If you can't afford to pay for electricity don't do mining

[Outhue]

I have a friend in an African country called Ghana who is a crypto trader, days ago he called me to ask about Bitcoin mining and I am pretty sure that he is very interested and ready to spend a hefty amount of money, I was happy to be a part since he wants my advice on how to go about it.

What I don't like about the plan is how he wants to set up 20 Asic miners using illegal electricity, I told him to drop the idea, there is no way he won't be caught sooner or later, we are still on the matter, and I do hope he listens.


Fast forward to Yesterday, I saw this online, happening in Thailand right now, this wasn't the first time, months back, some illegal mining farms in Thailand were bursted, 40 Bitcoin miners here and another 50 in an underground area in different locations, now it is becoming a tug of war for Thailand government.




https://english.alarabiya.net/News/world/2024/05/03/thailand-police-raid-illegal-bitcoin-mining-operation-

I don't understand why people are becoming so greedy with Bitcoin mining.

How can you have the money to buy 690 Asic miners, thats millions of dollars and you plan to plug all these miners using illegal electricity? There is no way the electricity association won't know that something is up, it is only a matter of time.

Also, if one can have millions of dollars to invest in Asic miners, one won't be spending this much to buy lots of Solar panels at discounts from companies directly, maybe six figures in buying panels and it will do, then use the grid power at night and Pay For the Grid.

If you are doing this it is better to stop, or you might end up in the prison and you will lose a lot of money, your Asics will be destroyed or seized not never exist again,  it is not a must to start mining Bitcoin and if you want to do it, please do it the right way.

Abstain from illegal mining operations.

[Yamane_Keto]

Before looking for illegal electricity, review the legal status of Bitcoin. According to this article, Bitcoin is banned in Ghana.

Is cryptocurrency banned in Ghana?
Cryptocurrencies are banned in Ghana. Earlier this year, Ghanaian authorities reiterated this position, stating that the country's financial institutions are instructed not to engage in crypto-related transactions.

https://www.mariblock.com/ghanas-sec-sets-up-committee-on-crypto-regulations/#:~:text=Cryptocurrencies%20are%20banned%20in%20Ghana,engage%20in%20crypto-related%20transactions.

In addition to electricity, mining requires space, cooling, and noise reduction, which makes hiding a mining farm with dozens of devices very difficult.

It can be done easier with one miner, but it is better to buy Bitcoin.

[Alphakilo]

This is all shades of wrong and now one would encourage it.

If he goes ahead with it and eventually gets caught, it will affect the other miners who are plug legally to electricity. The government would just pass a law to ban bitcoin mining operators just to punish the others. We should never give them the opportunity to do that. Additionally, your friend seem to be lacking a business plan or any plan at all. This is what he needs to fix.

[Rruchi man]

What I don't like about the plan is how he wants to set up 20 Asic miners using illegal electricity, I told him to drop the idea, there is no way he won't be caught sooner or later, we are still on the matter, and I do hope he listens.

You have given the best advice to him because it is short-term thinking to think that you will be able to set up a mining farm with illegal electricity and expect it to go on for long without the government's knowledge.

If you can afford electricity, why try to play smart? Some people just have this irresponsible behavior of not wanting to pay for things, and it is absolutely immature.

[BitMaxz]

That is a pretty risky business illegally stealing electricity is not a good idea just to do mining with ASIC.
There are lots of ways to get free energy from the sun, wind, and water which is free energy from nature he just need a place where he can build a facility near of any these sources.

Better stop planning to mine BTC if you can't afford the current electricity rate or if you can't afford to build your own power source.
There's other way to invest money if he believe in Bitcoin then better tell him to buy Bitcoin instead.