Bitcoin Forum

I am wondering which countries in the world have the cheapest electricity, and would thus be ideal for mining bitcoins.

I am from Australia, and I can tell you that we have some of the most overpriced electricity in the world, meaning I will probably need to go overseas if i want to mine competitively.

Have you considered solar power? You could create a free to run miner that only runs during the day.

Maybe...ours is like 12 cents per KWH in my part of the USA.

Maybe look into mining contracts?

If you really want to mine with high electricity cost, try FPGAs

Solar isn't free.

Tell you what I'll sell you all the free solar you want.
You pay me $10,000 per KW upfront and I will provide you lifetime "free" power.
How many "free" KW you want to buy right now?

Iceland and Ukraine price it at $0.04 per Kw, in Iceland you benefit from cold environment too so no cooling costs.

Too bad the language is very different from English in those countries :D

Well English is international so in those countries English will be the foreign language that is taught in school. Anyway money is the universal language.

I concur. However providing the solar panels don't stop working they retain value. So so long as you are able to make more money out of mining than the difference between the resale value of the panels and the original price you will be making a net profit. This is obviously more risky than simply paying for the electric as normal. I only thought of this because Australia's a pretty sunny place.

Omaha, NE isn't bad!  5.79 cents/kWh past 1k kWh in the winter.  We're not up to our knees in rednecks either: there are jobs here and there's plenty to do (like cow tipping on Warren Buffet's front lawn).  I wonder if there are mining calculators that factor in A/C costs over the summer...

we are .08-.12- it changes yearly.

Kazakhstan, mexico, taiwan, norway then the us in that order. unless you incorporate (http://www.theoildrum.com/node/7215).

Come to my country, electricity is free through various means.

Or, get some rechargeable batteries, have it running day and night ;)
Solar panels.. all you need.
Although the investment at first might be a bit steep

in Khazakstan electricity costs ~ 7 dollar per family member per year.

Cuba probably.

send me email let us to business. anyigiumexinternational@gmail.com if you can set up a good electricity just email me.

It's not free - you have to invest and maintain the solar power ....

So the suggestions are kazakstan, cuba, mexico, ukraine, norway, iceland. That's interesting, because only two of those are in the wikipedia page on electricity pricing:

http://en.wikipedia.org/wiki/Electricity_pricing#Price_comparison

Out of these, iceland and norway seem the most suitable for westerners interested in bitcoin mining when you consider safety and language barriers.

English is widely spoken as a second language in both norway and iceland

How reliable are these power sources though? I can't imagine them being very stable.

Apparently smart meters in Puerto Rico have been giving away pretty cheap electricity lately.

http://en.wikipedia.org/wiki/Electricity_pricing

not to mention solar panels aren't very efficient

I guess it depends on the country, but i'm pretty sure iceland and norway have stable power. Although there is the occasional volcanic eruption in iceland to make things interesting

Why wouldn't they be stable ? the countries are developed economies, the land is not very big so power lines don't have to stretch too long and it is 240v.

I have seen solar panels with up to a 25 year warranty and the average life expectancy is 20-40 years. So solar power may be your best route. However in the US you can rent an apartment or Office with all bills paid and Mine as much as you want.

FPGA's and eventually ASIC's, will make electricity costs irrelevant to mining.

wow, your country is really very good. I am attracted by your country.

No it won't.  For example 100 GH/s on mini rigs is ~5KW.  That is going to be a sizable cost electrical bill.   As the average mining farm grows larger and network grows larger the zero sum aspect comes into play.

I would say for the next 18-24 months power costs won't matter much but on a long enough time horizon they will.  Remember GPU are about 10x as efficient (in MH/W) then CPU were.  So when GPU mining first hit the network power costs really didn't matter either but all that "cheap" MH drove up difficulty.

FPGA/ASICS will do the same thing eventually.

I'm thinking of moving to 100% green sourced renewable electricity - http://www.goodenergy.co.uk/ (http://www.goodenergy.co.uk/) - for my GLBSE listed mining company "Red Star Mining", "RSM" it only costs £0.135kWh thereby massively reducing the company's carbon footprint.

For your given example of 100 GH/s on mini rigs (which is not the most power efficient rig), the purchase investment is around 60k.
So, for 3600 KWH a month (5KWH x 24 x 30 days), cost with 5 cents power is $180/mo., and $720/mo. with a 20 cents power cost.
That is a yearly cost over initial investment of 3.6% and 14.4% respectively. Shipping and customs duties may exceed by far that 10.8% difference.
And ASIC's will be 10x to 100x more power efficient.

