There is probably no reason to talk about the popularity cryptocurrencies have. Of course, no one guarantees they are going to replace the traditional money completely. However, many insights confirm their value will continuously grow. 2024 started turbulent for many digital currencies, and that especially counts when we talk about Bitcoin. The value of one BTC on December 11th was around $18000. Today, the value of one BTC is around 35.5 thousand dollars.
Of course, it would be unfair that everything around digital currencies has always been perfect. Almost every virtual currency has a turbulent past, and that is probably the reason why some people are still skeptical.
Earning a fortune from digital currencies is not something you can achieve over the night. People have to spend a lot of time studying the crypto world that will help them understand how things function. They can also use different tools like https://bitcoinpower.app/ to learn how to trade.
However, trading is not the only option crypto supporters have. Earning money is also possible with cryptocurrency mining. It is a challenging process that requires active skill and knowledge improvement. One of the first things you should know is that laws and rules are not the same everywhere. Some countries are crypto-friendly while others have more strict standards. Because of that, we would like to talk about the best countries for cryptocurrency mining. Your country may not always be the best place to deal with mining. That is the reason why we believe our list of best countries will make your crypto mining more effective.
1. Sweden
There is a good reason why we placed Sweden in the first place on our list. It is one of the countries that are favorable towards the crypto world. That especially counts when you compare it with other European countries that are members of the EU. Thanks to the Swedish Financial Supervisory Authority, the crypto field has become the fastest growing industry in the country. The government of Sweden agreed to accept Bitcoin and other altcoins as means of payment.
A couple of different facts confirm that Sweden deserves to be in the first place on our list. Believe it or not, the cost of non-domestic electric service in the country is only $0.065 per kWh. The electrical costs are an essential factor that directly influences your profit. That is the reason why that fact is essential for future crypto miners. On the other hand, the download speed of the Internet is one of the fastest you can find in the world. Believe it or not, the average speed is 55.18 Mbps. There are only three countries that can offer a better service than that.
Finally, there is something that people do not often think about. Cooling digital mining equipment is essential. In that way, you will keep the quality of the equipment that you purchased. Imagine that your equipment stops working. First of all, you will have additional costs. On the other hand, you will have to stop working until you purchase the new tools. That will negatively influence your profit. The temperature in Sweden is around 2 degrees Celsius on average each year. That makes the weather conditions in Sweden perfect for cooling the digital mining equipment.
2. Norway
We are not going to move far away from Sweden. The entire world should learn from the Scandinavian countries. In February 2017, the Norwegian government made one essential decision. They decided not the impose taxes on the sales and purchases of Bitcoin. Despite that, the national Tax Administration does not consider digital currency as money. Digital currencies are considered digital assets. All these decisions made Norway one of the most crypto-friendly countries in the world.
We would like to highlight some of the reasons why Norway is a perfect place for mining. You will have to spend only $0.07 per kWh for the commercial electrical service. We are sure most miners will consider that affordable. Despite that, the speed of the Internet is another thing the Norwegian government worked for. You will get the chance to enjoy the 38.46 Mbps of Internet download speed.
The same rule counts when we talk about equipment cooling. AN average temperature in Norway is around 1.50 degrees Celsius. That is the perfect temperature for protecting your equipment.
3. Denmark
The third neighbor that deserves your attention is Denmark. Believe it or not, the government does not charge taxes for all the extractions and trades of all digital currencies. It is correct that the Danish National Bank does not recognize digital currencies as legal tender. However, at the same time, the National Bank does not prohibit their usage. That is the reason why many miners decided to continue working on the territory of this country.
We will continue analyzing the same factors that influence your mining success. Commercial electrical service costs are also affordable for everyone. They cost you only $0.069 per kWh. Despite that, the internet download speed is the fifth-fastest in the world. You will manage to enjoy the speed of 49.19 Mbps.
When we talk about the weather, it is a bit warmer compared to the previous two countries. An annual average temperature is around 7.5 degrees Celsius. However, that is better compared to most countries in Europe.
4. Iceland
Iceland is a specific country for many reasons. However, we need to highlight one thing that many miners would be happy to hear. It is the country with the most digital mining farms in the world. Despite good laws that are on the side of miners, there is one impeccable thing miners should know. Iceland has an almost unlimited amount of energy reserves. It uses a couple of geothermal power plants. Thanks to super-hot water vapor, these plans manage to power turbines. That is the reason why electrical energy in the country is unlimited and cheap.
Believe it or not, the cost of commercial electricity is only 12 cents per kWh. We can’t say the internet download speed is the fastest one you can find in the world. With 22.13 Mbps, the download speed of Iceland is the 35th in the world. On the other hand, the temperature is perfect for mining equipment cooling. It is around 1.75 degrees Celsius on average per year.
