mikeywith
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Activity: 2380
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be constructive or S.T.F.U
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June 14, 2021, 08:31:00 PM |
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If it was this simple, nobody would mine bitcoin in the U.S, China, or any other region, everyone would move to a country where power is dirt cheap and we all will become millionaires, unfortunately, the world does not function this way.
Most places that have cheap electricity have other major issues which most people rather not go through, the majority of those countries are pretty corrupted, so just because the power is cheap it does not mean the mining operation itself is cheap, you will still need to bribe some cops, mafias or a militia to be able to mine safely, and even if you were okay with that route then your operation needs to be either so huge that you can afford to keep those folks happy or too small to stay under the radar, in other words, you need a lot more than just 60-70k.
On top of that, you will need someone to get you there, a partner who will ask for a huge cut without sharing any risk or investment with you, there is so much to be said about this, but in short, those cheap rates are not for everyone and the average joe should not even think about it.
What's more important than that is the fact that mining isn't a no-loss business that will secure your financial life at no risk, I have almost free power, and yet I have encountered some serious losses in my mining investments, there is a lot that can go wrong, the power bill is just one of so many other things you need to worry about, add to that the fact that by next halving or the following if bitcoin price fails to reach super high prices the profitability of mining will just keep going down.
It might be okay for some people to consider mining bitcoin (despite the fact that most folks lose money and are better off just buying the coin) but moving to a new country just to mine bitcoin is one of the worst ideas I have heard this year.
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