bitcoin mining geography

[Sam San]

you can mine bitcoin anywhere on earth, but is there a place on earth where the most profitable to mine bitcoin. maybe Antarctica? I would like to know the opinions of people from different places and countries.

[Pursuer]

to mine bitcoin you need electricity, internet, equipment (ASIC and cooling) and a place to put all these. so any place on earth that you can have all these in, you can also mine bitcoin there.

being profitable is another discussion though. you need to see how much it will cost you to mine bitcoin and maintain this operation and how much you will earn. then see if it is profitable. for example the most obvious cost is the electricity cost which is different in every country and sometimes different cities/regions in the same country. and also you may have to pay taxes to mine bitcoin.

[Sam San]

to mine bitcoin you need electricity, internet, equipment (ASIC and cooling) and a place to put all these. so any place on earth that you can have all these in, you can also mine bitcoin there.

being profitable is another discussion though. you need to see how much it will cost you to mine bitcoin and maintain this operation and how much you will earn. then see if it is profitable. for example the most obvious cost is the electricity cost which is different in every country and sometimes different cities/regions in the same country. and also you may have to pay taxes to mine bitcoin.

the geography of bitcoin mining depends on the profitability of the mining site. it is possible to produce profitable in the mountains, where you can build your own hydroelectric power station and have cheap electricity, for a balshy plant for bitcoin mining, to organize a good Internet access will not be difficult.

[Angela28]

If you want to get a bitcoin, you have to have at least a computer in your hand and you know about the technology you are using as well as you have to have electrical power for the task of charging, besides you have to have internet connection.

[Sam San]

If you want to get a bitcoin, you have to have at least a computer in your hand and you know about the technology you are using as well as you have to have electrical power for the task of charging, besides you have to have internet connection.

the idea of bitcoin mining with the help of your own computer has sunk into eternity. now bitcoin can be mined only in factories and plants for the production of bitcoin. Therefore, the geography of bitcoin mining comes in first place. The location of the plant and the mining factory must have many factors, both economic and political.

[Dmitry.Vastov]

you can mine bitcoin anywhere on earth, but is there a place on earth where the most profitable to mine bitcoin. maybe Antarctica? I would like to know the opinions of people from different places and countries.

I think Africa is the best play for mining of bitcoin because there the electricity is very very cheap in respect to other countries, so mining there could be very very cheap and beneficial and moreover people there in Africa are honest enough so that hacking wallets of bitcoin is also very uncommon so you can get very good proportion of profit when you mine your bitcoins in Africa and Venezuela is also good for mining bitcoins.

[Garciada]

you can mine bitcoin anywhere on earth, but is there a place on earth where the most profitable to mine bitcoin. maybe Antarctica? I would like to know the opinions of people from different places and countries.

I think Africa is the best play for mining of bitcoin because there the electricity is very very cheap in respect to other countries, so mining there could be very very cheap and beneficial and moreover people there in Africa are honest enough so that hacking wallets of bitcoin is also very uncommon so you can get very good proportion of profit when you mine your bitcoins in Africa and Venezuela is also good for mining bitcoins.

Africa is not a country it is a continent and it has different prices and availability of electricity in different countries.
http://cdn.iopscience.com/images/1748-9326/6/3/034002/Full/8215102.jpg

[Yaunfitda]

you can mine bitcoin anywhere on earth, but is there a place on earth where the most profitable to mine bitcoin. maybe Antarctica? I would like to know the opinions of people from different places and countries.

I think Africa is the best play for mining of bitcoin because there the electricity is very very cheap in respect to other countries, so mining there could be very very cheap and beneficial and moreover people there in Africa are honest enough so that hacking wallets of bitcoin is also very uncommon so you can get very good proportion of profit when you mine your bitcoins in Africa and Venezuela is also good for mining bitcoins.

Venezuela? You kidding right? Miners are being jailed in that place, and it looks like the government wanted to have a total monopoly of bitcoin mining.

Africa? Don't think so. How about the infrastructure? How about the climate and the weather? Internet connection speed?

I don't know how cheap electricity is in Antarctica, but as far as the weather, it looks conducive but you have to look at other factors as well.

[Garciada]

you can mine bitcoin anywhere on earth, but is there a place on earth where the most profitable to mine bitcoin. maybe Antarctica? I would like to know the opinions of people from different places and countries.

