Crypto mining demographics, usage by country, and age
In a march towards diversification, millions ventured into the world of cryptocurrency. The virtual assets industry brought not just efficiency in payment but a promise of financial freedom. Due to crypto thriving, mining, a product of blockchain technology, was esteemed as a great passive income-earning mechanism.
Today, over 13 years after the first digital coin was mined, the originally inconsequential activity is a far-reaching industry—persons from many diverse geographical locations invested in machines, software, and infrastructure.
However, notwithstanding the diversity, some territories appear to have a grander acceptance of crypto mining. Here, the guide probes the demographics of crypto mining.
Crypto mining demographics by region
The geographical spread of mining mainly relies on infrastructural accessibility and the regional legitimacy of the industry. There’s an inclination towards mining in countries with readily available key infrastructure. So, which country mines the most Bitcoin?
China lost the title to the US
As of mid-2021, China was the largest Bitcoin miner. The robust blend of high hash rates, multitudes of miners, machines, and power availability led to China’s dominance in mining.
There was a flicker of hope or at least belief that the largest economy in Asia would eventually endorse Crypto. However, in a cruel twist, the Chinese ombudsman declared Bitcoin illegal and swore to lay waste to the crypto industry. The result, of course, was the miners’ mass exodus. Miners commenced relocating to the US, turning the latter into a mining powerhouse. The US became the backbone of the mining ecosystem almost overnight.
Most mining was primed in Texas, Georgia, and Kentucky. Controlling a hash rate of 32%, Georgia was the heart of all mining operations in the US. Then came Texas, which controls around 11.2% of the hash rate. Based on reports, the three states combined represent over half of the mining hash rate in the US. New York, North Carolina, Washington, and California also host a major chunk of the mining hash rate.
In a fascinating revelation, Statista discovered that most IP addresses connected to Bitcoin mining pools originate from the US. This discovery implies that most Bitcoin miners are in the US.
China takes second
Albeit banning Bitcoin in 2021 and thrusting a manhunt against miners, China still takes a close second. Despite the ban, Cambridge University published research denoting that China represented 22% of the Bitcoin mining market in 2021.
A Coindesk news report in mid-2022 was titled, “Bitcoin mining appears to have survived Ban in China.” The report declared China as the second-largest BTC mining country. Russia, Kazakhstan, and Canada all fight for the third spot.
Crypto mining demographics by age
Determining the age subgroup mostly ready to mine Bitcoin requires looking at the technological acceptance patterns. Crypto mining is an activity that tech-savvy people can mainly thrive at.
Millennials leading in mining
Historically, millennials and Gen Z have been hailed as the biggest investors in Crypto. The two young generations, including social networking sites, are the biggest internet users. Because of their readiness to accept technology, the younger generations have exposed themselves to Crypto and mining. It’s not a lie that millennials are the biggest crypto investors today.
Millennials and Gen Zs have the highest tendency to invest in Crypto. The tech-savvy demographic is more aware of Crypto than any other age group. Spending most of their time on social networks like Twitter, Instagram, and Reddit, these young investors know a lot about risky investing. Millennials’ appetite for risk and vast knowledge of tech allows them to freely and readily mine crypto assets.
In a stride towards diversification, middle-aged and older generations began investing in Crypto. Unlike millennials’ speculative and risky appetites, middle-aged people use Crypto to diversify their portfolios.
In this case, middle-aged refers to those in their late 30s and late 40s. This age bracket consists of people who invest in different industries for diversification. A large part of them have miniature knowledge of stock markets. Reports indicate that the average age for stock traders is 40+. Their interest in stock markets means they can trade and invest in other financial assets, including cryptocurrency.
Men have always had a higher inclination to adopt new technologies when compared to women. A report released in 2021 by Cheddar indicated that over 74% of cryptocurrency holders were men. This means that about 25% of cryptocurrency holders are females.
Later in 2022, a report by Coinjournal suggested that over 37% of women were crypto investors. This indicates that men still dominate Crypto. The case is the same for crypto mining. At the moment, a large majority of Bitcoin miners are men.
This guide has explored the demographics of crypto miners, starting from distribution by region, age, and gender. Based on reports, the US is currently the biggest crypto miner, controlling the highest hash rate.
China, dethroned in 2021, takes a close second, with countries like Russia, Canada, and Kazakhstan also taking a spot in the top 5. The North and Central American regions lead Bitcoin mining, while Asia follows closely.
Millennials, the younger generations, are statistically the most significant investors and miners of cryptocurrency. Most of these miners are male.
Subscribe to us for the latest bitcoin mining news