North Macedonia is a small country in Europe located in the Balkans. The country has a very young population compared to other Western countries. In addition, the country of Alexander the Great is facing massive unemployment. However, bitcoin mining and the increase in the use of cryptocurrency have changed the situation. Indeed, the country’s growth has been able to increase thanks to the mining of ” king of cryptos “.
Mining bitcoins (BTC): North Macedonia’s bet
North Macedonia looks set to soon become one of the peaks in the bitcoin mining industry. Indeed, the Balkan country has recorded a $1.2 million increase in BTC transactions over the past 12 months. Bitcoin mining is all the rage in North Macedonia. This fact is explained in particular because of the availability of resources and cheap electricity. This phenomenon is not new. Indeed, North Macedonia has been trying to establish itself in global bitcoin mining for the past few years. To do this, the country offers a conducive environment for bitcoin miners to set up their infrastructure there.
Bitcoin (BTC) mining has boosted the country’s economy
This initiative in North Macedonia boosted the local economy. Indeed, the many installed miners help the country to progress on the way to becoming the world leader in the mining industry. The number of bitcoin miners is said to have increased rapidly in North Macedonia due to the low price of electricity and the ease of the administrative process.
North Macedonia follows in the footsteps of Kazakhstan
Kazakhstan was the second leader in the bitcoin mining industry in the world until August 2021. Kazakhstan holds this position globally due to its wealth in the availability of mining resources. These include a good environment and cheap electricity, which have been the main factors that have attracted miners from all over the world to settle in Kazakhstan. But serious issues like internet shutdown and blackouts in early 2022 could become a plague for miners in times to come. The dominance of the Central Asian country could therefore be challenged by North Macedonia.
Macedonia must face a giant: the United States
After China shut down all kinds of crypto and bitcoin mining activity, the United States quickly adopted it and became the number one country in bitcoin mining. The land of Alexander has many qualities for mining. Although their efforts may pale in comparison to the United States, this small country could come as a surprise. Indeed it has easy access to renewable energy resources such as hydroelectricity, wind power generation and other natural sources. Its strong point, however, remains the cheap electricity tariffs.
The advantages of North Macedonia
To all these qualities mentioned above, the following can be added. The country’s pro-crypto policies may favor bitcoin mining and trading. The low tax rate can also play a major role. The acquisition of operating licenses is also simpler. And we must not forget the advantage of less cumbersome bureaucracy. In comparison, Texas also promotes bitcoin mining and has a good infrastructure for miners with all the key factors. This situation could give Macedonia a hard time.
A young population that is more receptive to new technologies
The large population of North Macedonia is made up of young people aged 31 on average. And the country’s unemployment rate is high, around 27%. But the economy is multiplying, with a GDP growth rate of 4% in 2017. Growth that can be directly linked to bitcoin mining. The youth of the average population can also lead to greater interest in cryptocurrency. Moreover, the growth due to mining serves as an authoritative argument to continue to enrich the country which faces mass unemployment.
The use of bitcoin (BTC) is constantly increasing in North Macedonia
Bitcoin usage is growing rapidly in North Macedonia. LocalBitcoins is a bitcoin trading servicepeer to peerwell-known who recorded $1.2 million in BTC transactions in the country in the last 12 months. Bitcoin mining is growing rapidly globally, but many countries have not allowed miners to set up their infrastructure in their territory.
It can be estimated that the exploitation of bitcoin mining will become more profitable in the coming years for Macedonia. Especially if the price of electricity decreases. But right now, bitcoin mining is becoming more competitive as the number of miners increases around the world. This is a real challenge facing the small country of Europe. It’s a David against Goliath against the United States. But the opportunities are also very real. And the attractiveness created by North Macedonia to attract miners could work well.
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.