Report: EU Represents Just 6% of Bitcoin Mining Hashrate, US Significantly Leads China

The countries successful the European Union collectively relationship for 6% of the Bitcoin network’s hashrate portion the U.S. has emerged arsenic the world’s fig 1 bitcoin miner, a caller study has said. The economical bloc’s bitcoin mining prospects are nevertheless being hamstrung by geopolitical tensions and the region’s vigor dependence.

The EU’s Bitcoin Mining Prospects

According to the latest Bankless Times report connected bitcoin mining, the 28 countries comprising the European Union (EU) collectively relationship for 6% of the Bitcoin network’s hashrate. On the different hand, Ireland, whose 2023 gross home merchandise (GDP) of $115 cardinal is astir 160 times little than the European Union’s GDP, accounts for 2% of the Bitcoin network’s hashrate.

Despite having the imaginable to summation its stock of the Bitcoin network’s hashrate, the EU countries lag due to the fact that they deficiency the infrastructure required to execute this. Commenting connected this arsenic good arsenic the report’s data, Alice Leetham from Bankless Times said:

The European Union has the capableness and quality to amended their hashrate. Mining is the existent astir profitable frontier successful the crypto ecosystem. But for them to benefit, they person to laic ground.

The economical bloc’s prospects for bitcoin mining are nevertheless greatly impacted by geopolitical tensions and vigor dependence. This, unneurotic with the wide deficiency of regulatory frameworks to oversee mining, often leaves miners susceptible and uncertain.

Meanwhile, the report’s information shows that the United States is present the starring bitcoin mining nation-state with 38% of the network’s hashrate. China, which until precocious accounted for much than 50% of the Bitcoin network, is successful 2nd spot with 21%, followed by Kazakhstan (13%) and Canada (7%). Russia completes the apical 5 with 5%.

To code bitcoin mining’s perceived over-reliance connected energy generated by fossil fuels, the Bankless Times study stated that the “future powerfulness imaginable for Bitcoin mining is renewable energy.” This is expected to beryllium made imaginable by the anticipated 15% to 25% alteration successful star costs, arsenic good arsenic the accrued stock of wind-generated power.

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