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Author Topic: Cheap electricity for mining Bitcoin  (Read 31757 times)
DrG
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February 27, 2014, 09:35:06 AM
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What am I to infer from this nonsensical image?














 

 

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minecrew
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February 27, 2014, 11:19:13 AM
 #22

Nobody mines BitCoins now... Just visit Coinwarz to understand what happening.

Mining BitCoins, even if you have free electricity is idiotic idea.  Wink

It's not profitable.
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February 27, 2014, 11:23:52 AM
 #23

Well in most of country's electricity is cheaper at night. Venezuela is kinda famous for having cheap fuels so i guess usage of normal electricity for nights and generators for day would be perfect solution.
I wonder how is your cooling Wink

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February 27, 2014, 01:21:29 PM
 #24

If you want CHEAP electricity let's organize a GB for a decommissioned Russian nuclear submarine.
I know that are some subs that are used as "power plant" for entire communities from the Arctic Circle.
Free power + low temperature = good environment for mining  Cheesy

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evansearle42
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February 27, 2014, 02:56:08 PM
 #25

Cost of electricity in Venezuela is effectively close to 0.003 $ per KW/h. That is 0.3 ¢.

are you sure its that cheap?
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February 27, 2014, 03:09:50 PM
 #26

Regular price is 0.06$ in Qc,Canada.
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February 27, 2014, 03:15:02 PM
 #27

My electric is 0.06KWH in USD if anyone wants me to host stuff i'm more then happy to I wont charge much extra to add it in my cluster of miners.

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February 27, 2014, 04:32:38 PM
 #28

I pay 0.3€/kw, and i feel really sad Sad

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March 10, 2014, 11:48:18 AM
 #29

To answer most of the questions since I wrote my last message:

The price of electricity in Venezuela is indeed 0.3 ¢ of USD per KW/h. This is in part because of energy subidies and in part because of heavy devaluation of the local currency with an artificial pegging of the USD to the VEF. The official cost of electricity would be around 0.25 ¢ of USD per KW/h. Nobody in their sane mind would get local currency at the official rate, about ten times lower than the free (black) market rate.

Duties are very high, but they are calculated using the low artifical magic exchange rate that the government has established. Therefore you end up really paying about 2% in duties.

Greetings.
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March 11, 2014, 09:53:01 AM
 #30

The cheap electricity is causing me the same trust as aliens and the unicorns!

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March 11, 2014, 12:18:55 PM
 #31

If your 20,000 USD rig consumes 6,000 W of electricity, it would cost you only 860 USD per month total to host it with me. That’s probably what you pay right now only in electricity, excluding other hosting costs. I will reduce the fee by 25% after the first two months when the operation is up and running, and it’s very likely I will reduce fees even further as time goes by. I can further reduce fees significantly because the electricity in Venezuela is virtually free. Your rig can remain profitable even when it cannot pay for electricity where you live.

your numbers are WAY off. nobody in their right mind pays 860 USD for electricity on the states unless you live in New York, have a family of 6 and 10 litecoin miners running 24/7. Even if you did spend 860 USD on bitcoin ASIC is still more than worth it as your gain from mining will greatly out eclipse your electricity cost as ASICs get more efficient. No risk/reward for me to ship you my ASICs.

and 6,000 W is WAY over estimating the cost of 20,000 in ASIC mining power with todays machines.

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March 21, 2014, 11:05:40 PM
 #32

Hello Noruka,

A 20,000 USD mining rig could be assembled off 35 AntMiner S1 systems, each of which consumes 360W of electricity. All of them together consume 12,600W of electricity, which at 15¢ per KW/h means you’re paying $1,360 in electricity. My numbers are not off.

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March 21, 2014, 11:11:46 PM
 #33

My electric is 0.06KWH in USD if anyone wants me to host stuff i'm more then happy to I wont charge much extra to add it in my cluster of miners.

yeah, mine was .06c for a while, too.  since this russia/ukraine business started it's gone back up to .08c

(is maybe 70% natural gas and 30% from wind turbines)

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March 24, 2014, 09:43:54 AM
 #34

you should post pics of the date Center !
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March 25, 2014, 06:17:43 PM
 #35

I pay 0.027 k/wh USD in central Washington state anyone need any miners hosted LOL
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March 31, 2014, 09:10:58 AM
 #36

So a protocol that was originally designed to allow everyone to mine with their PC's, is now only open to the lucky few that live in countries with artificially cheap electricity or great natural resources for electricity generation. Seem like the spirit of Bitcoin has been lost somewhere?
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October 18, 2014, 11:58:45 AM
 #37

I am building a Bitcoin mining data center in Venezuela, a country with very cheap electricity. I am planning on offering full hosting at first for the equivalent of 0.20 USD per KW/h to cover initial costs, then reducing the fee to 0.15 USD per KW/h, or even lower, including space, Internet, electricity, and cooling. No setup costs. You send the equipment, and we plug it in and set it hashing. I would like to gauge interest in such an arrangement.

Naturally there are some risks. As many of you already know, Venezuela is a country with a hybrid regime, terrible property rights, violent crime, civil unrest, very high inflation, censorship, and electricity brown-outs that are a bit more frequent than they should (1-2 times per month for a couple of hours).

Nonetheless, cheap electricity is what a miner needs, not necessarily a very stable supply. If electricity falters too often, I will install power generators since petrol is extremely cheap in Venezuela as well.

Would you put your miners in Venezuela if I were to offer such a service?

Very interesting... i will do the same thing in many country like Venezuela, now i'am buying BTC from Bolivares in lechugadorada (www.lechugadorada.com)
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October 18, 2014, 12:42:11 PM
 #38

I pay 0.027 k/wh USD in central Washington state anyone need any miners hosted LOL

Are you sure your calculation is right?

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October 18, 2014, 03:52:11 PM
 #39

You have to be really reckless to invest in Venezuela. I would ask for gigantic returns to invest there.
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October 19, 2014, 01:56:26 PM
 #40

I hear electricity,water and gas in Turkmenistan is free
+ the goverment pays 50% for housing

but
Quote
Internet
Individual access to the internet was first authorized in 2008 and access to the internet has increased in the following years.

Turkmenistan ranks among the most repressive and closed societies in the world. The internet is heavily regulated and available only to a small fraction of the population. Censorship is ubiquitous and extensive. Surveillance is significant, and the few citizens who benefit from access to the Internet are closely monitored by state agencies. Self-censorship is common.[30]

Websites run by human rights organizations and news agencies are blocked. Moreover, ordinary citizens have no access to the World Wide Web, and instead are limited to the use of the Turkmenet, an online community in Turkmen language, but effectively a censored version of the internet.Social networks such as Facebook, YouTube and Twitter are not accessible through the Turkmenet.[32] Attempts to get around this censorship can lead to grave consequences.[31] However, only Russian social networks Odnoklassniki and Mail Agent Chatting system are available.[citation needed] In addition to this, there is a newly founded (27 March 2012) local Turkmen social network, E-Dostluk, which is currently accessible.

Internet censorship in Turkmenistan was classified as pervasive in the political area and as selective in the social, conflict/security and internet tools areas by the OpenNet Initiative in December 2010.[30] Turkmenistan was listed as an internet enemy by Reporters Without Borders in 2011.
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