Best country on earth for altcoin mining - share suggestions

[yslyv]

True. That's why we are doing it in Georgia first; and meanwhile we have to decide either re-invest in Georgia or invest in other country.

Post soviet countries are mostly best for mining. Even in some of those countries governments provide free electricity for the citizens. And if you have opportunity to bring hardwares from dubai. Everything may be very cheap and nice.

I dont know about georgia so much but i lived in several post soviet countries and they mostly do not receive any bill at all. Even in one of them government gives free gasoline to the citizen that have car every 3 months.

[1714001794]

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[lentyna]

Do you know what is electricity price there?

Iceland - cheap or free geothermal power generation and cold climate for free cooling

$0.055

[Elder III]

You might find this link for electricity and natural gas prices interesting.  http://ec.europa.eu/eurostat/statistics-explained/index.php/Energy_price_statistics

Bulgaria does look like a winner for electric costs based on what I just read there. I was curious about the costs in Romania, since I lived there for a few years (although not recently). About a decade ago Romania was ranked as the #3 country in the world for Hackers, right after the USA and China. Considering that it's a country with a mere ~21 million population I think that's pretty good evidence of the high technical savvy of the younger generations there. I know that crypto is quite popular there and you would easily find lots of people with some experience in it. The downside is that the country is extremely corrupt and the government is inept as well as being as crooked as a dog's hind leg. Electricity is quite cheap (industrial rates in particular), goods are accessible if you have the money to buy them, internet is fast, cheap and stable, and if you were in a city with a higher elevation (Brasov or Cluj-Napoca come to mind) the summer temperatures aren't that bad.

[shaninium]

No, never heard.

How hear could be used for e.g. laundry?
We are speaking for mega mining datacenters which as you can imaigen is located in big seperate building specially built for servers and necessary equipment.

Do you know what is electricity price there?

Iceland - cheap or free geothermal power generation and cold climate for free cooling

No, do you? Not much from what ive heard. The heat could used for home heating and laundry too.

For drying clothes , sorry I thought this was a home setup

[QuintLeo]

Yes, it is extremly hard (and expensive) to arrange cooling system in place where even water is an issue. If you compare it to Georgia with this regard, Georgia is definite winner.

However, Washington is something to explore further. What about taxes? Is not it making the project expensive?
Thanks a lot for sharing so many details for all of us. 

Really? Washington State can offer under 3 cents/kwh? 

Kuwait is extremely hard.

 I presume you mean Kuwait is extremely HOT. It's also dry though so evap cooling would work well - if water is available enough.


 There are 3 County PUD in Washington State that offer less than 3c / KWH all costs included rates - Chelan and Douglas counties are close to that on RESIDENTIAL and SMALL business rates, their mid-size and large business rates are less.
 Grant county is close to 4.5 for residential/small business, but once you get above 200KW into the large business rate they are in the 3 or under range as well.

 These 3 counties offer the lowest rates in the country by quite a bit - the next lowest areas in the US I'm aware of barely dip under 5 cents/KWH for INDUSTRIAL level rates.
 All 3 have local power rates subsidised quite a bit, as they all have considerable hydropower via large Columbia River dams and sell off the excess power to outside areas - mostly the Seattle/Tacoma area but at least some as far away as California and they make enough over production costs on those long-term contracts to be able to sell to locals for less than cost of production.


 For reference, the Grand Coulee dam is located partly in Grant County, partly in Okanogon County (it dams the Columbia River, which forms the boundary for the 2 counties in that area), but is owned by the Federal Bonneville Power Administration - and provides ZERO power to Grant County as far as I know (it's power output tends to get shipped a lot farther away).


 There are quite a few areas that have 1 GB service, or fiber backbones with even higher data rates available throughout the world, it's getting fairly common any more for mid-to-high pop density areas.
 All 3 of the Central Washington PUDs mentioned above have a "fiber backbone" that runs alongside their power transmission network with a primary usage intend of remote meter reading.
 Access to it is provided to customers via local ISPs and "terminator boxes" that offer 100 Mb Ethernet by default but do have "higher speed" fiber ports available as an option, as well as linking into the power meter(s) for the location the box is at.

 Washington has no income tax (possible exception for Seattle, but that recent city ordinance is being legally challenged on the basis that it violates STATE law and does not apply to the 3 counties in question anyway).
 You still have to pay Federal taxes, but you're going to run into that anywhere in the US.
 Sales tax is kinda high, but no worse than many other states - I was paying the same sales tax rate when I was in Iowa due to a "local city sales tax" where I was living.

