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Published: January 23, 2024

Last Updated: January 22, 2024

Visual Capitalist report identifies the top Bitcoin mining countries shifting towards greener energy. The U.S., China, and Kazakhstan reported renewable energy shares of 22.5%, 30.2%, and 11.3%, respectively. Iceland, Paraguay, and Norway lead the way in renewable energy, though they host over one percent of the global Bitcoin mining network. Recently, X user known as Seth, a pro-Bitcoin portfolio manager, called attention to the growing eco-friendly mining landscape of Bitcoin, with more miners shifting towards renewable energy sources for Bitcoin.

Seth cited a report by Visual Capitalist that studies the countries with the most environmentally sustainable ecosystems for Bitcoin mining, including China and the United States.

Visual Capitalist noted that Bitcoin miners’ decisions on where to establish their presence are influenced by factors such as the regulatory environment, electricity costs, and the average outdoor temperature. 

In the context of mean annual temperature, the top 10 Bitcoin mining countries include the U.S., China, Kazakhstan, Canada, Russia, Germany, Malaysia, Ireland, Singapore, and Thailand.

Furthermore, the report highlighted that these top 10 countries in Bitcoin mining collectively contribute to 93.8% of the entire network’s hash rate. The U.S., China, and Kazakhstan have the most significant mining shares.

According to the report, Bitcoin miners consume around 348 terawatt-hours of electricity annually. Notably, the U.S., China, and Kazakhstan reported renewable energy shares of 22.5%, 30.2%, and 11.3%, respectively. Kazakhstan’s relatively low renewable share was attributed to its heavy reliance on coal, which accounts for 60% of its energy mix.

In contrast, China also relies on coal for a substantial portion of its electricity. Still, its overall renewable share is higher due to its rapid wind and solar power expansion.

Meanwhile, the report indicated that countries like Iceland, Paraguay, and Norway lead the way in renewable energy. However, collectively, they hosted just over one percent of the global Bitcoin mining network.

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Ethereum Whale’s $1.7 Billion Exit from Aave Triggered stETH Depeg 

Ethereum liquid staking protocol Kelp DAO says its restaked Ether token has been restored with a five-week recovery effort after the protocol suffered a $293 million exploit by North Korea’s Lazarus Group on April 18.

Kelp DAO posted to X on Monday that the final tranche of 20,373.7 Kelp DAO restaked ETH (rsETH) tokens was sent to the LayerZero smart contract responsible for locking, minting, burning and releasing rsETH during cross-chain transfers. 

“This closes the operational part of the rsETH recovery plan,” Kelp said. Several crypto protocols contributed funds to help restore rsETH’s backing under the DeFi United initiative.

Source: Stani Kulechov

The Kelp DAO hack in April caused a ripple effect throughout the crypto lending market that disrupted billions of dollars in liquidity and resurfaced concerns about the interconnectedness of decentralized finance protocols.

Aave was one of the hardest hit as the Kelp DAO attacker put a large portion of the stolen 116,500 rsETH up as collateral on its lending platform to borrow wrapped Ether, leaving $190 million in bad debt and triggering a wave of withdrawals.

The Kelp DAO hack was one of 25 crypto hacks in April, which saw a combined $630 million worth of losses, the worst month since February 2025, when crypto exchange Bybit was hacked for a record $1.5 billion.

The first tranche of 25,000 rsETH was transferred on May 13, allowing rsETH bridging between the Ethereum mainnet and the blockchain’s layer 2 networks to reopen. 

Kelp reopened withdrawals for rsETH the following day and said on Tuesday that rsETH mints, redemptions and rewards operations “have been running normally.”

Aave’s TVL bleed stops, but has not recoveredThe Kelp DAO exploit contributed to Aave’s total value locked falling from $26.4 billion to below $14 billion, losing its long-held position as the largest DeFi protocol by TVL.

DefiLlama data shows that net outflows from Aave’s lending markets have eased over the past month.

However, Aave’s TVL has shown no signs of recovery, hovering between the $13.9 billion and $15.1 billion mark since about a week after the incident took place.

Source: Aave’s change in TVL in 2026. Source: DefiLlama

Magazine: The legal battle over who can claim DeFi’s stolen millions 

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