That is a 10% difference in operating costs.  Over say 3 years the higher energy cost operator will pay 30% more for the same amount of BTC.  The revenue on mining will always follow the costs of the lowest cost operators.  Everyone else will be under margin pressure.   That 10% is likely as "good as it gets" for high electrical cost miners.  The electrical cost is a lower % of total lifetime cost because capital cost of FPGA are so high.   In time ASICS will drive down the capital cost making electrical portion larger.

ASICs have higher NRE and negligible marginal unit costs (possibly as low as $10 per GH/s in 100K unit qtys).  An entity which has paid the NRE has already sunk millions of dollars.  The best thing for them to do is keep the retail price low so they can sell the maximum number of units driving out all competitors.  This is one reason why we only have 2 CPU major makers in the world (and AMD is barely clinging on).

With capital costs being a lower % of lifetime operating costs electrical rates once again become important.  Margins on mining will continue to contract as mining consolidates to lowest cost operators and the risk of Bitcoin failure declines.  The days of 500% ROI are never coming back.  If you gross profit margins (excluding operating costs like electricity is 30% then the difference between 4% and 15% electrical cost becomes much more

Like I said upthread this is on a much longer timeline.  In the next year or two as low cost GPU miners (like myself) cling on and becomes the marginal operators margins are likely to remain elevated to a point where a 30% difference in cost is negligible.  As GPU miners get pushed out and difficulty goes higher high cost FPGA miners become the new marginal miner in the same situation that high cost GPU miners are in today.

Wind. All the cost is upfront and the longer it runs the cheaper it gets.
Build yourself a nice 2kw unit with vertical helix blades and you only need a 40' tower.

Quebec is pretty cheap because of all the hydro. Iceland is also cheap because of geothermal. But the cost of living there and getting equipment there is much higher.

Our electricity here is pretty expensive [San Jose, California], we pay close to $0.40/kW. With solar at around $2500/kw you may want to consider that.

Life: 10 years
Cost: $2500/kW
Assumed Maintenance: $500/kW
Total Cost: $3000/kW

Sun Light (Assumed): ~6 hours/day 330 days/year = 2000kW/year = (assuming your "ridiculous electricity" is $0.30/kW) $600/year so solar will basically half your cost based on those assumptions.
 

This is not true.

You sir, no not what you're talking about. You're showing more than 8% different in production costs and say that is irrelevant?!?

It doesn't matter how much ASICs cost as long as they're priced with not much margin from production costs from factory, since then you know that you'll probably value the hardware for 4 or 5 years in production. ASIC process shrink as slowed down a lot and when Bitcoin ASICs are close to the technological limitations, 4x the cost in electric power will make the difference between profit and loss. 100GH/s will soon the equivalent of someone mining with their gaming PC currently, not enough to make decent money each month.

When regular, professional mining operations turn use what you could amount to 1 or 2 TH/s, your $540 per month become $5000 or $10000.

I'm speechless at the amount of people who think that the prices being paid for ASICs currently (and what they mine per day) can hold for long.

You know what would be killer??
ASIC for scrypt mining.

Solar power is the way to go. I wish everyone could invest in a few panels.


Would be the best thing humans could do for the planet.

Dubai for more than 10000 kWh per month charge residencial/comercial. Cost is about $1000/10000kWh
Thats the top of the range charge 38 fils/1 kWh (100 Fils = 1 Dirham UAE)

 

well Australia has the most sun so the cheapest electricity ;)

Nuclear power is pretty much the best solution. Unfortunately due to our shitty government I cannot develop a small reactor without being blown up by a drone.

In my contry I think is pretty expensive, 1dll = 10 kw/h

buy your own drones ;)

scrypt requires a fixed amount of RAM per thread (this is one of its major features). So to make scrypt highly parallelized, you'd also need tons of RAM. (Right now, litecoin is tuned such that each thread requires only ~128kb, but even that meaningfully limits how many parallel hashes you could compute.)

i am now a university students and i live in school. our electricity price is very cheap, about 0.08USD/kwh. However, i did modification to the electricity meter and now i am using free electricity.

If you really want to mine with high electricity cost, try FPGAs

Canada is cheap

Pv panels = free energy

South Korea is cheap. About 0.07 USD/kWh for industrial purposes. Even cheaper for farmers.
But extremely expensive for houses and the more you burn the more you pay for every kWh. Up to 0.5 USD/kWh

i don't think this will come true in a short time. so LTC mining is much more FAIRER then BTC mining. everyone can get devices that are almost the same, i think finally the man who has FREE ELECTRICITY will win this competition.

