Iceland

Iceland is one of the world's most significant Bitcoin mining hubs, leveraging abundant geothermal and hydroelectric power to attract large-scale mining operations with near-zero carbon emissions. At peak, Iceland hosted approximately 4% of global Bitcoin hashrate relative to its tiny 370,000 population — the highest per-capita mining density on Earth. Major miners including Genesis Digital Assets, Hive Blockchain, and Bitfury have operated facilities there. Iceland has no capital gains tax on mining income for companies structured appropriately, and its favorable renewable energy costs (among the lowest in Europe) make it a perennial top choice for miners.