What electric rates would get you to move your mining operations?

[WhittakerJ]

Hello everyone. I have the ability to set electric rates in my city. In an order to spur economic development and show that our city supports innovation I would like to introduce legislation to set electric rates specific to blockchain mining. With that being said what would our rates need to be in order for you to move your mining operations to our city?

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[stompix]

Hilarious. Really funny.

How about this.
If you indeed have the power (pun), set your electricity rates to 0.0001 $.

Who is going to pay for that electricity? The rest of your co nationals or your town folks with taxes.
Of course, this will happen even in your dream , where you think you are the one able to order this.
Btw, don't be late for preschool when you wake up.

[WhittakerJ]

Hilarious. Really funny.

How about this.
If you indeed have the power (pun), set your electricity rates to 0.0001 $.

Who is going to pay for that electricity? The rest of your co nationals or your town folks with taxes.
Of course, this will happen even in your dream , where you think you are the one able to order this.
Btw, don't be late for preschool when you wake up.

Ok, cool I get the humor. Perhaps I should clarify. I'm in a position in which I can work with my peers, other city councilmen, to set rates in our city. I sincerely would like to put our city on the map as a city of innovation. In that I think offering incentives to the future mining companies would be one way to do that.  

To answer your questions, the electricity would not be free or set below our wholesale rate. So nobody would be paying for it. The price would still need to be profitable for us which is the reason why I posed the question in the first place. If an attractive rate is above our wholesale cost then I will proceed with meetings to determine what legislation we could pass to offer special mining pricing.

[Topper]

McAffee moved his mining operations to China, 'cause he gets his electricity there for free. There are also some mining operations in Iceland with an electricity rate of 0,05 cents per kWh. If your city want to compete with that, I suggest a rate of zero to join the club. But then you might just want to run the mining business on your own.

[darkangel11]

Where are you located? I don't need specific, just the general area. I'm asking because the rates differ so much around the world that something that in your area might be below wholesale rates is something normal in another. For me electricity below 0.15€/kWh is something normal, anything hard below that would be cheap and above that expensive. If my rates fell to 0.1€ I might consider mining, especially that I live in a house and could use miners as heaters

[Dailyroberts]

McAffee moved his mining operations to China, 'cause he gets his electricity there for free. There are also some mining operations in Iceland with an electricity rate of 0,05 cents per kWh. If your city want to compete with that, I suggest a rate of zero to join the club. But then you might just want to run the mining business on your own.

Where is that of 0,05 cents per kWh? I can even move my mining equipments and hardware for 5 cents per kWh. You made a typo maybe. It cannot be 0,05 cents per kWh, can be only 0,05 dollars per kWh.

[WhittakerJ]

Where are you located? I don't need specific, just the general area. I'm asking because the rates differ so much around the world that something that in your area might be below wholesale rates is something normal in another. For me electricity below 0.15€/kWh is something normal, anything hard below that would be cheap and above that expensive. If my rates fell to 0.1€ I might consider mining, especially that I live in a house and could use miners as heaters

Located in Mesa, Arizona.

[Razick]

All I can say is they need to be very, very low. someone just informed me how much it costs to mine Bitcoin, not only for them but everyone combined. It is a staggeringly higher number. I just don't see this being sustainable going forward. Te only way to continue mining Bitcoin until it is completely mined would be using natural power sources to take advantage of essentially free electricity otherwise 99.9% of the population simply will not be able to do it profitably.

[Flomo]

you have a good idea, you should consult your ideas to the developers and experienced team there, could be a good opportunity ICO.

[Kakmakr]

You will have to consider the tax incentives and the job creation opportunities that comes with these Bitcoin mining farms. They will have to rent warehouses and land to erect these mining farms. They will buy local and use local tradesmen for certain tasks.

The 0,05 cents per kWh suggested will probably be below your wholesale cost, but the spinoff advantages might outweigh the loss, if you have to subsidize it.

It will be good for our network, if we could pull some of the Chinese mining farms to other countries, but I doubt if it would be profitable for them to move their operations to the USA. < A ban on Bitcoin in China, might force their hand >

[whitemacna]

To answer your questions, the electricity would not be free or set below our wholesale rate.Where are you located? I don't need specific, just the general area All I can say is they need to be very, very low. someone just informed me how much it costs to mine Bitcoin, not only for them but everyone combined. It is a staggeringly higher number.

[Photographer]

McAffee moved his mining operations to China, 'cause he gets his electricity there for free. There are also some mining operations in Iceland with an electricity rate of 0,05 cents per kWh. If your city want to compete with that, I suggest a rate of zero to join the club. But then you might just want to run the mining business on your own.

Where is that of 0,05 cents per kWh? I can even move my mining equipments and hardware for 5 cents per kWh. You made a typo maybe. It cannot be 0,05 cents per kWh, can be only 0,05 dollars per kWh.

We still did not get a confirmation that this was not a typo.  0,05 cents per kWh doesn't indeed make any sense as a price - I would be even more inclined to believe a 0,0 cents per kWh.