Right now I wish I didn't live in the UK  :(

There is no such a thing as "free electricity", and I think you know that.

Yes, you can steal few MWh/month for few months or even years may be. But you are not going this way if you invested seriously in hardware. Data-center using cheap but legal energy wins and owner of few videocards running free but illegal energy loose.

Well. I'm wrong. There is free but legal energy. Almost free and absolutely legal. Almost free, not free.

If you are living in a college dorm...

Pretty expensive here in London.

Nowhere near enough to stop me mining but enough to make a significant dent in my revenue  >:(

It would be so epic to have a solar panel miner

I would expect african countries or Asia..

I've been running 9 machines for 15 years looking for obscure math solutions. I might as well be hunting for bitcoins. I'll lose less money LOL.

I wish i had free Electricity..

 Vancouver if you are in Commercial is relatively good, my office we pay anywhere between .05 to .088 cents per kWh ;D

Residential is the most expensive here, with the first 1376 Kw charged at .069 per kWh and after that .1034 per kWh  >:(

https://www.bchydro.com/accounts-billing/customer-service-residential/residential-rates.html?WT.mc_id=rd_conservationrate

https://www.bchydro.com/accounts-billing/customer-service-residential/residential-rates/residential-bills.html

VoluntaryMan makes a good point, you might need to consider an area that will have the means of buying/selling new equipment easily, and quickly as mining to me seems like an arms race..
I've had the thought that at some point when all coins are in circulation there may not be a point of profitability maybe??

Problem is that in many countries you can make more money selling the power from the pv panel than you can mining bitcoins. Like here in Denmark for example.

Also there is the problem with cloudy days and - obviously, nighttime operation. Figure about 5-8 hours of operation per day, during the summer time. Unless you oversize your pv power station, which again pushes the roi further out into the future (with higher network difficulties and even less coins produced).

-Michael

Iceland.

Most people under 30 speak English. Power is 4 cents / kwh, and cooling free year round by ambient air.
Plus society is stable with minimal corruption theft risk and women are good looking.

Case closed!

--B

We are starting a mining farm in Kyrgystan.
0.04 USD KW/H for industrial electricity

Price will come down soon. It used to be 100,000$ 15 years ago, I remember a guy first buying solar panel in my neighborhood, he was a rich guy, spent 100,000$ (there wasnt even euro back then) to buy himself a solar panel to his house.

So wait a few more years and it will come down to 1000-2000$ which will be a totally affordable cost, given that electricity is a basic necessity.

It's like investing in a farm first 1000$ so that you never ever have to spend a single dime for tomatoes in your life.

then lets do business in Korea:)

Wow this is very profitable if you mine there. In my country has rate of 0.47 usd per kw/h. That why i dont mine here in our country if there a new ant miner releasing with power saving maybe i can mine here...

Turkmenistan, free for all citizins....

Cheapest electricity? Oh, I wouldn't know...

*Plugs miner into MacDonalds power point*

I think the cheapest electricity is available in my country lol
Only $0.8 for 20 units which is minimal charge and only 7 cents for further consumption


Good idea  ;D. But beaware of getting Caught

Iceland, China, or buy your own solar panels and move near the equator.

Where I live its pretty sunny, but I cant afford a solar panel setup plus I live in apartment. But if you live in a house, its easy, eventually take out a loan, because the amount you save in electricity will be unheardof.

I have costlier electricity in my country. Only China may has cheaper one.....

solar power is good for a long-term option for power

Yeah solar power is good but only for home expenses. If we need power for something like industrial purpose or Mining then instead of investing in solar panels it will be better to invest on mining rigs.

For example if we are starting a small business then we only rent a small part of the apartment not the whole apartment.

It is if you steal the panels ;D

I think it would be pretty obvious when a good amount of panels go missing and all the sudden you have a nice setup with like panels.   Even though I think your joking it's a really bad idea.

Solar and bitcoin are really 2 different ivestments.  Solar is long term investment.  It will be a good amount of years of hoping to get ROI.   If anything breaks... you don't look so good on ROI.  But if keeps working you will ROI were just talking about a decent long term investment.

waste of time thinking that solar are a better investment, you pay basically electricity in advance

what is matter is cheap electricity but also the initial investment, you can invest big in miners and solar but you need to selle evrything later, fi you want a fast and big profit, with little risk

Solar is so long term it's practically more of a investment on the house it's on.   It could be 10 years before you get it back.  And if your using a lot of BTC miners the cost of it can be huge.

The person that wins every time is the one who finds cheap electricity.  Cheap electricity always will win out over solar/wind/ etc.

