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Author Topic: Cheap electricity VS government ban. Any ideas ?  (Read 41 times)
MysteriouS87
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May 11, 2018, 01:31:47 PM
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Hello everyone,

The last few days were extremely exciting for me, I kinda decided to invest in couple of ASICs and start mining especially taking into consideration the relatively cheap electricity cost where I'm living (~$0.048/Kw/H). As you can see with such electricity cost assuming everything else goes perfectly I should break even in about 5 - 6 months and start making profit, which is a very encouraging rate. So far everything sounds good right ?

Well, here is where things went south for me. I joined coinbase.com to check the different possibilities such as mining ETH and reselling some if it as BTC or some other coins since I'll be investing in ASICs and unlike GPUs I have no control over the Algorithm of the machine. Basically I wanted to know if I should invest in one type of mining machines and convert/resell a part of the profit to other coins ? or if I should just invest in different ASICs from the beginning to start with ?

On coinbase.com I got a message saying "Sorry! Buys not available in your country
We are not able to provide exchanging for digital currency in your region yet. Consider contacting your local government. Learn More"


As small of a problem as this might seem to some of you, it's actually not. This means I'm restricted from using almost all other trading platforms. Plus it means that my local issued credit cards are not good for direct buying nor selling crypto coins of all sorts.

My concern now is the simple fact that I might invest money, time and effort ending up with bunch of coins and when an opportunity presents it self (value/price jump) or whatever I might not be able to sell what I got as quick as needed, especially on a small window of time. And of course there is the other issue of my inability to instantly cash out my earnings if I even needed to.

So, for someone who can't buy nor sell with almost any Credit Card issued from his country, what can be done in terms of conducting these transactions with the smallest amount of fees ? (3rd party or whatever).

I want to explore my options, know what solutions are available, how reliable are they and how much exactly I'll be sacrificing out of my profit to make a deal (buy or sell).

Thoughts?






Cheers,
MysteriouS87
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ccgllc
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May 11, 2018, 03:41:04 PM
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I do most of my BTC to fiat trading at Gemini.  Not sure if they can help you or not, but might want to check them out.

I mine bitcoin for a living, and I mine at Kano.is!
Blokforge Affiliate:  https://blokforge.com/?ref=21
Linux since 0.96 kernel and Slackware distributions on (4) floppies...
MysteriouS87
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May 11, 2018, 05:38:48 PM
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I do most of my BTC to fiat trading at Gemini.  Not sure if they can help you or not, but might want to check them out.

Thank you but that doesn't help as they also don't support my country based on this page :
https://gemini.com/areas-of-operation/

I'm pretty sure that non of the trading websites can be dealt with directly in my country. So what are my alternative options ?
ccgllc
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May 12, 2018, 01:21:17 AM
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Might want to let folks know what country your from.

I mine bitcoin for a living, and I mine at Kano.is!
Blokforge Affiliate:  https://blokforge.com/?ref=21
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MysteriouS87
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May 12, 2018, 08:44:44 AM
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Might want to let folks know what country your from.

I don't see how is that relevant!
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