Best Profitable Places to mine Bitcoin right now

[Gamblet]

I think that in Georgia and Venezuela it is very profitable to mine Bitcoin. I think this is one of the reasons why Georgia is one of the leaders in mining. I also think that in some regions of Russia it is also very profitable to mine Bitcoins.

[hadveach]

very interesting, and I see a significant difference between mining costs in South Korea and Venezuela.

Venezuela is a new country that accepts the digital currency revolution, but its growth is very fast, but public demand is still low. so the mining costs are still small.

and public demand in South Korea for blockchain technology is very large, but the majority in Korea are not miners, they are only consumers and blockchain users, especially for the gaming world.

[Eirecoin]

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Your info seems a little bit outdated,but the electricity cost isn't the one and only factor that determnines how profitable is the bitcoin mining.There are increased costs of security(yes,someone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.

Everything is updated, you should check your sources and FYI "war" is not the same as "skirmish", and yup the war is over Russia won for better or worse

[KingScorpio]

i wouldn't invest now anymore in bitcoin mining the run is over bitcoin is dieing,

i was into bitcoin mining when bitcoin pricegrowth was forceable, because many people where tired with banks, but now time is over market is flooded with thrillion coins,

[fosco333]

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

The best place to mine bitcoin is the place with a cheap mining equipments and cheap electricity fee i guess.
If your country only have cheap equipments, you won't be able to pay your electricity bill because the current price in the market is very bad.
But this is not a bad thing for some peoples. If btc price drop, then many miners will not mining anymore and the difficulty will going down.

[BuyBuyBitcoin]

Since the fall of the prices of Bitcoin (right now 1BTC = $3781,08) many Bitcoin miners around the world have stop mining.[1]

[1]. https://bitcointalk.org/index.php?topic=5075714.0

Why are you referencing this garbage as reason for your statement? The poster just wrote in a thread 600,000 miners stopped, linked their website but didn't reference where this supposed article or information comes from...

The hash rate isn't dramatically down, compared to the price drops anyways.

[Eirecoin]

Since the fall of the prices of Bitcoin (right now 1BTC = $3781,08) many Bitcoin miners around the world have stop mining.[1]

[1]. https://bitcointalk.org/index.php?topic=5075714.0

Why are you referencing this garbage as reason for your statement? The poster just wrote in a thread 600,000 miners stopped, linked their website but didn't reference where this supposed article or information comes from...

The hash rate isn't dramatically down, compared to the price drops anyways.

If you look at his thread you would find his sources... So why are you being such a troll?

[stompix]

Why are you referencing this garbage as reason for your statement? The poster just wrote in a thread 600,000 miners stopped, linked their website but didn't reference where this supposed article or information comes from...

The hash rate isn't dramatically down, compared to the price drops anyways.

Well, it kind of matches

30 days price drop is currently at 31.81 %.
The last difficulty drop was    -7.39% and we're expecting something between 11-12% so it will something like 20% over the two periods combined.

Adding the fact that more miners are keeping on mining because they have no way out of this mess with rent and other contracts paid in advance and other mining but with diminishing profits at the same time, we have more efficient gear coming up but still going down...


And the news about the miners being shut down it obviously true by the above numbers.

[levvv]

One of the best place to mine bitcoin is Thailand because it has very cheap electricity fee rate.
If you managed to success cooperate with the electricity company, you can get cheaper rate.
Although the low electricity fee is the main factor to be able mining with profit, the mining rig price is the other factor.

[btc-room101]

One of the best place to mine bitcoin is Thailand because it has very cheap electricity fee rate.
If you managed to success cooperate with the electricity company, you can get cheaper rate.
Although the low electricity fee is the main factor to be able mining with profit, the mining rig price is the other factor.

Your joking right?

