Something is wrong with Bitcoin mining

All those transactions in the blockchain must be performed and monitored. However, there is something going on with Bitcoin mining.

The Netherlands, and so many other European countries, are totally unsuitable for mining Bitcoin. Simply because the energy price is too high. The computers have to solve difficult sums to mine Bitcoin and the costs do not outweigh the benefits. It is still interesting in countries such as China and parts of South America. However, governments are increasingly intervening. They are not at all waiting for so-called Bitcoin mining farms that require an enormous amount of power.

A new study by the Cambridge Center for Alternative Finance (CCAF) shows a clear new development. In China, Bitcoin mining has declined considerably. In September 2019, the country still accounted for a 75.5 percent share when it comes to mining Bitcoin. In April 2021 this was only 46 percent. The Chinese government denounces cryptocurrency and has an active opinion about it. You can now see that in this study.

Where one stops, the other continues. For example, Kazakhstan is an emerging country where Bitcoin mining is popular. The country had a share of just 1.4 percent in September 2019. That share has increased to 8.2 percent in April 2021. The United States is also strongly represented in Bitcoin mining with a share of 16.8 percent.

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