The European Union holds a modest 6% of Bitcoin mining hashrate, while the US emerges as the leader with 38%. Geopolitical tensions and energy dependence hinder the EU’s mining prospects, as the global landscape undergoes significant shifts.
The European Union, encompassing 28 countries, contributes only 6% to the Bitcoin network’s hashrate. In contrast, despite its smaller GDP, Ireland claims 2% of the hashrate. Analysts suggest the EU could boost its share by improving infrastructure. However, geopolitical tensions and energy dependency hinder progress, accentuated by a lack of regulatory frameworks.
In a notable shift, the United States now leads in Bitcoin mining, commanding 38% of the hashrate. This surpasses China, which held over 50% until recently, now standing at 21%. Kazakhstan follows at 13%, Canada at 7%, and Russia at 5%. The report emphasizes the need for renewable energy in Bitcoin mining’s future, anticipating a 15% to 25% drop in solar costs and increased reliance on wind-generated power.