15 cents/kwh, study the charts world-wide for power

Pray tell us,your going to walk into a Government hydro-power office in Thailand and they're going to offer you electricity lower than Venezuela? Thailand has small hydro and coal plants, nothing is cheap; Lot's of mining operations have burnt to the ground, then there is the 90-105F weather 10 months of the year, which means you need air conditioning, then there is the 9 months/year rain, which means you need de-humidifiers. Since Trump did his Tariff thing, Thailand has now 2X importation of Chinese crap,... [ Officially Bank of Thailand say's crypto is illegal, so also got the possibility of thai-prison hanging over your little head, think 'bangkok hilton' where your legs are iron rigid bar locked together your first six months, and only removed on good behavior 100% everyone gets the same service ]

This reminds me of the guys growing 'hops' in bangkok, with AC greenhouses, they have to sell their hop's like 10X of market prices in order to break-even. Only works because they use their hops for their own beer, and for now can charge $12/pint as long as the 'craft beer' fad continues. [ oh, and brewing is also illegal, so if your not thai, to prison you go ]

whattomine.com right now say's an s-9 antminer will net -$1/day at 0.10 kwh pricing, so that tells me that you will LOSE MORE MONEY running in Thailand.

The problem today is that BTC mining is not profitable, not anywhere; Last year it took 20 barrels of oil to generate one BTC in energy, of course that was just energy costs. But that got you say 80 barrels of USD, so the ROI was good, now we're close to parity, before it was a 4x sure thing, a wise investment, now its a zero-sum game, ... GAME OVER


I doubt the 'difficulty' will go down, people will unplug 10's of 1,000's of S-9's and other antminer equiv, but as seen as difficulty is profitable for 0.10 kwh power back on the go, it should be easy to  use math to predict the correct level of difficulty given the situation of infinite cheap miners laying around, it all comes down to where is the cheapest power, somebody the other day here said 'Venezuela', but that would be silly to build infrastructure in a war-zone, during a war. BTC goes to $1500 as I assume, how much profit then? How much difficulty? How many people will run miners to lose money??

IMHO the bitcoin mining game is "GAME-OVER", unless your just fucking around, but at current difficulty its what 2 years on an s-9 to find a BTC, ... a boring game to play.

Future people will look back at the btc mining klusterfuck and say "What were they thinking burning 240 million barrels of oil? for magic numbers", ... lot like priests long ago fighting about how many angels could dance upon a needle top

The other issue with mining is that BITMAIN kept like 10:1 miners for themselves, now they'll be dumping 100's of thousand's of s9's for probably less than $100 in the coming years, think about all that capacity laying around, ... thus difficulty may never really go down, ...

If you live in a COLD year round climate, and like the sound of a jet-engine, then buy a refurb s-9, and get your free BTC every two years.

[biskitop]

right now I think Minning is not very profitable. with expensive fees and expensive maintenance, plus the cost of electricity bills. I think all ministers have to switch to investment or trading.

[acholagi]

WTF why is the South Korea the most expensive country for electricity prices? there the citizens were really tortured, where everyone in North Korea was isolated and could not know the outside world, added to the torture carried out by Kim Jong Un because the burden of society was very high
1 KWh in North Korea is equivalent to 49 KWh in Venezuela

[enjotan]

in my opinion as long as in that place the cost of electricity is quite cheap, then this place is very profitable to mine bitcoin, because if in that place electricity costs are very expensive plus current market conditions, then bitcoin mining in that place will not be profitable.

[Eirecoin]

One of the best place to mine bitcoin is Thailand because it has very cheap electricity fee rate.
If you managed to success cooperate with the electricity company, you can get cheaper rate.
Although the low electricity fee is the main factor to be able mining with profit, the mining rig price is the other factor.

Your joking right?

15 cents/kwh, study the charts world-wide for power

Pray tell us,your going to walk into a Government hydro-power office in Thailand and they're going to offer you electricity lower than Venezuela? Thailand has small hydro and coal plants, nothing is cheap; Lot's of mining operations have burnt to the ground, then there is the 90-105F weather 10 months of the year, which means you need air conditioning, then there is the 9 months/year rain, which means you need de-humidifiers. Since Trump did his Tariff thing, Thailand has now 2X importation of Chinese crap,... [ Officially Bank of Thailand say's crypto is illegal, so also got the possibility of thai-prison hanging over your little head, think 'bangkok hilton' where your legs are iron rigid bar locked together your first six months, and only removed on good behavior 100% everyone gets the same service ]

This reminds me of the guys growing 'hops' in bangkok, with AC greenhouses, they have to sell their hop's like 10X of market prices in order to break-even. Only works because they use their hops for their own beer, and for now can charge $12/pint as long as the 'craft beer' fad continues. [ oh, and brewing is also illegal, so if your not thai, to prison you go ]

whattomine.com right now say's an s-9 antminer will net -$1/day at 0.10 kwh pricing, so that tells me that you will LOSE MORE MONEY running in Thailand.