Well the efficiency of the solar/wind plants is very questionable. Solar energy is good if you live in a very sunny area but even then people use it for water heater for example, definitely not to power up Bitcoin miners.

This is not a dependable way of producing electricity, you cannot be 100% sure that you will have it tomorrow. Like that it's also completely unsuitable for mining where first thing to be profitable, you have to have your miners on 24/7.

Well, you could always tap into your neighbor's line.... that would probably be the cheapest.  But other than that, the cheapest may be to start a company and register as commercial.  Most places have a preferential commercial rate.  Obviously this has other overhead costs as well.  There's no such thing as a free lunch.

First one is a horrible idea.  First off it's illegal..... want to know how much BTC you can mine if you are in jail?  Not much....

And a lot you have to have a certain amount of guaranteed usage to get commercial.  Most it's not as simple as saying I'm a company give me cheaper rate! You are going to have to have a lot of miners going to hit most guaranteed amounts.

Someone told me that in Florida once upon a time if you went solar you had to pay the power company compensation. I find that hard to believe but anything's possible if profit is on the line in the US.

i love statista. it provides nice stats for this. unfortunately, the list holds only a selected list of countries:
http://www.statista.com/statistics/263492/electricity-prices-in-selected-countries/

http://insideevs.com/cost-of-electricity-worldwide/

Lol thats insane, so you are not a customer of the power company, but a slave of theirs. Very nice, see where corporatism leads.

I think we need to get back to real capitalism because otherwise it will be bad for humanity.


Even in china the subsidized cheap electricity, once they run out of money, you will see big problems there, 1.4 billion people need electricity lol.

Wow that was very low electricity rate. amazing... its awasome than my country.. lol

Good old America! All they do out there is looking to save their a**es and their profits so this doesn't surprise me at all.

Here is another one that I have heard!
Why there are no trains in the south of the US and there are in the North? Oil companies have bribed the government not to build any tracks in the south so that people must drive and they can sell more gasoline.

I think  you are reading a little to much into bribes on trains.  Originally it was going west was the goal... so east to west ... which was huge in it's day.  But it is expensive as heck to build new tracks.   I forget what our town paid when they bough one "safe" stoplight with the arms that warns train coming it was huge though.

A lot of the rails are going to places that had to be a booming town long ago.  I know some spots in Midwest where they have actually picked up rails and stopped certain places as it's did not have enough traffic.   

It is really impressive when they do pick up the rails they take a LOT of metal in shorter period of time then you would think.

But I don't see trains being the massive problem on electricity price.

Dunno about trains, it wouldn't surprise me at all, but it's quite possible regarding trams in cities. Some say the car companies and other industry players destroyed the tram system in the US to push car adoption by buying up the companies and dismantling them. 

If you look today trains are shrinking.   You can take a Semi with a LOT of goods and go from point a to b.  And b can switch every day.  With train you have fixed points so much harder to grow.   

You are probley right there chances are in some point some bribes, I suppose there are a few bad apples in most industries.  But this is a industry shrinking on trains.  But yes some coal places still use it and it is very efficient.

Of course it was expensive, your light. They can charge what they want, just like they charge one Tylenol in a hospital $7 and you can buy 3 bottles in a store for that money. You know what I mean.  ;)

But nobody can persuade me that cargo train transport isn't economical and a very good option in the long run. Even if it connects only the major cities. Otherwise nobody in the world wouldn't do it.

It all depends I know of one locally they have a train just for this.  It goes and get's coal... the electric company uses it up.   But they have to be not horribly far away or it does not make as much sense. Most electricity companies build close to their source.  Be it coal, oil, water, wind, etc.

I like trains always thought they were neat.  But I think you will see they are on the decline overall.  The amazing part is the price of metal they actually have crews that take apart old tracks as its worth good money.  There was a track on my land it was not used for quite a while. Eventually the train company decided to come get the metal, and the land went to landowners on each side of it so split down the middle.  

That's kinda common here on our country (mostly known as jumper) especially on most of the squatters areas, actually it's free of cost but its illegal (you can bribe policemen here though whenever you've been caught :D ) and they are more likely prone to fire. I've heard that's what also some miners here on country do cuz electricity here was so expensive.

What country are you in? Seems crazy to screw around with the meters.   Let alone add theft to it.

Are you saying they are just bypassing the meters?  Scary stuff.

One of America's quirks though is that far, far more freight goes by rail than Europe. It looks like they're slowly giving up on passenger services. If you want to go beyond the local area it's pitiful, but freight is still a huge deal there.

Here is another funny fact for you.

Retail prices of oil worldwide
http://chartsbin.com/view/1115

Somewhere up to 213 cent/litre.