 Otherwise, no clue what you might be referring to on the "What about taxes?" question.


 Going by "country wide rates" doesn't WORK, too many large and even some mid-size and small countries have VARIABLE rates depending on where you are IN the country.
 The USA for example has rates that vary from a hair under 3 cents/kwh to over 30 (THIRTY) cents/kwh (I think Hawaii might be higher than that, but California gets to around 30 in at least some areas).
 Heck, the US has fairly wide variations within a STATE in most cases.


 Didn't KNC base their mining operations in Sweden or Norway somewhere, due to low hydropower cost + cool climate?

[Elder III]

I didn't know Washington State didn't have State Income Tax.  Now I want to move. lol Cheap electric, no state tax, cool climate, presumably sparsely populated (if not on the coast at least)?  New York city is an albatross around the neck of my home state and it's just dragging all of Upstate NY down into the sewer with it more each year. :/

[edduu]

I live in Argentina and its really cheap mining here talking in large scales.

we are at the end of the America, we have around the same prices than in USA for the hardware. its free of taxes at import, with just a bit higher VAT, 10.5% for hardware here.

very cold weather in the south, you can choose a nice location like Bariloche, or if you like even more cold in the end of the World Ushuaia, you will find very cheap salaries and rentals for your operations because the inflation.

and talking to electricity that i think its the most important part.

if your consumption its more than 30 MW, around 40 rigs, you can purchase electricity directly to generators.

We have an entity who regulates the national price of the MWh, CAMMESA. http://portalweb.cammesa.com/default.aspx

currently the price its 240 ARS per MWh, thats 0.24 Argentine pesos per KWh, and 17.8 ARS its equivalent to 1 usd, so its 0.0134 per KWh, after that you have to pay carriage from the generator to your local distributor, thats another 0.01 usd per kwh i think, and some lot of taxes, that turn it from 0.03 to 0.04 usd per KWh,
 same as china or even cheaper, in fact that's why genesis mining were operating here for some time.

I am building as many rigs i can trying to reach that minimum consumption for purchase in bulk, i have 20 so far..

[Elder III]

I've always wanted to visit Argentina. Cold weather (at least in the South or closer to the Andes), cheap electric, lots of beef grown there, and a language that's much easier to learn then most (in my opinion).

[goldenfleece]

Taxes are not an issues in Georgia as well; you can develop mining in the Free Industrial Zone and do not pay ant tax!
But anyway seems Washington State can compete with Georgia (country) 
That said, 5 $ cent per kwh in Georgia is like easy thing to get, but it is possible to sign a deal directly with some hydropower plant (if you prove that you are reliable partner) you can electricity somewhere between 2-4 $ cent. But you need to start paying 5 $ cent anyway and after track record that you are consuming stably several MW electricity, then you can negotiate for lower price (well not guaranteed though).

I didn't know Washington State didn't have State Income Tax.  Now I want to move. lol Cheap electric, no state tax, cool climate, presumably sparsely populated (if not on the coast at least)?  New York city is an albatross around the neck of my home state and it's just dragging all of Upstate NY down into the sewer with it more each year. :/

[QuintLeo]

I didn't know Washington State didn't have State Income Tax.  Now I want to move. lol Cheap electric, no state tax, cool climate, presumably sparsely populated (if not on the coast at least)?  New York city is an albatross around the neck of my home state and it's just dragging all of Upstate NY down into the sewer with it more each year. :/

 Central Washington tends to have hot summer days but cool nights as it's a semi-arid near-desert climate, winters are cool but not super-cold normally (last winter apparently was the "worst on record for a few decades" per long-time locals, but by the Iowa standards *I* was used to it was a WARM winter and average on snowfall).

 Pop density is fairly low except for the SeaTac area and Spokane - largest city in the 3 counties area is a debate between Wenatchee and Moses Lake - Wenatchee wins if you include it's suburbs (most of which are on the other side of the Columbia in the next county over) but even WITH the suburbs I think it's under 40k total pop.

 We're not talking MONTANA level "sparse population", but it's certainly not OVERCROWDED like most of the East Coast or the LA and San Diego areas.

[Sev18]

I bet east eu.
But some Chinese place their mining rigs right next to hydroelectric power station, which they can get electricity for almost free.
No one can beat them on profitability,..

