The largest mining farms in the world

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Cryptocurrency mining started with the emergence of the Bitcoin blockchain in 2009. However, people learned about this activity later. The popularity of mining grew in 2017-2018 (according to Google Trends). During this period, a lot of people started mining digital assets to earn money. Some of them founded related businesses. The largest mining farms in the world often do not disclose their location. This ensures the protection of expensive devices. However, the Web has information about a part of them.

Top 7 largest mining farms in the world

Cryptocurrency miners are engaged in the selection of hash (identifier for new blocks in a decentralized network). To do this, they use computing equipment. Video cards or ASIC devices are often used. Digital asset mining companies put powerful farms with computing equipment in industrial buildings. Ranking of organizations – in the table below.

Company name	Country	Hash rate (EH/s)
Cipher Mining Technologies	USA	5,4-10,9
Bitdeer	Singapore	8,6
Marathon Digital Holdings	USA	3,9
Hut 8 Mining Corporation	Canada	3,35
Bitfarms	Argentina	3
BitFuFu	USA	3
BitRiver	Russia	2,5

Cipher Mining Technologies, USA

US bitcoin mining company listed for summer 2021. CEO Tyler Page believes it will be the largest in the US. By the end of 2022, Cipher Mining plans to install 56,000 ASIC devices from manufacturer BitFury. The total capacity of the equipment is projected to reach 745 MW by 2025. As of April 2022, the company was already considered the largest known mining farm in the world.

Cipher Mining is part of BitFury Group, a manufacturer and supplier of ASIC devices and software for mining digital currencies.

Bitdeer, Singapore

The mining company has been mining bitcoins since 2018. Its founder is Jihan Wu, an entrepreneur from China. He is also a co-founder of Bitmain, an ASIC supplier. The company is headquartered in Singapore and its computing hardware is located in the US and Norway. Bitdeer has 5 of its own data centers that serve more than 300 employees. Half of the electricity to run the devices is taken from renewable sources.

As of April 2022, Bitdeer was generating 8.6 EH/s. This is 3.7% of the total hashrate of the Bitcoin network (it was 233 EH/s). And by the end of 2022, the organization plans to increase the capacity to 20 EH/s.

The largest mining farms in the world — The total hashrate of the Bitcoin blockchain at the end of April 2022

Marathon Digital Holdings, USA

The large cryptocurrency mining company has been operating since 2021. It is managed by Fred Thiel who is the CEO. The organization’s computing data centers are located in the United States. In the first quarter of 2022, it mined 1,258.6 bitcoins. During this period, the company utilized 36,830 Bitmain S19 devices that produced 3.9 EH/s. They utilize clean electricity from renewable sources for their operation.

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As of April 2022, Marathon Digital Holdings was awaiting approval from US regulators to install additional ASIC equipment. The company plans to deploy 199,000 devices by the end of 2023. The approximate hash rate of the huge mining farm will be 23.3 EH/s.

Summary

Until May 2021, a significant part of the Bitcoin network hash rate was accounted for by miners from China (about 65%). The largest bitcoin farms in the world were located there (for example, Bitmain Ordos, Dalian Port Company and others). However, the Chinese authorities decided to fight against mining and in October 2021 introduced a ban on it. This led to the redistribution of hashrate to different countries.

In August 2021, the University of Cambridge analyzed the mining of digital assets. It became known that most of the hashrate is produced in the United States (35.4%). The second place was taken by Kazakhstan (18.1%), and the third place was taken by Russia (11.23%).

The Russian Federation can take the 2nd place in the ranking in terms of hashrate produced. This is due to the ban on mining in Kazakhstan in early 2022.

Frequently Asked Questions

🚫 Why was mining banned in China?

The central bank attributed the ban to the need to reduce carbon emissions.

❗ Will mining be banned in Russia as well?

In early 2022, the Central Bank of the Russian Federation spoke out about cryptocurrencies and their mining. It believes that all transactions with digital assets should be banned. However, the Ministry of Finance of the Russian Federation stated that this will not happen.

🔍 How many miners are there in Russia?

BitRiver stated that there are 300 thousand miners of digital currency in the Russian Federation. At the beginning of 2022, their total revenue reached $4 billion.

💳 How to start mining cryptocurrency?

You need to buy computing equipment, choose a mining pool and a special program.

💻 What devices to use for bitcoin mining?

Anything, but only ASIC equipment will be profitable. This is due to the competition and complexity of the Bitcoin network.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.