Bitcoin Forum

Since the fall of the prices of Bitcoin (right now 1BTC = $3781,08) many Bitcoin miners around the world have stop mining.[1] because is not profitable anymore due to high electricity bills and low prices. So which are the countries that still are profitable right now for mining?

First, we have to consider 4 things:

*Internet availability

*Electricity costs

*Legal to mine Bitcoins

*Machinery & administrative expenses

Considering the previous requirements the best profitable countries to mine bitcoins right now are:

1. Venezuela: At first Bitcoin mining was illegal but since January of this year the president Maduro declare it legal[2], this country have the cheapest electricity in the world, it cost $531 to mine 1 BTC so is very profitable. Most of the internet companies are not so good but there are a few good companies that provide satellite internet that can solve any internet connection issues for an incredibly low cost. The only disadvantage is that you have to bring your machines from United States, Canada or China and do not need to worry for the economic crisis since you can easily pay high qualified workers  100$ per month or even go to 5 start hotels for 20$ per night

2.  Ukraine: This country Have the lowest electricity cost in Europe. Ukrainians pay  $5 cents for a kilowatt hour of energy. Bitcoin mining in Ukraine is perfectly legal and crypto-friendly and they are even building a statue in Satoshi Nakamoto’s honor replacing a Lenin statue [3]. Do not worry about the war with Russia is all over now. You can bring your machines from nearby countries like Germany and the speed of the internet is not the best but is ok for mining. The price for mining 1 b is $1852

3. U.S (Louisiana State): the State of Louisiana has the cheapest electricity (7.46 cents/kWh)[4]. and the cost for mining 1 Bitcoin is $3,224. The download speed of Louisiana State  is about 25 Mbps  (the United States is the country with more Bitcoin ATM machines and transactions...big plus)  

4. Canada: Canada takes the 3rd place, the download speed of the internet is about 30 Mbps, it is legal to mine Bitcoins and is the 2nd country with more Bitcoin ATM machines and we are starting to see that Canadians are building their own machines [5]. The price for mining 1 Bitcoin is $3695 so still is profitable with the current price

Knowing all this I strongly recommend to mine in some of those places



https://bitcoinist.com/wp-content/uploads/2018/03/Bitcoin-Mining-Electricity-Costs.jpg


[1]. https://bitcointalk.org/index.php?topic=5075714.0
[2]. https://www.telesurenglish.net/news/Venezuela-Maduro-Announces-Pre-Sale-of-Petro-Cryptocurrency-20180130-0024.html
[3].https://www.ccn.com/authorities-ukraine-has-no-plans-to-regulate-cryptocurrency-mining/
[4].https://www.eia.gov/electricity/state/
[5]. https://bitcointalk.org/index.php?topic=1498901.0
More information at https://www.bitcoinmarketjournal.com/bitcoin-mining-hardware/

Just as you've stated above,the reason why there's been a decline in bitcoin mining is probably due to the fact that the miners no longer see it to be any profitable in relation to the present price..
And from the aforementioned countries,probably Venezuela and Ukraine could be a good bet,and miners could possibly make ample profits..

But with the US and Canada that I highlighted,i doubt if anyone would be spurred on/encouraged to mine over there considering they are bound to make little or nothing from it
As the price of mining one bitcoin is almost equivalent to the price of the bitcoin itself

Lol!

Now, you might not know it but it's pretty old news:
Venezuela Bans Imports of Cryptocurrency Mining Equipment: Report (https://www.ccn.com/venezuela-bans-imports-of-cryptocurrency-mining-equipment-report/)

Second, it doesn't matter how cheap the electricity is if you can't get miners or your grid is not able to cope with the load.
It's one thing to power 6 120w GPUs like the 1060ti and a totally different thing to plug in two s9j that draw more than 2700W.
Besides the country is known for power failures and that's a big no when you talk about expensive and ...not so relaiable equipment.

Also, you're taking into account consumer rates, and when setting a business numbers are totally different:
https://ec.europa.eu/eurostat/statistics-explained/index.php/Electricity_price_statistics#Electricity_prices_for_non-household_consumers

And internet connection is irrelevant, you can still mine at 4G connection speed ;D


Unfortunately, at 8 cents you're losing money right now.
Even with the newly launched s15 (that will be delivered in December), you're looking at 1500 days to ROI.
And again you've forgot about this:
US Tariff Ruling N297495 = 2.6% mandatory tariff on bitcoin mining hardware (https://bitcointalk.org/index.php?topic=5028276.0)

The "war" between Ukraine and Russia ins't over.Just read the news.
Your info seems a little bit outdated,but the electricity cost isn't the one and only factor that determnines how profitable is the bitcoin mining.There are increased costs of security(yes,someone could steal the mining hardware),hiring people,buying property and paying taxes.

remember that this is temporary and i am not talking about price although that too is temporary in my opinion. but this mining situation is temporary because like always bitcoin is designed well enough to adapt and that is called "difficulty adjustment". by the time manipulators run out of steam and market stabilizes difficulty will also be adjusted and mining bitcoin will be like always...

