Leading Countries in Cryptocurrency Mining: China, United States, and the New Geography of Global Production

Cryptocurrency mining has become a major economic sector, capable of influencing the energy and industrial strategies of the world’s leading powers. According to the November 2025 report published by ApeX Protocol, global cryptocurrency production is dominated by a few countries that, thanks to advanced infrastructures and targeted energy policies, are driving the growth of this ever-evolving sector.

China: The Silent Giant of Mining

Energy Efficiency and Growth Potential

China reaffirms itself as the world’s leading cryptocurrency producer, holding 21.1% of the monthly share of the global hashrate. Despite this leadership position, the country uses only 0.33% of its total electrical capacity for mining, a surprisingly low percentage compared to the production volume. In terms of national energy production, mining accounts for just 0.75% of the total, against a generation of 9,456 Terawatt-hours, the highest among all the countries analyzed.

This data indicates that China still has significant room for growth in the sector, being able to increase cryptocurrency production without straining its electrical system. Energy efficiency and the ability to keep the national grid stable are key elements that allow China to maintain its leadership, achieving a score of 96.2 in the ApeX Protocol index, the highest recorded.

United States: Mining Power Under Pressure

The largest mining operation in the world

The United States ranks second globally, with a 37.84% share of the monthly hashrate, the highest in absolute terms. This means that over a third of all cryptocurrency mining operations take place on American soil. However, this dominant position also has a greater impact on the national power grid: mining uses 1.27% of the country’s electrical capacity and 2.82% of the total energy production, amounting to 4,494 TWh.

Despite the pressure on the energy system, the United States scores 93.3 on the ApeX Protocol index, thanks to its ability to maintain such high production without compromising network stability.

Russia and Canada: Efficiency and Steady Growth

Russia: Significant Production with Limited Consumption

Russia ranks third, contributing 4.66% to the global cryptocurrency production. Russian mining companies use only 0.62% of the national electrical capacity, equivalent to 1.33% of the total energy production. This balance between production and energy consumption allows Russia to achieve a score of 90.2 in the index.

Canada: Energy and Innovation

Canada is the fourth largest producer globally, with a 6.48% share of global mining. Canadian operators use 1.63% of the country’s electrical capacity, which corresponds to 3.43% of national production. This figure, above average, reflects the growing importance of the sector in Canada’s economic fabric. The score assigned to Canada is 85.1.

Germany: European Leader in Efficiency

Germany stands out as the leading European producer of cryptocurrencies, with a 3.06% share globally. German mining is characterized by efficient energy use: only 0.48% of the national electrical capacity is allocated to this activity, equivalent to 1.99% of the total production. The ApeX Protocol index assigns Germany a score of 82.1, highlighting the robustness of the German model.

Other Key Players: Malaysia, Sweden, Thailand, Norway, and Australia

Malaysia: A Small Country with Big Ambitions

Among emerging countries, Malaysia stands out for the percentage of energy dedicated to mining: nearly 5% of the national electricity production is used for this activity, one of the highest percentages in the world. With a share of 2.51% of the global hashrate, Malaysia scores 71.3, demonstrating how even smaller economies can play a significant role in the sector.

Sweden, Thailand, Norway, and Australia

Sweden (0.84% of the global hashrate, score 74.9), Thailand (0.96%, score 78.5), Norway (0.74%, score 64.1), and Australia (0.36%, score 57.4) complete the top ten countries leading in cryptocurrency mining. These nations, while representing smaller shares of global production, stand out for their efficiency in energy resource usage and their ability to maintain a stable national power grid.

The Energy Impact of Mining: A Global Challenge

The research by ApeX Protocol evaluated countries based on four key factors: global mining share (hashrate share), total computing power, efficiency in electricity usage, and impact on national energy grids. The final score reflects the countries’ ability to produce large amounts of cryptocurrencies without compromising the stability of the electrical system.

A spokesperson for ApeX Protocol emphasized how cryptocurrency mining has become an economic sector that governments can no longer ignore. Even smaller countries, like Malaysia, are dedicating significant portions of their energy networks to attract industry operators. However, the growth of mining also increases pressure on energy infrastructures, making it necessary to carefully balance between economic development and sustainability.

Conclusion: Towards a New Balance Between Innovation and Sustainability

The global landscape of cryptocurrency mining is rapidly evolving, driven by countries that know how to combine technological innovation and energy efficiency. China and the United States remain undisputed leaders, but the growth of new players like Malaysia demonstrates that the sector is open to surprises and changes. The challenge for the future will be to find a balance between the growing demand for energy and the need to maintain stable power grids, in a context where cryptocurrency mining is set to play an increasingly central role in the global economy.