Best Profitable Places to mine Bitcoin right now

[Eirecoin]

Since the fall of the prices of Bitcoin (right now 1BTC = $3781,08) many Bitcoin miners around the world have stop mining.[1] because is not profitable anymore due to high electricity bills and low prices. So which are the countries that still are profitable right now for mining?

First, we have to consider 4 things:

*Internet availability

*Electricity costs

*Legal to mine Bitcoins

*Machinery & administrative expenses

Considering the previous requirements the best profitable countries to mine bitcoins right now are:

1. Venezuela: At first Bitcoin mining was illegal but since January of this year the president Maduro declare it legal[2], this country have the cheapest electricity in the world, it cost $531 to mine 1 BTC so is very profitable. Most of the internet companies are not so good but there are a few good companies that provide satellite internet that can solve any internet connection issues for an incredibly low cost. The only disadvantage is that you have to bring your machines from United States, Canada or China and do not need to worry for the economic crisis since you can easily pay high qualified workers  100$ per month or even go to 5 start hotels for 20$ per night

2.  Ukraine: This country Have the lowest electricity cost in Europe. Ukrainians pay  $5 cents for a kilowatt hour of energy. Bitcoin mining in Ukraine is perfectly legal and crypto-friendly and they are even building a statue in Satoshi Nakamoto’s honor replacing a Lenin statue [3]. Do not worry about the war with Russia is all over now. You can bring your machines from nearby countries like Germany and the speed of the internet is not the best but is ok for mining. The price for mining 1 b is $1852

3. U.S (Louisiana State): the State of Louisiana has the cheapest electricity (7.46 cents/kWh)[4]. and the cost for mining 1 Bitcoin is $3,224. The download speed of Louisiana State  is about 25 Mbps  (the United States is the country with more Bitcoin ATM machines and transactions...big plus)  

4. Canada: Canada takes the 3rd place, the download speed of the internet is about 30 Mbps, it is legal to mine Bitcoins and is the 2nd country with more Bitcoin ATM machines and we are starting to see that Canadians are building their own machines [5]. The price for mining 1 Bitcoin is $3695 so still is profitable with the current price

Knowing all this I strongly recommend to mine in some of those places






[1]. https://bitcointalk.org/index.php?topic=5075714.0
[2]. https://www.telesurenglish.net/news/Venezuela-Maduro-Announces-Pre-Sale-of-Petro-Cryptocurrency-20180130-0024.html
[3].https://www.ccn.com/authorities-ukraine-has-no-plans-to-regulate-cryptocurrency-mining/
[4].https://www.eia.gov/electricity/state/
[5]. https://bitcointalk.org/index.php?topic=1498901.0
More information at https://www.bitcoinmarketjournal.com/bitcoin-mining-hardware/

[Hivalley]

3. U.S (Louisiana State): the State of Louisiana........the cost for mining 1 Bitcoin is $3,224
4. Canada: Canada takes the 3rd place The price for mining 1 Bitcoin is $3695 so still is profitable with the current price

Just as you've stated above,the reason why there's been a decline in bitcoin mining is probably due to the fact that the miners no longer see it to be any profitable in relation to the present price..
And from the aforementioned countries,probably Venezuela and Ukraine could be a good bet,and miners could possibly make ample profits..

But with the US and Canada that I highlighted,i doubt if anyone would be spurred on/encouraged to mine over there considering they are bound to make little or nothing from it
As the price of mining one bitcoin is almost equivalent to the price of the bitcoin itself

[stompix]

4. Canada: Canada takes the 3rd place,

Lol!

Now, you might not know it but it's pretty old news:
Venezuela Bans Imports of Cryptocurrency Mining Equipment: Report

Second, it doesn't matter how cheap the electricity is if you can't get miners or your grid is not able to cope with the load.
It's one thing to power 6 120w GPUs like the 1060ti and a totally different thing to plug in two s9j that draw more than 2700W.
Besides the country is known for power failures and that's a big no when you talk about expensive and ...not so relaiable equipment.

Also, you're taking into account consumer rates, and when setting a business numbers are totally different:
https://ec.europa.eu/eurostat/statistics-explained/index.php/Electricity_price_statistics#Electricity_prices_for_non-household_consumers

And internet connection is irrelevant, you can still mine at 4G connection speed

U.S (Louisiana State): the State of Louisiana has the cheapest electricity (7.46 cents/kWh)[4].

Unfortunately, at 8 cents you're losing money right now.
Even with the newly launched s15 (that will be delivered in December), you're looking at 1500 days to ROI.
And again you've forgot about this:
US Tariff Ruling N297495 = 2.6% mandatory tariff on bitcoin mining hardware

[davis196]

The "war" between Ukraine and Russia ins't over.Just read the news.
Your info seems a little bit outdated,but the electricity cost isn't the one and only factor that determnines how profitable is the bitcoin mining.There are increased costs of security(yes,someone could steal the mining hardware),hiring people,buying property and paying taxes.

[talkbitcoin]

remember that this is temporary and i am not talking about price although that too is temporary in my opinion. but this mining situation is temporary because like always bitcoin is designed well enough to adapt and that is called "difficulty adjustment". by the time manipulators run out of steam and market stabilizes difficulty will also be adjusted and mining bitcoin will be like always...

[1Referee]

Ukraine is not far away from me. They have reasonable price ! I'm waiting for panic people which will sell them mining stuff soon because of dropping BTC lol

It's not as bad as it looks. Most of the miners being sold right now are older models that just can't keep up with the newer generation miners anymore. I wish news outlets would point that out to inform people the way they should be informed, but unfortunately, they are out to sell drama rather than factual information, because drama sells, truth doesn't, or at least, not as much.