It's not as bad as it looks. Most of the miners being sold right now are older models that just can't keep up with the newer generation miners anymore. I wish news outlets would point that out to inform people the way they should be informed, but unfortunately, they are out to sell drama rather than factual information, because drama sells, truth doesn't, or at least, not as much.

Mining is extremely competitive, if you can't compete, you are out, and the miners who have all the resources needed to compete will take over your spot and make you feel like a loser even more. Everything looks bright during a bull run because almost everyone makes money. Now is the time the market will show its true nature, and those who are here for the right reasons will stay on board. The rest who came to bank on Bitcoin will go home with empty pockets.

Venezuela surprised me a lot. It might be a country where you want to mine Bitcoins but you don't want to live there  ;D I would recommend to look at Sweden, Norway and Iceland. Some companies used abandoned caves at Iceland to build their farms with free (and natural) cooling system. And if I am not mistaken, Sweden and Norway offer electricity subsidies.

There is no bad luck or ill fate associated with the bitcoin,this is simply a normal occurrence,and we all must have heard it in our early days on this platform that it's impossible to predict what's going to happen next(in relation to the price/value/volume)

Back to the topic:i do not think it's possible we'll see a dearth of miners, though we may see a considerable reduction in the number of miners,but definitely those who can cope with the current bearish market will mine from any part of the world they are in.

It costs a lot of money to mine,and it's laden with numerous competitors,the more reason why mining is really profitable

Venezuela might be the cheapest, but it is among the most dangerous countries in the world ^[1].

 So, not only you will have to worry about not getting kidnapped or murdered for having foreign currency, but you'll also have to be cautious with your hardware as you might become the target of the govt for having bitcoin mining hardware, plus there's also the corrupt police who will steal all your shit if the find out you have mining equipment. If you value your safety, you simply won't opt to mine btc in Venezuela.

1. https://www.independent.co.uk/news/world/worlds-most-dangerous-countries-colombia-yemen-el-salvador-pakistan-nigeria-a7934416.html

it's not right, I'm in Canada , and my friend stopped his miners when the bitcoin price was 1 bitcoin = 6k USD 

I think there is no place for mining that can produce, after the bitcoin falls mining is no longer producing, unless we can find alternatives that can produce electricity.

I think when world oil is still expensive electricity will also be expensive too. Maybe in some countries that produce oil have cheap electricity, so the country is suitable for bitcoin mining.
Currently, bitcoin mining experiences the same problem, namely income that is not in accordance with production. What I am asking is what if many people stop mining? will bitcoin die? Then, if a country facilitates bitcoin mining, will that country be the ruler of bitcoin?

I think that good options for mining remain:

1. Siberia (cheap electricity)

2. North Africa (alternative energy and good internet)

3. India

I'm waiting when Ethereum refuses mining ::)

Regarding Ukraine, I can say the following: since yesterday, martial law has been imposed on a large territory of Ukraine for the next 30 days and no one understands exactly what this means. Bitcoin mining is not legalized. There are no laws that would ban it, just as there are no laws that support it.

Why is paraguay not on the list? It is the number one place to mine bitcoin due to the cheap electricity from their hydro power plant. They will build the world's biggest bitcoin mining farm soon, you need to update the OP

Bitcoin mining will be profitable in 2019. Bitcoin rate will rise to 10, 000 dollars.

In 2020, the course will have to grow to $ 50,000 to remain a profitable coin.

I think mining should be developed in Asian countries

Actually, Venezuela is bitcoin-friendly and mining is perfectly legal you should not believe everything you see on the internet. And also I recommend you to check the https://asonacrip.org.ve/ that is the national association of crypto traders in Venezuela. (is in Spanish)

 bro, I am an electrical engineer do you even know what a KWH is?

Sorry to hear that, the law is on our side because "nothing can be considered legal or illegal if there are no laws from the state or nation that say it is"

So if there are no laws that say that bitcoin mining is illegal then it is legal :)

Interesting, thanks for sharing or finding this op. Looks like Venezuela, Ukraine, Louisiana State, Canada, India, Zambia or China are still profitable to mine bitcoin.  I never know that Ukraine have so cheap cost for electricity. I have no chance here with 0.15$/KW, to have a chance i need the price to grow 3-4x.

