bitcoin mining geography

[CryptoBeefy]

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

Damn that's one cheap Bitcoin!$530 is insanely cheap.  Shame electricity is so expensive over here in the UK, all swings and roundabouts though I guess. lol.

[jmiro1]

Don't you think a life in Antarctica would be very expensive? You can't live there normally. You have to spend a whole lot of money to live there and do your mining. But, wherever the internet cost, utility cost are low and the mining equipment are less expensive, AND the living cost is low for a person, that would be the best place for THAT person for mining.

[eternalgloom]

I think Antarctica has to be one of the most expensive places to mine Bitcoin, think about it.
Yes, you might have free cooling, but everything else is way more expensive.

Enormous cost to move everything there, huge initial investment to get power there.
You could opt for solar, but you have 6 months of complete darkness, so you need something else.

How would you go about getting a decent internet connection? Not sure if Bitcoin mining via satellite internet is viable.

[leontikov]

In those days when I began to be interested in the crypt, the idea of ​​Bitcoin as a "digital gold" seemed to me simple and obvious.
In fact - a fixed number of coins, independent, decentralized and indestructible block. Let it be with some reservations, but it's all true. However, now virtually all crypto currencies are used as a speculative high volatility asset and BTC is no exception. To Bitcoin really become "digital gold", its adoption in this capacity is a significant part of society. For now, there is a certain percentage of holders, there is a share of speculators and a huge number of people who are not interested in crypto-currencies or are disappointed in them.

Without a public consensus, Bitcoin can only pretend to be a savior from the devaluation of currency in a particular country - if, for example, in Russia, hyperinflation begins, investments in BTC will perfectly save your money.
But, if there is a global crisis and a stock market fall, then from the Crypto-currency, including BTC, speculators will take out dollars in the first place.

I hope this situation will change in the foreseeable future, but for now, I see it like this.

[Svetlazara]

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.

In Russia there is no legislation on crypto-currencies yet. Everything that you will do there - at your own risk. Now the first law on crypto-currencies is being discussed - let's see whether it will be adopted. If so, you will have to pay taxes from the mining.

[Garciada]

I think Antarctica has to be one of the most expensive places to mine Bitcoin, think about it.
Yes, you might have free cooling, but everything else is way more expensive.

Enormous cost to move everything there, huge initial investment to get power there.
You could opt for solar, but you have 6 months of complete darkness, so you need something else.

How would you go about getting a decent internet connection? Not sure if Bitcoin mining via satellite internet is viable.

what can be expensive in Antarctica, electricity? but it is not yet there nuclear power, there are mobile nuclear power plants. Internet, but it has not yet paved fiber optic communication lines. Is it possible to build only for bitcoin mining, perhaps if we are going to build factories occupying many hectares. for the construction of one farm is not profitable.

[kangen riko]

I think you need to find the country with the cheapest electricity cost, not the extreme temperature and also the support location. Examples are Malaysia, Vietnam, and Thailand. I think the cost of electricity there is quite cheap compared to other Southeast Asian countries.
The cost of electricity in Thailand is Rp728 (0-15 kWh) and Rp1226 (36-100 kWh),
Electricity cost in Vietnam = Rp 864 (first 0-50 kWh usage) and Rp 894 (for next 50 kWh), whereas
The electricity cost in Malaysia is only Rp 652 (for the first 200 kWh) and Rp 1038 (for the next 100 kWh).
And I think in those countries there are only a few bitcoin miners, they do not mine, not because they are not interested but some of them still do not know about bitcoin and its benefits.

[iconternal]

It is true that we can mine bitcoin in different regions and that includes Antarctica, but I think if we want to get a cheaper cost in mining operation costs, we can do in South Africa because the electricity cost is still very cheap.

[ranochigo]

Basically, anywhere that has cheap electricity and labour. China and certain US cities seems like those are good choices and those have pretty good laws. China seems to have the most amount of miners with BitMain being situated them. The shipping costs for ASICs are extremely low.

[sate_padang]

It is true that we can mine anywhere in the world as long as there is operational equipment such as electricity and the Internet, and I think that Antarctica is very good with cold weather and makes mining machines less hot to use.

[pooya87]

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.
~

the link is an ICO and ICOs promise all kinds of crap to get people to invest in their crappy token so that they can earn a lot more money. last year i saw another one promising to deliver cheap electricity for miners anywhere around the world and people were actually excited about it for some reason. long story short they took the money (like all the other ICOs) and then stopped even being around.

[Olano]

Bitcoin is most profitable to mine in countries with a cold climate and cheap electricity. Most of all miners in China, because there is cheap electricity. Beneficial maynit bitcoin also in some regions of Russia, for example, in Siberia. Siberia also has cheap electricity and a cold climate.

[efxtrader]

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.

To make profits from bitcoin mining, many factor to reach it. Like price electricity and the stability because electricity is most dominant cost in bitcoin mining. Every country have different electricity cost and I think China is dominant in bitcoin mining

[Opipolopo]

some miners use nice things to mine on their base

[Sam San]

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.
~

the link is an ICO and ICOs promise all kinds of crap to get people to invest in their crappy token so that they can earn a lot more money. last year i saw another one promising to deliver cheap electricity for miners anywhere around the world and people were actually excited about it for some reason. long story short they took the money (like all the other ICOs) and then stopped even being around.

in all the information from them I was interested only in geographical choice. once they have chosen during your ICO, so this georaphically area is well sold. If it sells well, then in the minds of most miners it is something attractive for mining at the present time. whether it will remain so in the future I do not know, China is struggling with miners and survives them from the country.

[zeingrind777]

bitcoin mining requires very large electrical power so that it requires expenses that are sometimes not proportional to the results obtained mine. maybe you can get a higher profit from bitcoin mining if you have your own power plant. my friends take advantage of the river flow for their own power plants.

[bitcoin2048]

I think the most profitable place to mine is obviuos that place, where you can buy cheaper hardware and pay less for elecrtricity bills

[pixie85]

Bitcoin is most profitable to mine in countries with a cold climate and cheap electricity. Most of all miners in China, because there is cheap electricity. Beneficial maynit bitcoin also in some regions of Russia, for example, in Siberia. Siberia also has cheap electricity and a cold climate.

THere's a reason why people aren't mining in Siberia. It's so secluded that if anything goes wrong you're on your own, thousands of kilometres from civilisation and possible help (hospitals, police). Nobody wants to live in some forgotten rat hole, even if it will be a bit more profitable than doing the same thing in a warmer country.

[King money]

I think mining is less useful if we are in developed countries because the value we get from the mining will be very small. but if mining is done by a person in a country with a low currency in that country then the mining will be highly valuable and may be a reference to collect the purse coffers of money

[hogriderr]

Bitcoin mining is one way to keep a history of transactions or the movement of money from one person to another.