Kevin Mohan | CEO, Big Star Blockchain www.bigstarblockchain.com
Today’s hash race isn’t about finding the cheapest electricity on a map.
It’s about locating infrastructure that can survive scrutiny — from grids, regulators, lenders, and increasingly, adjacent compute markets.
If you’re asking where to mine in 2026, you’re really asking a deeper question:
Where does hash power behave like infrastructure instead of a trade?
Hash rate follows power discipline
A decade ago, miners chased novelty jurisdictions: cheap power, loose rules, fast setups.
That phase is over.
The regions winning hash power today share the same traits:
bankable power contracts grid capacity that actually exists permitting processes that are slow — but predictable infrastructure that can be financed, insured, and audited
This is why the U.S. continues to host a disproportionate share of global hash rate — not because it’s always the cheapest, but because it’s understandable.
Capital can model it. Utilities can plan around it. Operators can scale it.
By contrast, jurisdictions that look attractive on paper often hide risks that only surface after capital is committed:
grid upgrades that take years, not months political risk disguised as “flexibility” cooling designs that don’t survive real summers
Hash rate doesn’t die in those places.
Returns do.
The real constraint is no longer ASICs — it’s interconnection
Hardware cycles are visible.
Grid timelines are not.
In most markets today, the gating item isn’t machines — it’s interconnection approval, transformer availability, and substation capacity.
Miss those, and everything downstream slips: deployment, revenue, financing covenants.
This is why site selection has quietly become the most important decision in mining.
Before a single container lands, the serious questions are:
is power already delivered — or just “planned”? are upgrades utility-funded or operator-funded? what happens when AI and data centers show up competing for the same MW?
If those answers aren’t clear, the location doesn’t matter.
The project won’t behave.
Cooling is now geographic strategy
Cooling used to be a design problem.
Now it’s a location filter.
Higher-density racks and tighter efficiency margins mean ambient conditions matter again — especially as sites are expected to support more than just Bitcoin over their lifetime.
In hot or humid regions, air-only strategies cap density and raise OpEx. That’s why operators are increasingly standardizing around immersion or hybrid cooling architectures for predictability.
At Big Star Blockchain , this is where infrastructure choices matter more than slogans. We design around rack densities and thermal loads that are realistic for the geography — often using BiXBiT USA hydro racks and containers because they’re built for continuous duty, not lab conditions.
Cooling isn’t a bolt-on.
It’s how returns are protected.
Why “cheap power” is the most misunderstood metric
Everyone asks about cents per kWh.
Very few ask about durability per kWh.
Cheap power that disappears during grid stress isn’t cheap. Power without curtailment terms isn’t stable. Power without upgrade clarity isn’t real.
The best mining locations today are not the lowest on a spreadsheet.
They’re the ones where:
offtake terms are long curtailment rules are known infrastructure can expand without renegotiation
That’s what allows sensitivity analysis to hold up when markets turn.
Mining economics don’t fail at the peak.
They fail in the second or third bad quarter.
Mining is converging with compute — whether you plan for it or not
This isn’t a prediction. It’s already happening.
Capital increasingly evaluates mining sites as compute infrastructure with optionality:
Bitcoin today hosting tomorrow AI/HPC adjacency when density and cooling allow
That optionality only exists if the site was designed for it.
Most weren’t.
This is why we avoid bespoke layouts and one-off builds. Repeatable power blocks, standardized racks, and documented cooling strategies are what allow a site to evolve without tearing itself apart.
Infrastructure that can’t pivot quietly destroys IRR.
What separates good locations from bad ones
After years of deployments, the pattern is clear.
Good mining geographies offer:
grid certainty over headline pricing climates aligned with density targets regulatory processes that don’t change mid-build logistics that support replacement and expansion
Bad ones offer excitement, speed, and surprises.
Hash power doesn’t reward excitement.
It rewards discipline.
A practical filter for investors and operators
If you’re evaluating where to mine, ask five questions before you look at a map:
Is power fully secured, or conditionally approved? What grid upgrades are required — and who pays? Does cooling support current and next-gen densities? Can the infrastructure be repurposed without rebuilding? Are equipment, warranties, and service standardized?
If those answers aren’t clear, the location isn’t ready — no matter how attractive it sounds.
Final thought
The global hash race isn’t about chasing the next jurisdiction.
It’s about building infrastructure that behaves under pressure.
At Big Star Blockchain , we focus on sites that can survive cycles — power-first designs, modular infrastructure, and hardware platforms that don’t become liabilities when conditions change.
Mining didn’t become harder.
It became more honest.
If you’re evaluating where to deploy hash power — or how to future-proof a mining or data-center platform — I’m always open to a technical conversation.
Question for the room: Do you see geography becoming less important as mining industrializes — or more decisive than ever?