[QuintLeo]

I've always wanted to visit Argentina. Cold weather (at least in the South or closer to the Andes), cheap electric, lots of beef grown there, and a language that's much easier to learn then most (in my opinion).

 Quite a few folks in Argentina speak English or German, as I understand it - lot of immigration "back in the day" from both of those countries and quite a few Irish.
 

[BALTA00]

Venezuela is a crazy country, here you can mine and pay 1$ monthly for 10 Rigs, Electricity is almost free. But it is not a good country to live, The minimum wage is absurd, like 12$ monthly, and is hard to find food.

[agente]

Wake up guys.. Thailand. Cheap electricity and better life 

[joshuaj]

Wake up guys.. Thailand. Cheap electricity and better life 

How much the electricity in Thailand?

I see a lot of people voted eastern europe, just wondering how much per kilowatt in USD? This is really surprise me that eastern europe in the vote, I thought europe's electricity bill should be expensive, or am I wrong?

[GoingAround]

I think China or Russia or Ukraine

[Zakyn]

Agree, 300 kWh is min that you shall consume to get cheap electricity in Georgia, but our goal is to built mega mining datacenter so we definitely will consume far above 300 kWh electricity    We are running now pilot project in Kakheti for altcoin mining and our electricity bill do not exceed $ 5 cent kWh.

We are actually preparing for ICO to raise funds for the mega mining datacenter (http://goldenfleece.co - do not comment about web-site   we are in the process to upgrade it   ). Our project is called Golden Fleece (first Georgian altcoin) and we plan to build the mining datacenter on the land of Colchis in West Georgia; and yes we use green energy as a source of electricity for altcoin mining. You are right there are lots of HPP opportunities in Georgia but we target to use solar and wind power as well (but not big portion of our consumption).

What do you thing about Singapore?

how does low government corruption help mining altcoins?  

if there are zero regulations also?

I also consider Georgia (my home country) as a best place for not only alts but for mining.
You should mention that it's not as easy to get 5-6 Cents per KWh, unless you are consuming above 300KWh. But, there's a big but also, under proper management and under good connections you are able to get your own power plant, small or medium one, last couple years governmental structures are working and in fact supporting people to run power plants, there are some regulations of course, but it's relatively easy to do it. Also consider that there are  more than 25k (yeas! 25 fucking thousand) rivers in Georgia, not all of them are capable to handle power plants, but hey, 25.000+! So My voice goes to Georgia the country!

I am from Singapore.

It's very safe, great for business. However it's right in the tropics and you will not be getting dirt cheap electricity.

I'm not sure how much you will spend on power in datacenters but I doubt you can beat some of the rates quoted by folks here.

[benjamin11]

I think Asian countries, particularly China and other countries with low electricity cost. One of the main requirement in mining is electricity. So if the cost of electricity is very high, it will not be  ideal to mine. So the lower the electricity cost, the more profitable the mining is. I read that in China, the electricity cost is very cheap, and there are areas with actually free electricity.

[HansHagberg]

I live and work in Sweden at the moment. One of my assignments is to find datacenter tenants for a business park, which is a converted paper factory with 32 MW power available. The power price is the spot market price used in the official Nordic power exchange (i.e. the lowest possible).
Free cooling and 20000 square meters of cheap industrial floor space to exploit. I have been thinking of starting up large scale mining there myself for a while.
If you are looking for a site, this is probably one of the best in Europe at this time.

In Sweden, datacenters above 0.5 MW don't have to pay energy taxes. This threshold may drop in 2018 to 0.1 MW.
As you can see in the table above, it doesn't get much lower than this.

This is the map coordinate (Google maps)
https://www.google.se/maps/place/H%C3%A5frestr%C3%B6ms+F%C3%B6retagspark/@58.8055193,12.4248188,17z/data=!3m1!4b1!4m5!3m4!1s0x4644ea6cc45de4db:0x4e176b36d32b2d63!8m2!3d58.8055165!4d12.4270075?hl=en

[ricardoepc2007]

I think that there are some good options in south america. I am in Venezuela and the electricity its almost free and dosnt matther how much is your consumption if you are in some industrial area you can use all the energy that you need; i have my rigs in a really poor area in Caracas and the goverment dont even measure how much you use and is totally free, you dont have to pay taxes or fees to import the hardware and with the hyper inflation you can make the best value of every dollar. Especially if you want to have a big scale operation its ideal you can pay cheap salaries and the rental of a good space even with AC so i see plenty of facilities here