5 Countries that Mine the Most Bitcoin

In this piece, we will take a look at the 5 countries that mine the most Bitcoin. For more countries, head on over to the 25 countries that mine the most Bitcoin.

5. Russia

Monthly hashrate share in Jan 22: 4.66%

Russia’s cryptocurrency mining capacity reached 1 gigawatt in January  – March 2023.

4. Canada

Monthly hashrate share in Jan 22: 6.48%

Recently, several provinces in Canada have imposed restrictions on new cryptocurrency mining operations, which are likely to put a damper on the country being an attractive proposition for Bitcoin miners.

3. Kazakhstan

Monthly hashrate share in Jan 22: 13.22%

At one point, Kazakhstan was second among the highest Bitcoin mining countries in the world, which stretched the country’s electricity grid beyond capacity after a surge in demand, with power cuts experienced in different areas of the country. This led to major protests which escalated for various results and resulted in the internet being shut down for a few days, and a crackdown was launched against gray minors, though the country is still contributing disproportionately to Bitcoin mining.

2. China

Monthly hashrate share in Jan 22: 21.11%

China has a mining capacity greater than any other country in the world, but the country has started to crackdown hard on mining farms and in 2021, the crypto crackdown was intensified which has also been a factor in Bitcoin’s price plunging.

1. United States of America

Monthly hashrate share in Jan 22: 37.84%

Topping the list of the 25 countries that mine the most Bitcoin is the U.S., which comes as no surprise considering that energy is often available cheaply. Considering margins for Bitcoin mining are quite low, miners gravitate towards area where costs can be kept low.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out our articles on 25 States with the Best Drivers and Long Term Returns of Jeff Smith’s Activist Targets.