Cryptocurrency mining is when miners use computing power (hash) to process transactions and obtain rewards. In this case, cryptocurrencies are mainly BITCOIN.
With the prices of cryptocurrencies on the rise, there is a lot of talk about mining again. Mining or mining cryptocurrencies consists of the necessary process to validate and process transactions. It is usually carried out through a special program called a “miner”. And if you want to start trading cryptos you mined, visit Bitcoin Billionaire.
Some important Bitcoin mining topics
The first thing to consider in the whole BITCOIN mining topic is the initial investment The purchase of the machine (or machines) as well as electricity, and its (high) variable costs, which will always have to mine cryptocurrencies.
Regarding this last investment variable – electricity – you can evaluate its consumption, depending on where the RIG is located.
The positioning that bitcoin has acquired worldwide is becoming more and more enjoyable; where power countries consider it a tool of great power and developing countries, consequently they find in bitcoin a solution to inflationary crises that even they have affected the whole world.
When an element in this case BITCOIN has so much importance is to take action on the matter and define how this new digital market option opens paths towards what could stop the excessive inflation that has emerged in recent years.
It can be said that in every country in the world people are mining this famous cryptocurrency.
Countries that are dedicated to mining BTC
There are certain countries where the use of Bitcoin has spread, especially in those countries with ideal characteristics for mining, such as a fast Internet, cheap electricity services, and legal acceptance of the cryptocurrency.
Blockchain expansion would focus on 12 countries in the next decade, led by China and the United States, followed by Germany, Japan, the United Kingdom, India, and France. Finally, closing the list would be the United Arab Emirates, Sweden, Luxembourg, Spain, and Italy.
Although in all countries there is a mining of Bitcoin, it must be borne in mind that there are countries and even cities, where mining is cheaper.
What does mining farms refer to?
These mining “farms” are installed in strategic places that allow greater production of Bitcoin at a lower cost and in better conditions.
Generally, the conditions for a place to be considered as a good place to carry out Bitcoin mining are three: Low cost of electricity, High Internet speed, and Cold climate.
Countries that meet these requirements are Canada, China, and most European countries.
On the other hand, Russia is considered one of the best countries for Bitcoin mining specifically Irkutsk, which has received the nickname of “crypto mining capital” because the cost of electricity is lower.
The biggest mining “farms” are in: Xinjiang, Neimonggu, Heilonggiian, and Sichuan, all of these are Chinese provinces.
Without a doubt, the countries that use Bitcoin the most are those that have the best conditions to mine, in which the laws favor its use and those in which various companies have created applications and ways of transferring Bitcoin to the currency of legal course.
This facilitates the option of payment with cryptocurrencies in shops for the acquisition of goods and services.
Currently, in Japan, most stores accept payment with Bitcoin, which is an incredible increase, compared to 2016 in which approximately 4,200 businesses accepted this cryptocurrency as a payment method.
As for mining Bitcoin in the United States, many experts say that the best state to do it is in Louisiana since it is where the cost of energy is lowest, followed by Idaho, Washington, Tennessee, and Arkansas.
For its part, South Korea is one of the most important countries for the expansion and stability of Bitcoin.
The recent announcements of a South Korean minister caused the price of cryptocurrencies to plummet, however, despite all this, the South Korean market is one of the most important along with Japan and the United States, where practically 1 person out of 10 have invested in BTC.
Many other countries such as Australia, South Africa, Estonia, Russia, among others, are countries in which the use of Bitcoin has spread.
Currently, in almost all countries there is cryptocurrency mining, and although in some the use of Bitcoin is not approved as a currency, nor is it accepted in shops as a payment method, its users have found ways to spend and make transactions through the network.