Crypto mining is rapidly emerging, with more people investing in digital currencies. Let’s take a look at India’s position in crypto mining and which country holds the top spot in this field.
The world is quickly moving towards digital currencies, and the number of investors in cryptocurrencies is rising. The crypto market is seeing a revival. Do you know what position India holds in crypto mining? During his election campaign in 2024, U.S. President Donald Trump mentioned that he would support the crypto industry. Since his presidency, the crypto market has witnessed a surge.
Top Country in Crypto Mining
The United States leads in crypto mining. Even though U.S. President Donald Trump once called cryptocurrency a scam, he now believes it is vital for America’s economic future. The U.S. is the largest miner of Bitcoin.
How Is Mining Measured?
Crypto mining is measured based on the global hash rate, which refers to computing power. The U.S. accounts for 37-44% of the global hash rate. U.S. mining increased significantly after China banned crypto mining in 2021, leading many mining companies to shift to the U.S.
Top 5 Countries in Crypto Mining
- 1st place: United States
- 2nd place: Kazakhstan
- 3rd place: Russia
- 4th place: Canada
- 5th place: Malaysia
India does not even make it to the top 10 list. India’s contribution to the global hash rate is only 0.03%. Despite the ban, China still holds around 20% of the global hash rate. Kazakhstan holds 12% due to low electricity rates, which are attractive for miners.
Why Is India Behind?
India is lagging in crypto mining, but it leads in terms of cryptocurrency adoption. Several factors contribute to India’s lag in crypto mining, such as a 30% heavy tax, TDS (Tax Deducted at Source), the lack of subsidies for mining, and expensive electricity. While India’s crypto market is growing, its scale is still small. Furthermore, India’s unclear policies on digital currencies create confusion among investors, hindering further growth.