   

Glad to hear that about Paraguay, if you have any info or data, feel free to post it here

I think that in Georgia and Venezuela it is very profitable to mine Bitcoin. I think this is one of the reasons why Georgia is one of the leaders in mining. I also think that in some regions of Russia it is also very profitable to mine Bitcoins.

very interesting, and I see a significant difference between mining costs in South Korea and Venezuela.

Venezuela is a new country that accepts the digital currency revolution, but its growth is very fast, but public demand is still low. so the mining costs are still small.

and public demand in South Korea for blockchain technology is very large, but the majority in Korea are not miners, they are only consumers and blockchain users, especially for the gaming world.

Everything is updated, you should check your sources and FYI "war" is not the same as "skirmish", and yup the war is over Russia won for better or worse

i wouldn't invest now anymore in bitcoin mining the run is over bitcoin is dieing,

i was into bitcoin mining when bitcoin pricegrowth was forceable, because many people where tired with banks, but now time is over market is flooded with thrillion coins,

The best place to mine bitcoin is the place with a cheap mining equipments and cheap electricity fee i guess.
If your country only have cheap equipments, you won't be able to pay your electricity bill because the current price in the market is very bad.
But this is not a bad thing for some peoples. If btc price drop, then many miners will not mining anymore and the difficulty will going down.

Why are you referencing this garbage as reason for your statement? The poster just wrote in a thread 600,000 miners stopped, linked their website but didn't reference where this supposed article or information comes from...

The hash rate isn't dramatically down, compared to the price drops anyways.

If you look at his thread you would find his sources... So why are you being such a troll?

Well, it kind of matches

30 days price drop is currently at 31.81 %.
The last difficulty drop was    -7.39% and we're expecting something between 11-12% so it will something like 20% over the two periods combined.

Adding the fact that more miners are keeping on mining because they have no way out of this mess with rent and other contracts paid in advance and other mining but with diminishing profits at the same time, we have more efficient gear coming up but still going down...


And the news about the miners being shut down it obviously true by the above numbers.

One of the best place to mine bitcoin is Thailand because it has very cheap electricity fee rate.
If you managed to success cooperate with the electricity company, you can get cheaper rate.
Although the low electricity fee is the main factor to be able mining with profit, the mining rig price is the other factor.

Your joking right?

15 cents/kwh, study the charts world-wide for power

Pray tell us,your going to walk into a Government hydro-power office in Thailand and they're going to offer you electricity lower than Venezuela? Thailand has small hydro and coal plants, nothing is cheap; Lot's of mining operations have burnt to the ground, then there is the 90-105F weather 10 months of the year, which means you need air conditioning, then there is the 9 months/year rain, which means you need de-humidifiers. Since Trump did his Tariff thing, Thailand has now 2X importation of Chinese crap,... [ Officially Bank of Thailand say's crypto is illegal, so also got the possibility of thai-prison hanging over your little head, think 'bangkok hilton' where your legs are iron rigid bar locked together your first six months, and only removed on good behavior 100% everyone gets the same service :) ]

This reminds me of the guys growing 'hops' in bangkok, with AC greenhouses, they have to sell their hop's like 10X of market prices in order to break-even. Only works because they use their hops for their own beer, and for now can charge $12/pint as long as the 'craft beer' fad continues. [ oh, and brewing is also illegal, so if your not thai, to prison you go :) ]

whattomine.com right now say's an s-9 antminer will net -$1/day at 0.10 kwh pricing, so that tells me that you will LOSE MORE MONEY running in Thailand.

The problem today is that BTC mining is not profitable, not anywhere; Last year it took 20 barrels of oil to generate one BTC in energy, of course that was just energy costs. But that got you say 80 barrels of USD, so the ROI was good, now we're close to parity, before it was a 4x sure thing, a wise investment, now its a zero-sum game, ... GAME OVER


I doubt the 'difficulty' will go down, people will unplug 10's of 1,000's of S-9's and other antminer equiv, but as seen as difficulty is profitable for 0.10 kwh power back on the go, it should be easy to  use math to predict the correct level of difficulty given the situation of infinite cheap miners laying around, it all comes down to where is the cheapest power, somebody the other day here said 'Venezuela', but that would be silly to build infrastructure in a war-zone, during a war. BTC goes to $1500 as I assume, how much profit then? How much difficulty? How many people will run miners to lose money??

