Different countries have a different standpoint for crypto assets. More importantly, some countries support Bitcoin transactions, but they don’t allow Bitcoin mining. Apart from legal restrictions, the high energy cost, internet speed, and weather are also some major concerns for mining Bitcoin.
Whoever wants to mine Bitcoin typically does it for earning money. Some miners prefer to join a mining pool that allows them to mine Bitcoins from home. You can learn how to mine Bitcoin at home from cryptotrader app. Anyway, read the full article to know about the best destinations in the world for Bitcoin mining.
Best Bitcoin Mining Destinations
Are you eager to know the best destinations for Bitcoin mining? Below is the list of places where miners earn good profits from Bitcoin mining.
This country is one of the top countries among many countries as internet speed is very fast. It’s in the 17th position worldwide in terms of faster internet connection. According to energyhub.org, the cost of electricity in Canada is $0.174 per kWh.
Bitcoin mining in Canada boomed in 2018 due to three important factors; low electricity cost, light regulations, and cold weather. Another important factor in Canada is using sustainable energy sources for mining Bitcoin. Although mining of Bitcoin and other virtual currencies are popular in Canada, they are not considered legal tenders.
Norway is also a great place for Bitcoin mining as the internet connection is quite impressive. It stands in the 18th position in the world after Canada being in the 17th position with a speed of 146.53 Mbps. Since Norway has many hydropower plants, it provides sustainable energy sources for Bitcoin mining.
Moreover, the weather is also suitable in different seasons, which cools the mining machines. Although the central bank doesn’t address cryptocurrencies, it also doesn’t restrict the users. However, the government has regulations for money laundering and restrictions on the local exchanges and crypto devices.
The best thing about Iceland is almost all the electricity produced is from renewable energy sources. Well, nothing to surprise because it’s the home to more than 200 volcanoes and many hot springs. They provide underground water for power generation.
Since the country generates power from sustainable energy sources, it’s the perfect place for Bitcoin mining. There is nothing to worry about environmental pollution and global warming.
Georgia is another country where Bitcoin mining can be done from home. Since the temperature is comparatively low and the electricity cost is cheaper, it’s one of the best places for mining Bitcoin.
The energy expense is $0.056 per kWh, which makes it a perfect place to mine Bitcoin. Another advantage is the internet speed is also good in Georgia. All these factors make Georgia one of the best destinations for mining Bitcoin.
With a global rank of 14 in terms of internet speed, Sweden is also a great place for Bitcoin mining. The cost of electricity was reduced due to mild winter, which makes it suitable for mining Bitcoin.
However, the electricity cost varies according to different locations in Sweden. The average cost is $01.179 kWh. Although it’s a little bit high, the light regulations and relatively mild weather make it a friendly place for Bitcoin mining.
Switzerland being in the 4th position in terms of internet speed, stands at a better position for Bitcoin mining. Although the electricity cost is quite higher than all the above places, it has not many legal restrictions.
The government accepts cryptocurrencies as assets. So, it’s considered to be one of the best crypto-friendly countries for Bitcoin mining.
I hope you got to know about the top Bitcoin mining destinations in the world. If you don’t have the resources like high processing mining hardware, you can join a mining pool. Learn about cloud mining, which allows you to utilize the remote data centers and processing power to mine Bitcoin.