The problem today is that BTC mining is not profitable, not anywhere; Last year it took 20 barrels of oil to generate one BTC in energy, of course that was just energy costs. But that got you say 80 barrels of USD, so the ROI was good, now we're close to parity, before it was a 4x sure thing, a wise investment, now its a zero-sum game, ... GAME OVER


I doubt the 'difficulty' will go down, people will unplug 10's of 1,000's of S-9's and other antminer equiv, but as seen as difficulty is profitable for 0.10 kwh power back on the go, it should be easy to  use math to predict the correct level of difficulty given the situation of infinite cheap miners laying around, it all comes down to where is the cheapest power, somebody the other day here said 'Venezuela', but that would be silly to build infrastructure in a war-zone, during a war. BTC goes to $1500 as I assume, how much profit then? How much difficulty? How many people will run miners to lose money??

IMHO the bitcoin mining game is "GAME-OVER", unless your just fucking around, but at current difficulty its what 2 years on an s-9 to find a BTC, ... a boring game to play.

Future people will look back at the btc mining klusterfuck and say "What were they thinking burning 240 million barrels of oil? for magic numbers", ... lot like priests long ago fighting about how many angels could dance upon a needle top

The other issue with mining is that BITMAIN kept like 10:1 miners for themselves, now they'll be dumping 100's of thousand's of s9's for probably less than $100 in the coming years, think about all that capacity laying around, ... thus difficulty may never really go down, ...

If you live in a COLD year round climate, and like the sound of a jet-engine, then buy a refurb s-9, and get your free BTC every two years.

So in your opinion where is the best place to mine right now? 1  free BTC every 2 years... nice!xd

[Eirecoin]

Remember that Korea is split into 2 different nations.

1 KWh in North Korea is equivalent to 49 KWh in Venezuela

How so?

[crairezx20]

So in your opinion where is the best place to mine right now? 1  free BTC every 2 years... nice!xd

We don't know what will happen in the next 2 years or these coming years the difficulty might be a drop or it might increase more than we think and I think it may also affect the mining reward for s9 miners so there is no exact amount you can earn after 2 years it depends on the difficulty.

The best for now if you really want profitability always choose a miner for altcoin where you can make a profit compared to mine bitcoin.

Check the list of profitable miner these days here https://www.asicminervalue.com/ then exchange your altcoin to bitcoin it is profitable and you can pay for electricity bill compared to mine with s9 miner.

[kucritt]

i dont think that the price of bitcoin right now can give us the big profit, there are many miners out there that stop mining because they stop mining because it dont worth it, the electricity and maintenace cost is higher than the profit from bitcoin

[pundit]

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/

So with this data, its only profitable to min Bitcoin in Ukraine only, mining in India is in few dollars profit but a little growth in expenses will make it at par. If BTC price goes to atleast $6k then it makes sense to mine BTC in many countries. Hope to see considerable rise in BTC price this year ie in 2019.

[Olayinka225]

I don't see any country or place that mining can't be done, just that whenever there's drop in the price of bitcoin, miners sometimes get discouraged all because mining itself requires lot's electricity. Mining is everywhere only if there coule be another alternative to that exorbitant electricity.

[boyptc]

I don't see any country or place that mining can't be done, just that whenever there's drop in the price of bitcoin, miners sometimes get discouraged all because mining itself requires lot's electricity. Mining is everywhere only if there coule be another alternative to that exorbitant electricity.

It is not because of the requirement of electricity but the cost of electricity which makes it expensive to mine.

And that made a lot of restriction for those wants to mine. Iceland is also a good place to mine.