Cryptocurrency mining has become an economically significant sector, capable of influencing energy policies and industrial strategies on a global scale.
A recent report published by ApeX Protocol, a decentralized crypto exchange platform, analyzed the leading countries in this sector, evaluating not only the amount of cryptocurrency produced but also the energy efficiency and impact on their respective national power grids.
Study Methodology
The analysis was based on four key parameters: the monthly hashrate share (i.e., the percentage of mining calculations performed by each country), the absolute computing power, energy use efficiency, and the degree of pressure exerted on national electrical infrastructures.
Each country was evaluated with a score from 0 to 100, rewarding those who manage to produce large amounts of cryptocurrency without compromising the stability of their electrical grid.
China: Efficiency and Untapped Potential
Technological Dominance and Energy Efficiency
China reaffirms its position as the global leader in cryptocurrency production, holding a 21.1% share of the global hashrate.
The most surprising data, however, concerns energy consumption: only 0.33% of the national electrical capacity is allocated to mining, which accounts for just 0.75% of the total energy production (amounting to 9,456 Terawatt-hours, the highest value among the countries analyzed).
This means that China still has ample room for growth in the sector, being able to increase cryptocurrency production without risking overloading its electrical grid.
A Future of Expansion
China’s ability to maintain a balance between cryptocurrency production and energy stability makes it a benchmark model.
According to the ApeX Protocol report, the country could further increase its mining activity without negative impacts on the national electrical system.
United States: Mining Giant and Network Pressure
The Leading Market by Mining Volume
The United States ranks second, but it is the country with the largest operational capacity in the sector: it holds 37.84% of the global monthly hashrate, managing over a third of the world’s mining operations. However, this leadership entails a higher energy cost compared to China.
Energy Consumption and Network Impact
Mining in the United States uses 1.27% of the national electrical capacity and 2.82% of the total energy production (4,494 TWH).
These numbers highlight a significant pressure on the infrastructure, indicating the need for more sustainable energy management strategies to maintain competitiveness without compromising grid stability.
Russia and Canada: Efficiency and Growth
Russia: Low Consumption, High Production
Russia ranks third, contributing 4.66% to the global cryptocurrency production. Russian mining companies use only 0.62% of the national electrical capacity, equivalent to 1.33% of the total energy production.
This balance between production and energy consumption makes Russia one of the most efficient players in the sector.
Canada: Energy and Innovation
Canada ranks fourth, with a 6.48% share in the global hashrate. Canadian miners utilize 1.63% of the national electrical capacity, which corresponds to 3.43% of the total energy production.
Although consumption is higher compared to other countries, Canada stands out for its adoption of innovative technologies and access to renewable energy sources.
Germany and the Role of Europe
Germany: Energy Efficiency at the Core
Germany ranks fifth, emerging as the leading European producer of cryptocurrencies.
With a 3.06% share of the global hashrate, German mining stands out for its efficiency: only 0.48% of the national electrical capacity is used, equivalent to 1.99% of the total energy production. This approach allows Germany to support the sector’s growth without jeopardizing the stability of the network.
The Malaysia Case: Small Country, Big Impact
A Significant Energy Commitment
Malaysia represents a unique case: despite having a relatively modest share in the global hashrate (2.51%), it dedicates nearly 5% of its electricity production to cryptocurrency mining, one of the highest values in the world. This strategic choice aims to attract investments and international operators, but it also involves risks related to the sustainability of the national power grid.
Other Countries in the Ranking
Completing the top ten are Norway, Australia, Thailand, and Sweden, each with different strategies and varying levels of energy efficiency. In particular, countries like Norway and Sweden focus on renewable sources to reduce the environmental impact of mining.
Global Trends and Future Outlook
An Evolving Sector
The ApeX Protocol report highlights how cryptocurrency mining has become a sector that governments can no longer ignore.
The increase in energy demand and the need to maintain a balance between economic development and environmental sustainability present new challenges and opportunities.
The Importance of Energy Efficiency
The ability to produce large quantities of cryptocurrency without compromising the stability of the power grid will become increasingly crucial.
Countries like China and Germany demonstrate that it is possible to combine technological innovation and energy efficiency, while regions like Malaysia highlight the risks of overly rapid and unsustainable growth.
Conclusions
The global map of cryptocurrency mining is constantly evolving. The leadership of China and the United States is set to be challenged by new energy strategies and the evolution of mining technologies.
Meanwhile, energy efficiency and the ability to maintain stable power grids will be key factors for the success of countries in this rapidly growing sector.
