The Changing Geography Of Mining
With recent events and the pandemic, how Bitcoin mining is changing with the times:
How Bitcoin’s Price Slump Is Changing the Geography of Mining
Although China remains, by far, the leading region for bitcoin mining, the coronavirus downturn is changing the picture in other geographies.
According to Thomas Heller, business director of one of the world’s largest bitcoin mining operations, F2Pool, market dips have made it unprofitable for some bitcoin (BTC) miners with older machines to operate.
“We lost 10 percent of our bitcoin hashrate from our clients, for some of our competitors it was closer to 30 percent,” Heller said, referring predominately to miners across Asia and Europe.
Mining operations in North America have also been impacted. Upstream Data founder Steve Barbour, who operates bitcoin mines on oil fields in Canada, said fewer companies are allocating resources to experiment with bitcoin, at least so far.
“Pretty much every Canadian oil producer is basically telling their staff to do nothing and spend no money, and we’re a service provider for those companies,” Barbour said. “We were growing, month by month. This month is flat and I’m expecting next month to be down.”