Most of what you’ll read about bitcoin mining will be about mining operations in China and North America, but there is a small, growing sector of active mining operations in parts of the world that you don’t often hear about, in countries like Norway, Russia, Venezuela and Paraguay.
As China Goes, So Goes Bitcoin Mining?
China currently accounts for roughly 60 percent (down from a previously estimated high of 80 percent) of global bitcoin mining. But recent signals from the Chinese government that a mining ban may be in the works is causing some speculation about the future of China’s dominance in bitcoin mining.
Given China’s development of its own digital currency (expected to be released by the end of 2019), it’s not surprising that the government is trying to push out bitcoin, arguing that it uses too much energy and is bad for the environment. And, in a recent discussion on Bitcointalk.org, speculation was that, in the case of an all-out ban, Chinese mining operations would likely go underground or move to other, friendlier locations.
Since 2017, Chinese mining company Bitmain, the largest in the world, has been looking around at alternative locations and partnering with companies in other parts of the world. Recently, Bitmain announced a new operation in Rockdale, Texas, or what it says will be the largest mining operation in the world at 50 MW. In this venture, Bitmain partnered with Canadian firm DMG and attracted major investment backing by Peter Thiel.
Keys to Best Bitcoin Mining Locations
Marked by its recent new headquarters, Bitmain is establishing its place within a larger trend of bitcoin mining operations spreading across the globe.