Among many sites with good conditions for Bitcoin mining, there are three countries that can be considered ideal.
The extraction of crypto coins is one of the most profitable businesses, especially in the conditions of the pandemic that is hitting society. But accessing the business is not the same everywhere in the world. In this work we present you the three most recommended sites for the development of Bitcoin mining.
In order to determine if a site is good for mining cryptosystems, a number of factors must be taken into account. Among them are the government laws, the cost of services and the climate. There are others such as crime, costs of materials (cables, transformers, etc.) and the value of rents, but the first three are the most important.
There are many countries where electricity is cheap, legislation is friendly and the climate is cool, those are the good places. But, in addition, there are places where these three aspects are taken to the extreme, with an energy cost tens of times cheaper and a cooler climate, as well as laws, not only friendly, but committed to the development of mining. These are the ideal countries.
Bitcoin consumes more energy than entire countries
What are the three ideal countries for Bitcoin mining?
In Latin America, for example, there are few countries that can be considered good for business. Less frequent, therefore, are the sites that can be considered ideal for Bitcoin mining. In some nations, energy is cheap, but laws are unreliable, and vice versa.
However, in other latitudes, conditions are beginning to change. There are countries where every miner would enjoy important privileges like Croatia. But there are others that could be called true paradises for those who extract cryptomoney.
Those nations are led by Canada. The government of this North American country was one of the first to realize the importance of Bitcoin mining during the pandemic. It acted immediately, declaring cryptomining to be an essential activity.
Little can be said about Canada’s climate, which is almost perfect for keeping farms cool. At the same time, the cost of energy is extremely economical because of the abundance of hydroelectric sources capable of creating huge surpluses. And, as if that weren’t enough, regulations are practically non-existent. These factors make the country one of the ideal sites for Bitcoin mining.
Canada tops the list of ideal sites for Bitcoin mining, thanks to its climate, low electricity costs and friendly state policies. Canada tops the list of ideal sites for Bitcoin mining, thanks to its climate, low electricity costs and friendly state policies.
Can Bitcoin mining cause an energy meltdown?
More towards Europe
The second of the sites that can be qualified as ideal for Bitcoin mining, is Iceland. Like Canada, the temperature on this island, located in the far north of Europe, is colder than the refrigerator we have at home.
Hydropower and geothermal energy are abundant and government laws don’t disturb the activity at all.
Further east, in the Caucasus region, is the third mining paradise. This is the small country of Georgia, in the south of the Russian Federation. Like the two previous ones, the climate, the policies and the costs of electricity make it a dream place.
You could say that this list should have other candidates, for example, China, not by chance that this country is home to 65% of Bitcoin’s computing power. One could talk about Venezuela, where electricity is very cheap and the government promotes, sponsors mining and has credit plans for citizens to set up their farms.
However, these are special cases that should be studied very carefully.
The case of China
Certainly, in China electric power is outrageously cheap and in many areas the climate is cool. Also, the government had lowered its guard against the miners. So why isn’t China among the first three ideal sites for Bitcoin mining?
Despite being considered a legal business, mining continues to be tripped up by the state. In some provinces such as Inner Mongolia, where electricity is subsidized for all industries, the mining of cryptosystems is excluded from that subsidy.
There is also a very recent case in which Beijing has increased the freezing of bank accounts, both of the miners and of the exchanges. The miners face serious problems in paying their electricity bills, since they cannot exchange their Bitcoins for Yuan for electricity.