I think Africa is the best play for mining of bitcoin because there the electricity is very very cheap in respect to other countries, so mining there could be very very cheap and beneficial and moreover people there in Africa are honest enough so that hacking wallets of bitcoin is also very uncommon so you can get very good proportion of profit when you mine your bitcoins in Africa and Venezuela is also good for mining bitcoins.

Venezuela? You kidding right? Miners are being jailed in that place, and it looks like the government wanted to have a total monopoly of bitcoin mining.

Africa? Don't think so. How about the infrastructure? How about the climate and the weather? Internet connection speed?

I don't know how cheap electricity is in Antarctica, but as far as the weather, it looks conducive but you have to look at other factors as well.

In Venezuela, bitcoin mining has long been put by residents on the stream, this is one of the ways to survive hyperinflation, to live on bitcoins.

[pooya87]

If you want to get a bitcoin, you have to have at least a computer in your hand and you know about the technology you are using as well as you have to have electrical power for the task of charging, besides you have to have internet connection.

the idea of bitcoin mining with the help of your own computer has sunk into eternity. now bitcoin can be mined only in factories and plants for the production of bitcoin. Therefore, the geography of bitcoin mining comes in first place. The location of the plant and the mining factory must have many factors, both economic and political.

you can not mine bitcoin with CPU or GPU anymore, that much we all know.  you need an ASIC miner to mine bitcoin but that is not a gigantic machine that you have to put in a "factory"!!! it is a small object (imagine size of your PC's power supply) that you can connect to your PC and mine bitcoin with it.

[Rhaizan]

you can mine bitcoin anywhere on earth, but is there a place on earth where the most profitable to mine bitcoin. maybe Antarctica? I would like to know the opinions of people from different places and countries.

Yes you can mine bitcoin anywhere on earth if you have an equipment, like Highest PC reg, electricity, and of course the internet connection. The best place to mine is in the cheap cost of electricity and speed internet connection and I don't know if in Antarctica is like that.

[franky1]

MEGA note to newbies.. we are NOT in the era of mining using PC's.. so its now based on ASICS equipment

the figure of venezuela's 'cost' is just the electricity price. and does not consider the cost of the ASIC's needed.
also its not really a geography lessoon its a math lesson

(note anyone that was following my asic cost/btc maths a few months back... ASICS were $3k a unit last batch)

for those that love math
get the network hashrate(30,616,246) based on recent stat on
https://blockchain.info/charts/hash-rate

get the price of a S9 ($3000)  - - previous batch
get the price of a S9i +PSU ($938)  - - next batch delivered June
https://shop.bitmain.com/?lang=en

then basing it on a 1 year longevity of the s9 before upgrading
knowing bitcoin makes ~1800btc a day *365days
=657000btc/year

30,616,246 /14 = amount of asics running the network
=2186875 asics

cost of all asics
previous batch=2186874.714285714*3000
=$6,560,624,143

next months batch=2186874.714285714*938
=$2,051,288,482

then cost per 1btc can be worked out
$6,560,624,143/657000= cost per 1btc previous batch
=$9985

$2,051,288,482/657000= cost per 1btc next months batch
=$3122

excel
cell A1=hashrate in terra hashs
cell A2=cost of s9
cell A3=(((A1/14)*A2)/657000)

...
i based my costs/btc to estimate bitcoins base level value support on the previous batch, which in the last 3 months of hashrate variance. put the value between $6523 (excel A1=20000000 A2=3000) and $9784 (excel A1=30000000 A2=3000)
which seemed to be the area that bitcoin was trading at $6523-$9787 (so i was happy with that). because of course miners would be stupid to sell for less, so yes they would have a support line at their cost

without knowing the future hashrate for when the june batch arrives. i wont attempt to estimate the 'cost'/btc in the future. ill leave that for speculators

 i can see some pools who already might have received privelidged access to the new batch are reaping the benefits which explains why the exchange price supports are going down below last batches 'cost'/btc

.. but i will say as ASIC farms update thier equipment as old equipment fails/farms expand and re-acess their costs. if the whole network was to do a complete swap out in june(not gonna happen that quick so relax) then by time they are all running, then.
the hashrate would need to be about 60exahash(60m terrahash) to keep a mining support above $6k/coin
the hashrate would need to be about 90exahash(90m terrahash) to keep a mining support above $9k/coin

but again. without knowing how many asic farms will switch in june. and what the actual hashrate would be.. ill leave the future price support lines to speculators to estimate