Real oil price of crude oil:
$47.26 / barrel = 0.297$  / litre


So they make the oil for 0.297$ / litre, yet they sell it for 2.13$ / litre


So the oil cartels get away with 616.55% profit margin . And you wonder why your electricity costs that much :D

I'm from the Philippines and that scary stuff was pretty common here :D We are living on a poor country with high cost electricity so that poor people used to do that just to have an electricity, not only poor people. Also people that can afford to pay electricity do it just to have some savings on their income.

Thanks for telling story about it OP.  Interesting to say the least.  Hard to imagine people doing this.

You could not pay me enough to work on live wire bypassing a meter for safety reasons.  Let alone the legal reasons on not doing it.

In my country the fine for manipulating your electricity meter used to be about 200$ (i dont know the current fine), or in larger (industrial scale) theft cases 3 months prison.

The electricity costs about 100$ for a normal household.

Thus if people bribe police (which they do), and can get away for 2-3 years, then it's cost effective to do so.

You dont pay for 2 years, that is 2400$ saved and then pay a fine of 200$.

__________________

I think they made the fine bigger by now, but many people did this here. I never did , plus I live in a rent so I cannot do it anyway, but many of the ex neighbors where I lived in the past did it, and got away with it.

I dont know in what country you live man, but there is big corruption in the world , that you cant even imagine.

That is crazy if you stole that much electricity in US it's hard to tell what you would get.  It's technically a felony just from stolen electricity in value pretty quickly.  We have meters that are pretty smart lately.  Now they are using digital some cities send out the info of meter.  I'm far enough away though they come and read my meter once a month.

I can't imagine getting away with just a fine.  Definitely different cultures, which is part of what makes the board so intersting.

Pretty draconian laws there, but yea, this kind of collectivist theft is annoying me too.

They do the same for water, heating, and property taxes here, and the fine for each one is about the same. Even the 3 month jail sentence is rarely given, and only to industrial thiefs who like connect their factory to the power line and cheat, but I guess they sometimes get away with that too.

The funny thing is that there werent any inspectors even in the past 20 years, they only reintroduced them a few months ago.


The problem is that for honest people like me, they put 100 taxes on electricity, yes its relatively cheap to international levels, but as in my income/electricity cost ratio, its pretty high, and it sucks.

Its not that electricity is not subsidized here, its taxed 1000 times. Starting from EU taxes to green taxes , VAT, and other bullshit (just to cover the cost of these thiefs).

I have no chance of mining here profitably.

In Conclusion, which country having cheaper electricity?

Countries with cheap electricity:
Argentina, Bangladesh, Bhutan, Egypt, China, India, Iceland, Kazakhstan, Kuwait, Myanmar, Suriname, Sweden, Trinidad & Tobago, Ukraine, UAE, Uzbekistan, Vietnam.

In China you can go as low as 0.04c/kWh (according to Wikipedia) so that would be the winner.

Heard in Venezuela their electricity is free and it seems from the reports that miner's are being arrested from abusing and taking advantage of this. So it does seem to verify this claim of "free electricity" but at a price of your very own freedom is the cost.

I wish I lived in Kazakhstan if the cost for 1 member yearly is 7 Usd. I pay 0.16 cent /kwH electricity so I am only mining with a GTX 750 ti for fun because it doesn't go more than 45 watt in consume this card. Impressive by all means to pay 7 Usd for whole year for electricity. That country has a bright future if you ask me.

You also would be in peril for your life there. :-[
Saving on electricity is worth it to be in a frantic state all hours of the day of being afraid if a bomb is to be dropped on you head one day to the next of that whole year of mining?
My life is worth more than a bill of 7 USD for electricity that's for sure. :-\

Where-ever you are from, electricity is the biggest problem miners. Alternatively nowadays many big miners were already invested on solar miners for the electricity cost out. Antminer or anything else, according to me solar miners would be best option for the people who do mining as their main business.

Correct me if I'm wrong, with solar miners, you have to buy a lot of solar panel right? And the price of one solar panel is expensive. So I don't think you will also benefit from using it and the ROI will literally take you years just to able to break even in you investments.

It's true, the solar panels are very expensive and in my opinion doesn't worth to buy it only to mine Bitcoins or other Crypto-Currencies. If you have another plans that you need energy, I think it's a good idea, something that you can make profit parallel to your Crypto mining using the energy from solar panels. Don't spect ROI only from Crypto mining, think big and you can hit ROI faster.

Electricy may be cheap in Iceland but damn near everything else is really expensive because everything is imported. Setting up shop there would make for a nice business model but they'll kill you with overhead.

maybe china is the cheapest, because many miner are from china.