Mining is extremely competitive, if you can't compete, you are out, and the miners who have all the resources needed to compete will take over your spot and make you feel like a loser even more. Everything looks bright during a bull run because almost everyone makes money. Now is the time the market will show its true nature, and those who are here for the right reasons will stay on board. The rest who came to bank on Bitcoin will go home with empty pockets.

[damberg]

Venezuela surprised me a lot. It might be a country where you want to mine Bitcoins but you don't want to live there   I would recommend to look at Sweden, Norway and Iceland. Some companies used abandoned caves at Iceland to build their farms with free (and natural) cooling system. And if I am not mistaken, Sweden and Norway offer electricity subsidies.

[Coyster]

in my opinion not now because see for yourself right now it's bitcoin how like experiencing bad luck and advice I already ignored first we reflex for a moment to get rid of our fatigue

There is no bad luck or ill fate associated with the bitcoin,this is simply a normal occurrence,and we all must have heard it in our early days on this platform that it's impossible to predict what's going to happen next(in relation to the price/value/volume)

Back to the topic:i do not think it's possible we'll see a dearth of miners, though we may see a considerable reduction in the number of miners,but definitely those who can cope with the current bearish market will mine from any part of the world they are in.

It costs a lot of money to mine,and it's laden with numerous competitors,the more reason why mining is really profitable

[tomahawk9]

Venezuela might be the cheapest, but it is among the most dangerous countries in the world ^[1].

 So, not only you will have to worry about not getting kidnapped or murdered for having foreign currency, but you'll also have to be cautious with your hardware as you might become the target of the govt for having bitcoin mining hardware, plus there's also the corrupt police who will steal all your shit if the find out you have mining equipment. If you value your safety, you simply won't opt to mine btc in Venezuela.

1. https://www.independent.co.uk/news/world/worlds-most-dangerous-countries-colombia-yemen-el-salvador-pakistan-nigeria-a7934416.html

[fankemon]

it's not right, I'm in Canada , and my friend stopped his miners when the bitcoin price was 1 bitcoin = 6k USD 

[kalstarzz]

I think there is no place for mining that can produce, after the bitcoin falls mining is no longer producing, unless we can find alternatives that can produce electricity.

[kaisa]

I think when world oil is still expensive electricity will also be expensive too. Maybe in some countries that produce oil have cheap electricity, so the country is suitable for bitcoin mining.
Currently, bitcoin mining experiences the same problem, namely income that is not in accordance with production. What I am asking is what if many people stop mining? will bitcoin die? Then, if a country facilitates bitcoin mining, will that country be the ruler of bitcoin?

[Oniko]

I think that good options for mining remain:

1. Siberia (cheap electricity)

2. North Africa (alternative energy and good internet)

3. India

I'm waiting when Ethereum refuses mining

[M4NDELL]

 Ukraine: This country Have the lowest electricity cost in Europe. Ukrainians pay  $5 cents for a kilowatt hour of energy. Bitcoin mining in Ukraine is perfectly legal and crypto-friendly and they are even building a statue in Satoshi Nakamoto’s honor replacing a Lenin statue [3]. Do not worry about the war with Russia is all over now. You can bring your machines from nearby countries like Germany and the speed of the internet is not the best but is ok for mining. The price for mining 1 b is $1852

Regarding Ukraine, I can say the following: since yesterday, martial law has been imposed on a large territory of Ukraine for the next 30 days and no one understands exactly what this means. Bitcoin mining is not legalized. There are no laws that would ban it, just as there are no laws that support it.

[coinwizard_]

Why is paraguay not on the list? It is the number one place to mine bitcoin due to the cheap electricity from their hydro power plant. They will build the world's biggest bitcoin mining farm soon, you need to update the OP

[bellamente]

Bitcoin mining will be profitable in 2019. Bitcoin rate will rise to 10, 000 dollars.

In 2020, the course will have to grow to $ 50,000 to remain a profitable coin.

I think mining should be developed in Asian countries

[Eirecoin]

Actually, Venezuela is bitcoin-friendly and mining is perfectly legal you should not believe everything you see on the internet. And also I recommend you to check the https://asonacrip.org.ve/ that is the national association of crypto traders in Venezuela. (is in Spanish)

 bro, I am an electrical engineer do you even know what a KWH is?

[Eirecoin]

 Ukraine: This country Have the lowest electricity cost in Europe. Ukrainians pay  $5 cents for a kilowatt hour of energy. Bitcoin mining in Ukraine is perfectly legal and crypto-friendly and they are even building a statue in Satoshi Nakamoto’s honor replacing a Lenin statue [3]. Do not worry about the war with Russia is all over now. You can bring your machines from nearby countries like Germany and the speed of the internet is not the best but is ok for mining. The price for mining 1 b is $1852

Regarding Ukraine, I can say the following: since yesterday, martial law has been imposed on a large territory of Ukraine for the next 30 days and no one understands exactly what this means. Bitcoin mining is not legalized. There are no laws that would ban it, just as there are no laws that support it.

Sorry to hear that, the law is on our side because "nothing can be considered legal or illegal if there are no laws from the state or nation that say it is"

So if there are no laws that say that bitcoin mining is illegal then it is legal

[Adriano2010]

Interesting, thanks for sharing or finding this op. Looks like Venezuela, Ukraine, Louisiana State, Canada, India, Zambia or China are still profitable to mine bitcoin.  I never know that Ukraine have so cheap cost for electricity. I have no chance here with 0.15$/KW, to have a chance i need the price to grow 3-4x.

[Eirecoin]

Why is paraguay not on the list? It is the number one place to mine bitcoin due to the cheap electricity from their hydro power plant. They will build the world's biggest bitcoin mining farm soon, you need to update the OP

   

Glad to hear that about Paraguay, if you have any info or data, feel free to post it here