IMHO the bitcoin mining game is "GAME-OVER", unless your just fucking around, but at current difficulty its what 2 years on an s-9 to find a BTC, ... a boring game to play.

Future people will look back at the btc mining klusterfuck and say "What were they thinking burning 240 million barrels of oil? for magic numbers", ... lot like priests long ago fighting about how many angels could dance upon a needle top

The other issue with mining is that BITMAIN kept like 10:1 miners for themselves, now they'll be dumping 100's of thousand's of s9's for probably less than $100 in the coming years, think about all that capacity laying around, ... thus difficulty may never really go down, ...

If you live in a COLD year round climate, and like the sound of a jet-engine, then buy a refurb s-9, and get your free BTC every two years. :)

right now I think Minning is not very profitable. with expensive fees and expensive maintenance, plus the cost of electricity bills. I think all ministers have to switch to investment or trading.

WTF why is the South Korea the most expensive country for electricity prices? there the citizens were really tortured, where everyone in North Korea was isolated and could not know the outside world, added to the torture carried out by Kim Jong Un because the burden of society was very high
1 KWh in North Korea is equivalent to 49 KWh in Venezuela

in my opinion as long as in that place the cost of electricity is quite cheap, then this place is very profitable to mine bitcoin, because if in that place electricity costs are very expensive plus current market conditions, then bitcoin mining in that place will not be profitable.

So in your opinion where is the best place to mine right now? 1  free BTC every 2 years... nice!xd

Remember that Korea is split into 2 different nations.
How so?

We don't know what will happen in the next 2 years or these coming years the difficulty might be a drop or it might increase more than we think and I think it may also affect the mining reward for s9 miners so there is no exact amount you can earn after 2 years it depends on the difficulty.

The best for now if you really want profitability always choose a miner for altcoin where you can make a profit compared to mine bitcoin.

Check the list of profitable miner these days here https://www.asicminervalue.com/ then exchange your altcoin to bitcoin it is profitable and you can pay for electricity bill compared to mine with s9 miner.

i dont think that the price of bitcoin right now can give us the big profit, there are many miners out there that stop mining because they stop mining because it dont worth it, the electricity and maintenace cost is higher than the profit from bitcoin

So with this data, its only profitable to min Bitcoin in Ukraine only, mining in India is in few dollars profit but a little growth in expenses will make it at par. If BTC price goes to atleast $6k then it makes sense to mine BTC in many countries. Hope to see considerable rise in BTC price this year ie in 2019.

I don't see any country or place that mining can't be done, just that whenever there's drop in the price of bitcoin, miners sometimes get discouraged all because mining itself requires lot's electricity. Mining is everywhere only if there coule be another alternative to that exorbitant electricity.

It is not because of the requirement of electricity but the cost of electricity which makes it expensive to mine.

And that made a lot of restriction for those wants to mine. Iceland is also a good place to mine.

In today's market price of bitcoin there are very less number of miners available most of the miners withdrawn minning due to the price of btc and they are not getting profit from it because the expense is bit high for mining process it requires good hardware and stable electricity with lower cost which is not available in all the countries so there is few countries where the electricity consumption price is low like Venezuela,Ukraine and then india where we can do mining but subject to availability and security.

Mining has decreased a lot with the recent price drop. As the difficulty increases automatically the mining power needs to be increased to get a stable earning. With the present market and the electricity consumption it isn't possible anymore. Maybe on price increase mining will once again play a important part among the entire set of users who have been into mining processes.

It was never illegal, but police is very corrupt and can do things at random that has nothing to do with the rule of law. In theory, the gov welcomed it starting 2018, but some people were still seized equipment and put in prison after that, because... The corrupt cops would fabricate lies such as money laundering, funding "terrorism" (as in political opposition groups) or what not, to the victim that refused to pay whatever they were extorting.

As for sending machines, they were being seized for the major part of 2018. I'm not sure if you currently can or cannot bring them without risking seizure, I have read conflicting reports. Some bring them in parts hidden among unrelated goods, some just use DHL, I don't even know anymore...

Venezuela has frequent blackouts outside of Caracas, and in Caracas itself sometimes electricity fails. This is not due to lack of generation, its due to lack of maintenance (a by product of hyperinflation and price/currency exchange controls) The government officials stated that they would like large miners to set up operations at the southern State of Bolivar, close to the hydro generation, or in industrial areas in Carabobo or Monagas States iirc.

Crime is super high in this country so if you ever think of coming, you have to look and act as poor and plain as possible. Certainly NOT use 5 star hotels or bring luxury things such as any Apple products, jewels, gold, etc.

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