I don't know about the cheapest in the world but compared to the US, Mexico is pretty dang cheap.

Solar power is expensive, if it was as cheap as advertised there will be lots of solar farms instead of coal plants, that is just the way it is, also solar power is not reliable at all, since as the name implies it depends on the sun.

I guess post soviet countries are cheapest ones. Such as kazakhistan, azerbaijan, turkmenistan. But rules in such countries are usually very strict so i dunno if it is possible to invest in these countries for mining or not.

Solar energy is a nice alternative but the investment is something (example: http://www.bimblesolar.com/bitcoinsolar)
The good news is that if you invest enough you can also provide energy to your house.
The bad news is that the battery will not last forever so you'll have to invest again a bit every few years.

Well i have got in mind here :D and as an observation and i have searched for it the country that have the most cheapest electricity is the country of China they are mining there most of them are mining and they have the cheapest electricity they can go on and on on their mining but the problem you need a powerful PC for mining. China has the cheapest electricity in the world believe me for it :D

in Guinea, the electricity is free, although it is not stable and isn't on 24/7

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Because they are producing their own electricity It think. But if the service is poor and not stable and if the supply of electricity is not even 24/7, I guess the living condition of the people there is not well. Because we need electricity everyday not just a certain hours of the day. Especially at night when you need electricity to run you air-con or your electric fan to help you have a good sleep. I think China is still the no. 1 because of cheap and abundant of electricity 24/7 unless there is a power outage.

Venezuela is known to the world as the cheapest electricity provider. Due to the cheap electricity availability bitcoin mining got popular during which regulations were made and several mining firms around the country were destroyed.

Here in US it's free, maybe 'cause my parents pay for it :D

Hmmm.....as soon as i am moving to  mining...i am discovering new problems...well.ya...electricity prices are a a big issue for btc miners

Venezuela but because of their communist government you cannot do a lot with bitcoin mining there. The newest energy which great countries like Japan are after is the Wind Turbine Energy and if they succeed at it after a few years they may have the cheapest and greenest energy in the world.

China has the most miners because of the fact that their electricity is so cheap. I dont think Guinea it is free 24/7its just there so you can have some electricity even if you dont have enough money to pay for it. The rest of the time the free electricity is off you just pay for the electricity out of their pocket.

Most countries dont even give any electricity for free.

Norway has cheap energy because they have lots of rivers flowing through mountains, so they have lots of hydro electric power plants.

That's very clever and pretty cool too. Remember though Norway is very advanced. If every country had hydro like that the world would be a better place. Cheap and doesn't damage the environment so it keeps everyone happy.


Why do you say that ? The biggest how ? Wind doesn't give that much energy how would they concentrate it in order to harness it's energy ? Wind also changes direction so what will you do about that ?

 :) We have patented the lowest cost battery power in the world allowing for creation of mining operations at less cost than in Iceland and China (where it is subsidized). We are looking for beta test operations who will have free use of the batteries for a year to test reliability. Who here would like to test the batteries?

You do not need to go abroad to mining bitcoin. Try use power from environment. Water, wind, sun, every with this things can generate power. Thank to her you can mining for free, one thing what you must do is buy or do generator for one of this aspects

What about solar panel? Did you think about it? Yes, you have to invest some money to do that but think about income and how much you will cut on bills doing this.

The cheapest electricity in the world??Solar electricity, I guess.

In Algeria, Libya and some middle east countries it's totally free it's like a gold mine for coin mining i wish i could benifit from it.

I've heard that Georgia is on the list of the most convenient countries. Since it offers quite cheap electricity, and cold climate in the mountains. Also Canada is on the list too, but I'm not sure about the price there

You have to think hard about investing in solar panels, which, of course, requires investment in the very beginning of the money, but it can quickly return.

In Russia we have some regions where electricity costs less 0.01 cent, but due to difficult climatic conditions it's hard to place your mining farm. But a State Corporations are completely ready to place it here

we have cheap electricity in Romania in our mining farm .
0,042 Eur / KWH ( VAT included - 19%)

Visit our website
www.cryptodata.ro

we have more that 5000 miners in hosting and Energy installed power . 10,3 mw

For me it is not about which has the cheapest cause in my country my friend was looking for the lowest bill to realize with company and they finally accepted his settlement. So it is just about looking for opportunities to have the lowest if you are hardly thinking about for example mining.

I have heard that such phenomena also occur in the countries of South America, although it is hard for me to judge it because it is not interested in it. Still, I'm very happy with this story because it's fun to know what's going on in other parts of the world.