[Sam San]

MEGA note to newbies.. we are NOT in the era of mining using PC's.. so its now based on ASICS equipment

the figure of venezuela's 'cost' is just the electricity price. and does not consider the cost of the ASIC's needed.
also its not really a geography lessoon its a math lesson

(note anyone that was following my asic cost/btc maths a few months back... ASICS were $3k a unit last batch)

for those that love math
get the network hashrate(30,616,246) based on recent stat on
https://blockchain.info/charts/hash-rate

get the price of a S9 ($3000)  - - previous batch
get the price of a S9i +PSU ($938)  - - next batch delivered June
https://shop.bitmain.com/?lang=en

then basing it on a 1 year longevity of the s9 before upgrading
knowing bitcoin makes ~1800btc a day *365days
=657000btc/year

30,616,246 /14 = amount of asics running the network
=2186875 asics
................................

.. but i will say as ASIC farms update thier equipment as old equipment fails/farms expand and re-acess their costs. if the whole network was to do a complete swap out in june(not gonna happen that quick so relax) then by time they are all running, then.
the hashrate would need to be about 60exahash(60m terrahash) to keep a mining support above $6k/coin
the hashrate would need to be about 90exahash(90m terrahash) to keep a mining support above $9k/coin

but again. without knowing how many asic farms will switch in june. and what the actual hashrate would be.. ill leave the future price support lines to speculators to estimate

https://bitcointalk.org/index.php?topic=3395449
this project promises to bypass the performance of all existing ASICS in two, it is also the geography of bitcoin. where and which countries will start making equipment that will become the flagship of the mining industry and will change the geography of the main bitcoin mining.

Own mining hardware and infrastructure and cheapest electricity in China and Canada are main benefits of Advanced Miners company. With these advantages you'll find incredible opportunities in mining business in 2018-2019 year.

China and Canada their choice

[greeklogos]

Cheap electricity is the thing which makes crypto mining easy acceptable. You simply need to Google the country with the most cheap electricity, well, I did it instead of you and Google actually gave me different results in every link. Some link says it's India and another one says it's Kuwait.

[Sam San]

Cheap electricity is the thing which makes crypto mining easy acceptable. You simply need to Google the country with the most cheap electricity, well, I did it instead of you and Google actually gave me different results in every link. Some link says it's India and another one says it's Kuwait.

States are increasingly beginning to fight bitcoin and perhaps the main factor in the geography of bitcoin mining will soon be not cheap electricity, but the possibility of importing equipment to the country for its production. you can put under the ban ASICS.

[dumiya]

The cheapest country for bitcoin mining is Venezuela where it costs ~$530 to mine 1 bitcoin according to a study published in February.
Source - https://cointelegraph.com/news/mining-margins-and-where-to-make-the-most-money

It seems Venezuela is the only country where we can mine a bitcoin under $1000 electricity bill.

Anyway, never heard much about bitcoin mining in Venezuela.  Do Venezuelan regulators allow bitcoin mining?

[dothebeats]

The provinces of China are the hotbed for the miners right now due to its strategic location: cold temperature, ample amount of geothermal and hydroelectric power + low operating costs. Places with cheap power automatically comes to the list of places to establish a mining operation, but one must also consider the overall climate since it will help you decrease your power costs in the long run. Iceland is one of the best places right now to get your mining farm on its feet since, like the rural parts of China, power is cheap, climate is good, plus overall operating costs gives you a nice leverage in the mining game.

[darkangel11]

Usually miners are trying to balance 2 factors. The first one is the climate as the lower the temperatures are the better it is for the equipment. The second one is the cost of powering it all up. If you have cheap electricity in the warm climate you'll have to spend some of it on the AC, the other way round, you'll pay a lot for power but won't have to worry about additional cooling. China used to be great because it provided cheap power and mild climate. Russia also seems to be decent with its cheap power and cool weather.

[Innuend0]

this sound great on 2024

[LadyCoin]

you can mine bitcoin anywhere on earth, but is there a place on earth where the most profitable to mine bitcoin. maybe Antarctica? I would like to know the opinions of people from different places and countries.

Venezuela is the most profitable country to mine Bitcoin because the Venezuelan subsidy the Venezuelan government offers on electricity consumption is about $ 531, and that is a definite advantage because mining is so much using electricity.