While the United States remains by far the world’s largest crypto miner, boasting 3-4 gigawatts of mining capacity, Russia’s generating capacity reached 1 gigawatt in January-March 2023.
- Dalian, China. Hashrate: 360,000 TH. …
- Genesis Mining Farm, Reykjavik, Iceland. Hashrate: 1,000 GH. …
- Moscow, Russia. Hashrate: 38 PH. …
- GigaWatt, Washington, USA. Hashrate: 1.3 PH. …
- Linthal, Switzerland. …
- Bitfury, Amsterdam, Netherlands.
The cryptocurrency industry has been in the spotlight throughout November 2022 and not for positive reasons. The market was thrown into turmoil when one of the largest brokerage firms in the world, FTX, declared bankruptcy. This was after the largest exchange Coinbase withdrew its holdings of FTX’s FTT token. The company was unable to meet its obligations due to user panic and large scale withdrawals.
Cryptocurrency itself has a storied past. Its origins can be traced to the early 2000s, when talk of electronic money created not from any physical value base but instead from proof of work concepts emerged. The world’s first cryptocurrency, Bitcoin, emerged in 2009, created by Satoshi Nakamoto. In its early years, Bitcoin traded below the $500 mark. The currency reached its first peak in 2017 when its price almost touched $20,000. This growth came as the currency gained global popularity, with companies accepting it as a means of payment.
However, in the very next year, the market would experience its first significant crash, as exchanges were hacked and a growing momentum linked Bitcoin to criminal activity. The price would drop by a whopping 65% in just one month (between January and February). However, Bitcoin’s fortunes would rise again in 2020 as the coronavirus pandemic reshaped global markets and capital flowed to the currency. This growth would see a single bitcoin become worth a whopping $61,283 in 2021, an all time record high price. Yet, reflecting its volatility, the price would fall to $31,576 in just four months, and as if this was not enough excitement, it would then jump to another new record of $64,400 in another four months.
Since then, Bitcoin has trended downward, and after a year of high prices, it tanked to a painful $15,757 in the wake of FTX bankruptcy. Although the price has recovered some of these losses since then, there is significant debate over whether it will touch record levels again, especially since the Federal Reserve has raised interest rates this year.
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