Yes, solar power will be the cheapest way

Parts of washington state have some of the lowest power rates.  Below 3cents per kwh i believe.

Better to mine with that then buying solar panels.

You know, but it’s really interesting to watch how cryptocurrency is becoming more available for each of us. https://mytc.io/ Ive just checked their website and wanna try it. A blockchain platform to turn time into the cryptocurrency.

There is no way on earth you will find a country cheaper than EGYPT.

if you have a building under construction or an apartment, you can ask for electricity at 2150 egp monthly  or around 120$ monthly no matter how much electricity you consume.

so if you have more than one miner, you should come to Egypt now.

HI

According to My research India also have Cheapest Electricity Cost. :o

Cheer to you mate... More claps is worthy to you by sharing your intentions and desires also your dream being here. ;D
It is given that mining needs much capacity of electricity and much amount of money to fulfill your desires. I think you can search where is the cheapest electricity in the world.

Hi, in Ukraine and Russia is the cheapest electricity.

0.2$ in my country considering other regions it's still high

Argentina is pretty cheap electrically speaking. 

I think in Asia cheap electricity prices because of the many natural resources

I'm from UK. I think our electricity is too cheap.

Venezuela has cheapest electricity energy in the world but U can use the Energy of Sun if you want to trade "sollar plans"

Probably all comes at a cost.. sometimes hidden costs.
You might find cheap electricity in relatively underdeveloped countries for example, but the infrastructure won't quite be there to support the rest of your operation (or crime might make that difficult).

Or in a super first world scenario, cheap electricity might be available, but rental etc. are through the roof

Excellent. Thanhks for all your information.

I dnt think you will find any country such because every country has their own expensive electric probleme more.

You are crazy. It takes DECADES for solar to pay for itself.  Do you have a clue how much room all the solar panels and battery banks take up? Do you know anything about a solar power system other than it has pretty reflective panels and wires attached?  Have any idea how much the power converters would cost? It aint cheap. None of it.  And then there is the problem of WHO IS GOING TO MAINTAIN IT? Dreamers....they keep on dreaming.

Im rocking .05 per kw/h here in west central Indiana.  So my power bill for my rigs aint nothing compared to what I am paying for GPU's weekly.

If you can work double during day then you may go for solar power. They can supply electricity during day time only free of cost.

heard that price in Iceland and Ukraine is very low just 0.04$. You can settle there and start your mine if you want so.

In my country Ecuador is 0.4 per kwh, If someone want to move overseas their mining rigs or asic let me know,  i am sure we will find a solution. Hope to not brake any rule in the forum .

Thats a very dumb idea.  It would be smarter to take the enormous amount of cash needed to pay for that big of a solar farm to suit mining rig needs and just use the $$$ to buy MORE GPU's!  The rigs will more than pay for the power consumed and then plenty of profit along with ROI.  Treehuggers are some of the most illogical creatures!

i think it is vietnam ;D ;D ;D

I think if in a country where you are mining coin very expensive electricity, it is easier to place your equipment in a country where electricity is much cheaper. But investing in equipment for obtaining energy from natural resources such as sun or water is a stupid idea. With this money, you can buy equipment for mining and start making money immediately, rather than wait until your solar panels pay off. For example, in Russia in some regions the price for electricity is only 0.02 dollars.

Hello, guys. An interesting project to earn money is here
https://bitcointalk.org/index.php?topic=2930554.new#new

Anyone wants to establish business for mining in Ukraine, Serbia, Republic of Moldova contact me pm.  I can prepare all the necessary for the farm.

In my country, you can get unlimited electricity for $10 per month in villages. Problem is that there is power cut for 12 hours a day. :)

All you need is a treadmill hooked up to the mining machine and excersice a lot. :D
You could even open up a gym to get double profits.

I think you can find cheapest electricity in India In fact, you can get admission here is some government college and use electricity for free.

The INR value is the lowest so I think they would have the lowest electricity price

I prefer to have my own solar or hamster powered electric mill than going from country to country for cheap electricity

The best for you is Philippines. The electricity here is cheaper compared to your country. If not then just consider the conversion rate of Australian Dollars to Philippine peso. Your money will be twice as worth as compared to your country (or even more than that if its a huge amount.). You will have issue on the weather if you are not used to hot weather but you can just buy an AC then stay on your room.

The places having greater thermal or hydro powerplant surely has cheap electricity

no idea of it really. I think more or less everywhere the rate is same

no idea of it really. I think more or less everywhere the rate is same

The INR value is the lowest so I think they would have the lowest electricity price

as far as I know iceland and ukraine has the lowest price and its as much low as 0.04$

I dont think there is any part of the world where electricity will be so cheap, even in third world countries. However, an alternative source like gasoline, solar or petrol powered generator sets can be cheap depending on the country.
 

