I feel like Indian's must've been massively underreported. I guess this data comes from exchanges as mining profits would likely see China, sweden and Iceland higher up (or on the list).
I'd put most of the nordics at least around 0.2bn.
I imagine this data could probably be cross compiled with node by country information to determine a more accurate figure?
Methodology (from my understanding)
- On-chain Bitcoin flows to exchanges
- Estimated gains from it
- Gain distributions based on share of geographical web traffic
It does not relate to mining, intentionally. The first article has a part for its methodology
How did we do this? Geographic analysis in cryptocurrency is difficult due to the technology’s decentralized nature. It’s impossible to know for sure where the parties of any individual transaction are located. However, we can produce a good estimate using transaction data from the services Chainalysis tracks.
First, we measure the on-chain flows to each cryptocurrency exchange, and approximate the total U.S. dollar gains made on the asset in question (Bitcoin in this case) by measuring the differences in the asset’s price at the time it was withdrawn from the platform versus when it was received. We then distribute those gains (or losses) by country based on the share of web traffic each country accounts for on each exchange’s website, as we did when building our Global Crypto Adoption Index. That analysis gives us a reasonable estimate for the realized gains Bitcoin investors in each country earned in 2020, though it doesn’t account for gains on assets that have yet to be withdrawn from an exchange.
Local unfriendly regulations in India force the locals to have more P2P trades. The combined trading volume on Local Bitcoins and Paxful has increased considerably since 2019 and 2020.
SourceObviously, it is part of Indian P2P trades, not all, and also not about gains.
