Very low electricty fee

[makomako]

you should start mining! Electricity is pretty much the problem of all miners it is still profitable if your earning minus the electric bill is still positive which in your case would be a great plus for having a low electric bill.

[jijikill]

Thanks for the advice, may I know what is the Cons of having BTC ASIC ? I saw many people say GPU mining rig is better than ASIC

I will tell you one thing do not hear anyone and just do you search . use whattomine and enter you numbers and see what is more profitable for you . If you are waiting to just hear what others thing trust me you will go no where ! you can make others opinion help you but you need to make your own search . because everyone have different opinion and trust me everyone have valid points for his opinion .

True words , must stop having the mindset of being spoon feed , will start to do my own research carefully !

[Za1n]

you should start mining! Electricity is pretty much the problem of all miners it is still profitable if your earning minus the electric bill is still positive which in your case would be a great plus for having a low electric bill.

Agreed. Most people on this forum would gladly pay $0.02 KWh. At this low of a rate you will almost no competition as far as ongoing expenses as electricity is probably the largest single monthly expense for most miners. Also if mining profitability would take a drastic downturn, where people paying 6, 8, 10 cents per KWh start to shut their rigs down, you can take comfort in the fact that you will most likely always be profitable

[jijikill]

you should start mining! Electricity is pretty much the problem of all miners it is still profitable if your earning minus the electric bill is still positive which in your case would be a great plus for having a low electric bill.

Actually I do have one problem tho , my country has very strict rules on financials , if I change all the coins I mined into my country's currency , I will definitely get call by the government as there is a big amount money coming into my account , but mining is not valid to be a prove of income , so I'm really lost whether I should do it as I got no way to spend the money

[umine]

.....

Agreed. Most people on this forum would gladly pay $0.02 KWh.
.....

Welcome to Siberia!  You can get electricity even cheaper than $0.02 kWh. No problem with heat - Winter is about 6 month in a year. It's miner's Dream

[shield132]

Hi guys, because of some reason, the place I live now has super low electricity fee, around $0.02/kwh , should I start mining? My place can withstand around 60-70 miners I think , I will be starting with 2-3 as I have no much extra cash

People start mining even on 0.10$/kwh and you have so low electiricy fees, there is no doubt you should start mining if you want to do so because you will see a great profit with such prices.

Actually I do have one problem tho , my country has very strict rules on financials , if I change all the coins I mined into my country's currency , I will definitely get call by the government as there is a big amount money coming into my account , but mining is not valid to be a prove of income , so I'm really lost whether I should do it as I got no way to spend the money

This means you have to pay some fees to goverment for this? It depends on how much do you mine. If you'll mine with 20 antminer and so, than there will be much electricity fees and it will cause doubts. So mine with small number of miners (GPU, antminer, don't know your choise) and exchange them, I think you won't have any problem if crypto is accepted in your country as everywhere.

[baga105]

.....

Agreed. Most people on this forum would gladly pay $0.02 KWh.
.....

Welcome to Siberia!  You can get electricity even cheaper than $0.02 kWh. No problem with heat - Winter is about 6 month in a year. It's miner's Dream

Is there a possibility to ship my rigs there?? Electricity here costs more than $0.10 kWh, and it's killing me slowly...

[Elder III]

.....

Agreed. Most people on this forum would gladly pay $0.02 KWh.
.....

Welcome to Siberia!  You can get electricity even cheaper than $0.02 kWh. No problem with heat - Winter is about 6 month in a year. It's miner's Dream

Siberia does have wonderful weather for mining.

We're paying $0.13 KWh for electric here and it's still profitable, so having $0.02 KWh sounds absolutely excellent to me. I don't know what your government's policy is on crypto, but usually you just pay a tax on it when it's converted to fiat. I don't think any government is going to say no to more tax money...

[moonstruck]

Thanks for the advice, may I know what is the Cons of having BTC ASIC ? I saw many people say GPU mining rig is better than ASIC

I will tell you one thing do not hear anyone and just do you search . use whattomine and enter you numbers and see what is more profitable for you . If you are waiting to just hear what others thing trust me you will go no where ! you can make others opinion help you but you need to make your own search . because everyone have different opinion and trust me everyone have valid points for his opinion .

True words , must stop having the mindset of being spoon feed , will start to do my own research carefully !

Nice to see that some people are willing to put in some research! Before I started I was collecting data for months and made dozens of excel sheets to get a real good impression of the details of mining. Doing this will make your operation way more profitable.

[bravetheheat]

That's a good idea, but first thing I want to make sure. Do you have enough power supply for mining? I mean, you need to care about the total energy limit for mining, e.g., if you have a 100 rig, that means the energy consumption will be 100KW. In general, you cannot really rely on usual electricity network but you should construct special power net for 100KW.

