Over time bitcoin has become the most popular cryptocurrency in Blockchain Technology. From 2010 many businesses began accepting bitcoin along with traditional currencies, thus many people are investing in it.
Bitcoin mining is a process where miners compete to solve complex hashing puzzles using computers. As a lot of energy is consumed to mine a single bitcoin, lots of computers are required. To reduce the cost of the computer’s a group of miners co-ordinate to work in a single space consisting of several computers where they can efficiently work, such a place is called a bitcoin mining farm.
Consider a bitcoin farm as a warehouse where all the computer equipment is stored with central cooling or air conditioning system to prevent the computer from getting damaged by overheating. Some of the worlds massive bitcoin farms are in:-
Russia
The Russian government granted cryptocurrency legal status last year but banned it from using it as a means of payment. But this does not stop Russia from building one of the largest bitcoin farms in Moscow. According to Alexander Brazhnikov executive director of the Russian Association of Crytoeconomics, Artificial Intelligence and Blockchain, “Russia is responsible for about 7% of the world’s bitcoin mining”.
The United States
The U.S. has the second-largest bitcoin mining farm in the world, with 17% of global miners come from the U.S. After the cryptocurrency ban in China, 500,000 former Chinese miners are looking to shift to the U.S.
Iceland
Due to the abundance of geothermal, hydro, and wind power Iceland is one of the popular bitcoin mining locations in the Nordic region. Mining equipment not only requires tons of energy but also requires a cooling environment which makes Iceland a perfect place for bitcoin mining. One particular known as “Genesis Mining” stands out as the world largest mining farm with a hash rate of 1000 GH.
Canada
Bitfarms Ltd. A Canada based firm operates using hydroelectric plants from Quebec for bitcoin mining. After China banned cryptocurrency, many Chinese miners have shifted their base to Canada due to the cool climate required for mining.
Switzerland
Guido Rudolphi owner, of a mining farm initially located in Zurich but due to high electricity cost shifted to Switzerland in 2016 and is one of the oldest Bitcoin mining farms in the world. His farm was set up in what once was a factory building and, the climate prevents the equipment from overheating.
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