Recently, I read the news that power stations in Russia will rent out premises that are located near stations in which the price for electricity will be the lowest

I have read one article on the internet and it says that Venezuela is the cheapest electricity. Maybe because they have a high reserve in oil.

The places having greater thermal or hydro powerplant surely has cheap electricity

I would say China and Russia both have the cheapest electricity in the world

Countries like Kosovo and Serbia have an average price of 6 euro per 100kWh while the average price in the countries of European Union is around 20 euro. I did not go into a deep research for this matter, but I have read this a few months back from several sources.

Consider solar please. Else India China have cheap electricity

Solar is FALSE ECONOMY and costs more for startup and payoff is well past the life of the storage batteries x2-x4.

as far as I know iceland and ukraine has the lowest price and its as much low as 0.04$

According to my understanding, electricity tariffs should be relatively cheap for hydropower generation, but hydropower generation has seasonal problems. Hydroelectric power is cheaper than solar power generation.

Really cheap electricity to be based on different countries, like Chile, Australia

Agreed.  But hopefully with enough subsidizing and time it will become profitable on its own.  Tesla's batterys for homes may eventually come down in price where it becomes feasible.

mine is .048 and im in Indiana

There was a chart or a website with the electricity cost around the world for Bitcoin mining, cannot find it atm tho.

For electricity check SunContract you will see a really awesome peertopeer energy trading platform.

Countries that produces electricity from nuclear reactor and old traditional way of charcoal burning can be able to deliver the electricity for cheapest at the current time period but this will definitely change in the coming years because when government using renewable sources to produce electricity can give more cheaper.

As for my country (Turkey) electricity is expensive so mining is not profitable to be honest. In some parts of Turkey, people establish illegal electricity do create mining rigs, I see them on the new so often.

In my opinion I think any one going into bitcoin mining should consider solar energy instead of electricity because it cheaper and more environmental friendly.

https://i.imgur.com/9tgmvNY.png

currently Kuwait Electricity rates are the cheapest in the world (0.73 Cents / kWh) but to mining, I don't think it's profitable because the temperature in their country is around 32 degrees celsius, so the miners have to prepare coolers and that adds to the expense.

The best choice for mining is the Kyrgyz Republic with electricity costs (3.70 Cents / kWh) and the temperature in their country is 8-10 degrees Celsius, so the miners do not need to add costs for the cooler.

I agree with you. Instead of electricity, solar power is cheap and environmentally friendly. And it balances the environment. However, Turkmenistan possesses the world sixth largest reserve of natural gas resources. Most of the country is covered by the karakum desert. From 1993 to 2017citizens received government provide electricity, water and natural gas ferr of charge.

The absolute best rate is free, there are a lot of miners that have free electricity through various agreements.  Some have it included in their monthly rent, electric companies using their land so they get free electricity, or subsidized by the government.

In my country (philippines) were i pay almost 50$ per month with only 3 appliances. But in summer i pay more than 100$ because of using aircoin. So it is difficult to mine bitcoin here because the electricity is expensive.

I know in the states it's Washington state because I had a friend who used to own a mining operation there

If you could brace the heat then you'd see huge savings :)

It can't generate during night -_- you obviously need a  capacitor to store the power. Point out more obvious things for us please.


This is true. I have looked at it and over about 5-10 years you will have paid it off and then it will pretty much be free (almost) you still need to maintain the solar power pads and replace capacitors and other things every now and again but it will be the cheapest electricity you ever paid for, you could even start selling back to the grid.

Looking at the statistics of Bitcoin mining, it can be concluded that people normally make their mining farms in China  This could be due to a number if reasons of which cheapest electricity may be a part of. So i think you can check out on China to see how  how much money you can make when you work in China

China is not the cheapest Electricity rate it might be cheaper than here in my country but not the cheapest rate.

You can check this list of Electricity rate from here "Electricity rate WorldWide Chart (https://www.globalpetrolprices.com/electricity_prices/)"
According to the chart, the cheapest one is in Burma country which is 0.02 cents. China is around 0.08 cents so it still high not good for altcoin mining.

That's true but let's not forget the focus if discussion pertaining to cheap electricity. Is it safe to mine in the Burma country you mentioned? As in tbe weather/climate and accessibility to servicing of rigs as well as purchasing of necessary accessory equipments and then correlated against electricity price. That would be a good analysis to do first.

Venezuela and Iran