In today’s time, almost every country from around the world wants to adopt cryptocurrencies. For now, the easiest and most convenient way they find to mine cryptocurrencies is through mining. However, this wasn’t the case for the cryptocurrency mining sector when it was first introduced back in 2009.
At that time, only a few computer gurus and geeks were into cryptocurrency mining, while the rest of the world had no idea about them at all. Until 2011, almost the entire world was unaware of the cryptocurrency mining sector as cryptocurrencies had no value or worth at all.
However, the situation completely changed for the cryptocurrency sector and with time, companies and individuals from around the world go into the cryptocurrency mining business. They could see the benefits and gains from cryptocurrency mining and started adopting it.
While individuals and businesses were adopting cryptocurrencies, China was the first country to understand the worth of cryptocurrencies. Therefore, it jumped for the opportunity and started mining cryptocurrencies on a large scale. China eventually became the largest cryptocurrency mining country in the entire world, involved in mining over 65% of the world’s cryptocurrencies.
Among the rest of the cryptocurrencies, China focused on mining Bitcoin (BTC) and until 2021, no other country was able to steal the show from China. If China wanted, it could carry on with the same lead but it decided to completely ban cryptocurrencies on its soil.
In May of 2021, the Chinese regulators started kicking out mining firms from its soil and by the start of December 2021, it kicked the entire sector out for good.
However, as the crypto-sector started growing and flourishing in 2020, other countries such as the US, Russia, Brazil, Ukraine, Kazakhstan, and many more picked up the pace in the mining sector.
In the past couple of years, countries such as Kazakhstan, Ukraine, and Russia have shown great enthusiasm surrounding the adoption of cryptocurrencies. This is the reason they have welcomed the majority of the cryptocurrency mining firms that were kicked out of China.
As of now, the Chinese government itself has left the stage and has let others walk into the spotlight. Now, the cryptocurrency mining sector is growing in the mentioned countries.
On the other hand, the United States had been acting exactly opposite to the Chinese. While China was mining cryptocurrencies on the largest scale, the US was busy attempting to kick out the cryptocurrency sector.
However, in the running year, the US has adopted the cryptocurrency mining sector on a larger scale. Surprisingly, the country that was once against cryptocurrency mining is now the largest in terms of mining cryptocurrencies.
The data surrounding cryptocurrency mining shows that as of now, the United States holds the title for being the largest crypto-mining country in the world. At present, the United States is responsible for mining 35.4% of the total cryptocurrencies in the world.
The country following in the footsteps of the United States is Kazakhstan that is currently mining 18.1% of the total cryptocurrencies in the world. Then it is Russia that is reportedly mining 11% of the total cryptocurrencies in the world.
Other countries such as Iran, Malaysia, and Canada are also involved in cryptocurrency mining. It is expected that in the upcoming years, El Salvador may also find itself among the countries generating the highest amount of hashrate mining cryptocurrencies.
There are other countries that are also aiming to take the stage by becoming one of the largest cryptocurrency miners in the world.
Still, many people think that the cryptocurrency industry is just about cryptocurrency trades and crypto price analysis. Surprisingly, the sector has gained so much in recent years and it is only growing bigger with the passage of time.
With time, the cryptocurrency mining sector has introduced many advancements and it is no longer limited to basic mining strategies. Over time, the mining of cryptocurrencies through processing is no longer the only way of doing it. In the mining sector, individuals can increase their mining power by coordinating their mining power through cloud-based solutions.
They can also let the cryptocurrency mining firms and brokerages mine cryptocurrencies on their behalf while they only make investments.