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Cloud Mining Bitcoin: How the US Became a Global Leader in 2017
Cloud mining is a process of renting computing power from a third-party provider to mine cryptocurrencies such as bitcoin. Cloud mining allows users to participate in the mining network without having to invest in expensive hardware, electricity, or maintenance costs. Cloud mining also enables users to access different mining pools and algorithms, depending on their preferences and profitability.
Cloud mining has been around for a while, but it gained popularity in 2017, when the price of bitcoin soared to nearly $20,000. Many people wanted to get involved in the bitcoin mining industry, but faced barriers such as high entry costs, technical complexity, and regulatory uncertainty. Cloud mining offered a convenient and affordable solution for these aspiring miners.
However, not all cloud mining providers are trustworthy or reliable. Some are scams that take users' money and never pay out rewards. Others are vulnerable to hacking, fraud, or theft. Therefore, users need to be careful when choosing a cloud mining platform and do their due diligence before signing up.
One of the factors that users should consider when selecting a cloud mining provider is the location of the mining farms. The location affects the cost, security, and legality of the cloud mining operation. Different countries have different regulations, taxes, and electricity prices that impact the profitability and sustainability of cloud mining.
In 2017, China was the undisputed leader in bitcoin mining, accounting for about 75% of the global hashrate (the collective computing power of the bitcoin network). China had several advantages that made it attractive for cloud mining providers and users: cheap electricity, abundant hardware supply, and lax regulation. However, China also had some drawbacks, such as frequent power outages, internet censorship, and political instability.
In contrast, the US was a relatively small player in bitcoin mining in 2017, accounting for only about 5% of the global hashrate. The US had some disadvantages that made it less appealing for cloud mining providers and users: high electricity costs, strict regulation, and limited hardware availability. However, the US also had some benefits, such as strong legal protection, advanced technology, and renewable energy sources.
In 2017, a number of cloud mining providers saw an opportunity to expand their operations in the US and tap into the growing demand for bitcoin mining. These providers invested in building up their hosting capacity and infrastructure in the US, betting that eventually they would attract more customers and miners from around the world.
Some of the cloud mining providers that established or increased their presence in the US in 2017 include:
BeMine: A Russian cloud mining platform that partnered with several hosting facilities in the US to offer its customers access to different mining pools and algorithms.
StormGain: A UK-based cloud mining platform that launched a free cloud mining app for Android and iOS devices in 2017. The app allows users to mine bitcoin without any equipment or battery drain.
Ecos: An Armenian cloud mining platform that obtained a free economic zone license from the US government in 2017. The platform offers its customers low electricity rates and tax benefits.
Hashing24: A UK-based cloud mining platform that partnered with Bitfury, one of the largest bitcoin mining companies in the world, to provide its customers with access to Bitfury's data centers in the US.
KuCoin: A Singapore-based cryptocurrency exchange that launched a cloud mining service in 2017. The service allows users to mine various cryptocurrencies using KuCoin's own mining farms in the US.
These cloud mining providers helped boost the US share of the global hashrate from 5% in 2017 to 17% in 2021[^1^]. They also contributed to making the US one of the most attractive destinations for bitcoin miners, especially after China banned bitcoin mining in 2021[^2^]. Many former Chinese miners relocated to North America, bringing their equipment and expertise with them.
As a result, the US became the new bitcoin mining hub of the world, offering cloud mining providers and users a stable, secure, and profitable environment ec8f644aee