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Bitcoin

Bitcoin miners in China spreads to US, Canada and Russia

  • Bitcoin miners growing globally
  • Government of Iran now offering an enabling environment for Bitcoin mining activities

China’s domination of Bitcoin mining appears to be reaching an end as Bitcoin miners in the country are beginning to opt out. This is due to the non-availability of cheap energy, their obsolete mining machines, and the growing interest in mining.

Bitcoin miners are currently expanding across the globe. Presently, there are miners in countries like Russia, Iran and some North American countries too.

China has been able to dominate Bitcoin mining because of the availability of cheap energy especially during the rainy season. This is most between May to September of every year.

However, this year, the wet season was extended to October. This made small scale miners migrate to West China. The non-availability of cheap energy has made it impossible for small scale Bitcoin miners to compete in the industry.

Large corporations are driving these small scale miners out of the country because of the ever increasing cost of power and also the increased level of difficulty that comes with mining now.

Bitcoin mining machines like S9s are also currently becoming obsolete. The machines are usually used during the rainy season. The end of that season has seen many switch off this machine in anticipation of the next rainy season.

Bitcoin miners increasing globally

The number of Bitcoin miners has grown rapidly across the world.

Marathon Patent Group Inc, signed a recent deal with Bitmain. Bitmain is expected to provide S19 Pro Antiminers. Bitmain has projected that it would make the delivery of the units by 2021.

Marathon has set sights on becoming the biggest private Bitcoin miner in North America.

Russia’s En+ has also entered into an agreement with Bitriver. This agreement is a joint venture on how to mine Bitcoin.

The government of Iran has also thrown its weight behind Bitcoin mining activities in the country. The government has approved that Bitcoin miners in the country have an exclusive access to power supply.

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