The European Union’s Struggle with Bitcoin Mining
A new report reveals that the European Union (EU) only accounts for 6% of the Bitcoin network’s hashrate, while the United States has emerged as the top bitcoin miner in the world. The EU’s bitcoin mining prospects are hindered by geopolitical tensions and the region’s dependence on energy. Despite having the potential to increase its share, the EU countries lack the necessary infrastructure. Alice Leetham from Bankless Times says that the EU has the capacity to improve its hashrate, but certain groundwork needs to be laid.
The Leading Bitcoin Mining Countries
According to the report, the United States holds 38% of the Bitcoin network’s hashrate, making it the leading bitcoin mining nation. China, which previously held the majority, is now in second place with 21%. Kazakhstan (13%), Canada (7%), and Russia (5%) complete the top five.
Renewable Energy as the Future for Bitcoin Mining
The report suggests that the future of bitcoin mining lies in renewable energy. As the costs of solar power decrease by 15% to 25% and wind-generated power increases, there is potential to address the concern of relying on fossil fuel-generated electricity.
Hot Take: The Struggle for European Bitcoin Mining
The European Union faces challenges in catching up to other countries in terms of bitcoin mining. Limited infrastructure, geopolitical tensions, and energy dependence hinder its progress. However, with the capacity to improve its hashrate and potential advancements in renewable energy, the EU could overcome these barriers and make strides in the crypto industry.
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