Bitcoin Forum

Hello everybody,

lately I've been fantasizing about building a mining farm in Europe. I have already spotted the place (electricity is very cheap) - However, I wanted to do some sort of estimate on the cost of the hardware to get started.

Can anyone help me make a prediction for an average price?


ps Obviously I would only buy ASIC, no GPU :)

Welcome aboard!

Europe with the actual rising price regarding energy is not the best place to set up a mining farm except if you have a very specific deal with a energy provider or Dam privately owned etc.

Also you have to bare in mind some countries have pretty high fees on top of the elec price, such as Sweden where the grid fees are more expensive than the electricity price for instance.

Could you let us know what area in Europe you have in mind to set up your farm

Finland!

Price for kWh 0.07

It's a 2021 figure.

Please compare month by month between 2021 and 2022, you'll figure that 2022 is at least twice of the monthly values from 2021 which means 2022 will be at least 14cts / KWH for Finland

Datas from here => https://www.nordpoolgroup.com/en/Market-data1/Dayahead/Area-Prices/FI/Monthly/?view=table

On top of that price, you have to add grid fees.

So, 0.14 is always good. I'm a citizen of Europe, I can open easily a startup in Finland.



I think that there's not less than 0.14 in Europe...The dream would be america :)

It's way too much

I suggest if you are new and planning to start a small or big farm then read this First time/Small miner reference for getting started. (https://bitcointalk.org/index.php?topic=4636521.0)
Then check available units from the list of distributors and manufacturers here Current List of Competitive Hardware (https://bitcointalk.org/index.php?topic=5045732.0)

And then use a mining calculator to calculate your daily profit and ROI https://www.mycryptobuddy.com/BitcoinMiningCalculator

Or you can use https://www.asicminervalue.com/ and scroll down to the bottom and put your electricity rate to automatically calculate the daily earnings. You can check the price by clicking any unit listed on that site and then click the logo upper right of the profitability graph.

I am inclined to believe that Larson311 is correct, 0.07c per kWh in a country like Finland does not make sense, unless they managed to somehow generate power out of thin air, also given the current situation and issues with gas/oil supplies, I think even 14c is not sustainable, so mining in EU, in general, is pretty much a bad idea now, in fact, it has always been this way, now it's just a lot worse.

If you're a citizen of Europe and you read the news you should know that Europe is getting in trouble with all the forms of energy.
I would not be surprised if shortages and even higher prices will be in place in the next winter. Right now in many European countries the governments subsidize the prices for end users (but not for businesses!!) so you should really-really do very good your homework before investing big money into hardware.

Hi there,
Would agree with the other replies that it is Europe is a tough nut to crack when it comes to profitable, sustainable mining - which is why we opted for Georgia for our mining farm - mim.farm
All the best with your endeavors
Munich International Mining mim.farm

Where you from? You said that you had a place in Finland where you could start your mining opeartion, but are you from Finland too or are you from some other country? I have also been fantasizing about starting a mining operation but I have a few other ideas about how to get cheaper energy, namely solar panel farms and other sources. But I have also another thing in mind but I'm stil not sure if singular citizens are eligible for what I have in mind or if I alreaddy have to own a business!

Please give me some advice on mining, thanks.

Can you share any info on your farm? Like, size, quantity of machines, if you have a land your you rent it, if you produce your own energy or you buy it from providers, and that kind of info!

I'd love to hear further details of your farm! please share if you can.

DM me, I could be interesting :)

Hello guys

I haven't a lot of free time actually, but during the next week I will post a detailed description of the farm and will upload some photos !

Don't expect too much, we do not have a crazy farm haha  ;D

See you next week,
Have a nice Sunday

Hi mate

How long have you been mining in Bulgaria? And how has it been going? I'm looking to set up a farm and was considering Montenegro or Georgia.

Fritz

You have to consider that in many nordic countries there are very few people and a lot of natural resources, especially hydro power. That means that also in extremely expensive countries like Norway there is very very cheap electricity.

where in finland ?
send me details cuz I am in finland . It would be nice to get to know the electricity industry here

If that would be a rule for it Norway wouldn't have the most expensive gasoline either.
The best price you could get as an energy-intensive manufacturing business will be around 6 cents prior to taxes, while services price starts at 11 euro cents with the consumer at 13 Eurocents, there are some other numbers about 6-7 for households but that's a subsidy from the Government and you won't qualify by running 10 3kw miners.

Also, do not lump all nordic countries into the same model, while Norway might indeed have a lot of hydropower, in both Sweden and Finland nuclear is the main producer of electricity, hydro in Finland for example is just 1/6 of the total.

Anyhow, I think that OP just looked over some figures, saw a yearly average of industrial prices at 7 eurocents per kWh and thought why not, then, reality kicked in and saw what the real prices are including VAT, so, back to square one. Trying to set up a mining business in Europe without some solid connections that might be able to grant you a two-year contract on some below-market prices in an already cheap country it's just business suicide right now.

If you stake coins you will always have a huge risk to loose everything. This is because most Staking is some kind of Ponzi sceme that will run for month, years or days. Nobody knows exactly how long. With mining you will never loose everything, even if it may not be profitable in the end.

I have e cheap electricity in east Europe near to free with new PV Farm subsidized from the government. If you are interested let's me know. We may think about some join venture.

Hi, i'm interesting! Send me dm please