Bitcoin Mining's Great Shift: China's Fading Influence and the Rise of Northern Europe
TechFlow Selected TechFlow Selected
Bitcoin Mining's Great Shift: China's Fading Influence and the Rise of Northern Europe
The Bitcoin mining market is undergoing a significant transformation that almost no one is talking about.
Navigating Web3 tides with focused insightsAuthor | Alex Dovbnya
Translation | TechFlow
The Bitcoin mining market is undergoing a major shift that almost nobody is talking about.
Philip Salter, operations head at Genesis Mining, recently told Bloomberg that miners are moving from China to Nordic countries—Sweden and Norway—and described this as one of "the biggest developments in the emerging industry."
These Western nations are seen as safer and more stable compared to China, which currently dominates the global Bitcoin mining arms race.
There’s a very important strategic shift happening—from mining in China to mining in Western countries like Sweden—because Bitcoin investors are becoming more public and want greater stability and critical security.
He added that due to historically humid weather conditions and the ongoing rise of Bitcoin, the profitability of the company's data center in Boden has increased by more than threefold.
Sometimes we had virtually no profits at all, but last year, our profitability increased by over three times.
The “Chinese Coin” Narrative
For a long time, Bitcoin has been criticized by its opponents as a “Chinese coin.”
According to U.Today, former Ripple executive Chris Larsen wrote a column article accusing, without evidence, that the Chinese government could ultimately “stop or reverse” transactions on its blockchain.
With at least 65% of cryptocurrency mining concentrated in China, this means the Chinese government holds the majority stake required to control these protocols and could effectively halt or reverse transactions.
In a last-ditch effort amid recent SEC litigation, XRP-affiliated companies notified regulators that both Bitcoin and Ethereum are Chinese-controlled cryptocurrencies—a desperate move in the face of defeat. These baseless claims drew strong condemnation and criticism from members of both communities.
However, China continues to place obstacles in front of miners and is steadily losing its dominant position in the industry.
Last month, reports emerged that miners were struggling to pay electricity bills because they couldn’t convert their coins into Chinese yuan. Cryptocurrency exchanges have been banned in the country since September 2017.
Clean Energy
As climate change becomes a pressing political issue, Bitcoin has drawn concerns over its carbon emissions. In October, the New York Department of Financial Services (NYDFS) urged crypto companies to consider the associated risks.
Given that countries like Norway rely primarily on green energy, the ongoing shift will significantly reduce carbon dioxide emissions associated with Bitcoin mining.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