[jijikill]

That's a good idea, but first thing I want to make sure. Do you have enough power supply for mining? I mean, you need to care about the total energy limit for mining, e.g., if you have a 100 rig, that means the energy consumption will be 100KW. In general, you cannot really rely on usual electricity network but you should construct special power net for 100KW.

It's actually an industrial area near to a water generator ,we have a factory here doing family business, not just us,other factories around here also had a deal with the electric company long ago , some of theme even have $0.01/kwh deal. Recently due to slow down on China's economy and demand, business is not that well . So power is nt really a concern because it used to power high power consumption machinery

[umine]

.....

Siberia does have wonderful weather for mining.

We're paying $0.13 KWh for electric here and it's still profitable, so having $0.02 KWh sounds absolutely excellent to me. I don't know what your government's policy is on crypto, but usually you just pay a tax on it when it's converted to fiat. I don't think any government is going to say no to more tax money...

Russian government haven't decided about cryptocurrency until the end. Maybe soon they prepair normative base of Cryptocurrency regulation. And if the conditions will be enough acceptable the mining in Russia will be a very good idea. Due to main mining issues: electricity and heat are not so matter in Russia.

[jijikill]

.....

Agreed. Most people on this forum would gladly pay $0.02 KWh.
.....

Welcome to Siberia!  You can get electricity even cheaper than $0.02 kWh. No problem with heat - Winter is about 6 month in a year. It's miner's Dream

Is there a possibility to ship my rigs there?? Electricity here costs more than $0.10 kWh, and it's killing me slowly...

You got me thinking should I start a mining rig hosting company haha

[crytotronik]

With those low power cost you can start a new business. You can give miners from other people a cheap "home". People pay you electricity and rent....and you are the lucky guy.

Just an idea..

[jijikill]

With those low power cost you can start a new business. You can give miners from other people a cheap "home". People pay you electricity and rent....and you are the lucky guy.

Just an idea..

Clicked ! I was thinking it too, just pay me the electric that your mining rig consume and just tip me abit haha

[BHTeam]

start mining like yesterday with that electricity cost

[jimskiy]

where do ulive? i should move there hahaha

[jijikill]

where do ulive? i should move there hahaha

My country doesn't offer this rate , it is just my area we had a deal with the electric company

[siforek]

Make sure you verify that circuit is enough to handle such power. Otherwise you will be sad if you experience a power related issue.

Yes I took all the power into consideration, should not be a problem anything below 80 6 GPU mining rigs

Better be sure you need like 400AMP main circuit breaker for this large of an operation, must be in industrial area. It's impossible that you have that as a default one in residential area. Obviously can upgrade but is quite expensive.

Where are you at getting 0.02/KWh? That's cheaper than where I plan to get power 2 years from now when I can get a building next to a hydro dam! & are you sure you can run that many rigs at that price? Many power companies change higher tier rates based on usage, etc.

Thanks for the advice, may I know what is the Cons of having BTC ASIC ? I saw many people say GPU mining rig is better than ASIC

I will tell you one thing do not hear anyone and just do you search . use whattomine and enter you numbers and see what is more profitable for you . If you are waiting to just hear what others thing trust me you will go no where ! you can make others opinion help you but you need to make your own search . because everyone have different opinion and trust me everyone have valid points for his opinion .

My buddy kept telling me about whattomine but the site is messed up or something. The #s are never right. 3 other sites have X results, all the same & WTM has another.. Idk

[jijikill]

Make sure you verify that circuit is enough to handle such power. Otherwise you will be sad if you experience a power related issue.

Yes I took all the power into consideration, should not be a problem anything below 80 6 GPU mining rigs

Better be sure you need like 400AMP main circuit breaker for this large of an operation, must be in industrial area. It's impossible that you have that as a default one in residential area. Obviously can upgrade but is quite expensive.

Where are you at getting 0.02/KWh? That's cheaper than where I plan to get power 2 years from now when I can get a building next to a hydro dam! & are you sure you can run that many rigs at that price? Many power companies change higher tier rates based on usage, etc.

Thanks for the advice, may I know what is the Cons of having BTC ASIC ? I saw many people say GPU mining rig is better than ASIC

I will tell you one thing do not hear anyone and just do you search . use whattomine and enter you numbers and see what is more profitable for you . If you are waiting to just hear what others thing trust me you will go no where ! you can make others opinion help you but you need to make your own search . because everyone have different opinion and trust me everyone have valid points for his opinion .

My buddy kept telling me about whattomine but the site is messed up or something. The #s are never right. 3 other sites have X results, all the same & WTM has another.. Idk

Yes yes yes , my family have been running factory here for 10 years