China, the USA sees mining as a legal activity, Kafkas Sönmez said, “There are companies in the USA that mine Bitcoin and are traded on the stock exchange. Establishing the infrastructure required for Bitcoin mining in the USA is easier. The country also offers miners the necessary tools and support. On the other hand, cheap electricity produced from coal in Kazakhstan, whose energy capacity is highly dependent on fossil fuels, has made the country attractive for China-based miners. Some data show that Kazakhstan's mining sector has a 7% share of the country's total production capacity with a population of 19 million.”

“Bitcoin is still produced with fossil fuels”

Underlining that Bitcoin is still dependent on fossil fuels when compared to the Bitcoin production capacities of countries with their installed renewable energy powers, Gate.io Global Growth Director Kafkas Sönmez said, “For example, Iceland, Paraguay and Norway obtain almost all their energy needs from renewable sources. However, the share of these countries in the total Bitcoin supply does not exceed 1.1%. This situation raises concerns about sustainability because estimates show that Bitcoin mining consumes 348 terawatts/hour of energy annually. In this period, when we are talking more about the effects of climate change, the fact that the largest market value of cryptocurrencies depends on fossil fuels may also pose an obstacle to the transition to a green economy.”

“Bitcoin creates a new market for renewable energy”

Noting that Bitcoin mining is a developed sector and the crypto ecosystem will overcome that dependence on fossil fuels, Kafkas Sönmez concluded his evaluations with the following statements: “Bitcoin miners can benefit from any energy source anywhere in the world, at any time. Choosing lower-cost energy sources is also a way to increase their profitability. In this case, another reason arises for the increase in the accessibility of renewable energy. In general, Bitcoin and the cryptocurrency ecosystem create a new market for renewable energy. This market, which grows yearly, can also encourage more investments in clean energy.”

Contact: Tülay Genç | [email protected] | +31 30 799 6022

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