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Author Topic: Report: Prices of Mining One Bitcoin Worldwide  (Read 298 times)
FP91G
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September 02, 2023, 03:14:23 PM
 #21

Experts say: 21-31 thousand dollars
kano says: that the calculations are not reliable in the long run, even for several months
Experts answer that kano is not an expert Smiley

These experts have never been involved in mining, and do not understand the risks and possible additional costs.

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kano
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September 02, 2023, 09:00:35 PM
 #22

... and after taking a closer look at some of the outrageously incorrect numbers stated ...

...
And the most unprofitable countries to mine 1 BTC are:
1. Italy - $208,560.33
2. Austria - $184,352.44
3. Belgium - $172,381.50
4. Denmark - $166,795.06
...

#2 is Australia, not Austria - say sorry to everyone in that country for mistyping the name ...

and somehow, magically it costs 3.68 times more in Australia than in New Zealand right next to Australia Smiley

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September 02, 2023, 09:32:29 PM
 #23

... and after taking a closer look at some of the outrageously incorrect numbers stated ...
...
And the most unprofitable countries to mine 1 BTC are:
1. Italy - $208,560.33
2. Austria - $184,352.44
3. Belgium - $172,381.50
4. Denmark - $166,795.06
...
#2 is Australia, not Austria - say sorry to everyone in that country for mistyping the name ...
and somehow, magically it costs 3.68 times more in Australia than in New Zealand right next to Australia Smiley

The one painting the map was the one that made the mistake, the prices in their math, as stated in the methodology are influenced by this: https://www.globalpetrolprices.com/electricity_prices/
And the most expensive places are, in reverse order Germany,Denmark,Belgium,Austria,Italy.
The weird thing is that he has mistaken Austria for Australia but was able to put New Zealand on a map, usually, lazy people simply forget about it. Looking at Australia at 0.231 it should be like 20% more expensive than New Zealand at 0.183 and 3 times cheaper than Italy.

One more thing would be why is Poland green and Romania magenta when Romania has cheaper electricity according to the same source, but like who really cares about those details when the whole thing is just stupid.



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September 03, 2023, 03:13:58 AM
 #24

10. Bhutan - $4,256.33

Few months back there was an article on Bhutan on how the Kingdom has been secretly mining Bitcoin using natural resources. When they are mining using green energy why would they need to spend money on electricity. I am not sure why was Bhutan mentioned in this article. If the King is mining will he allow his citizens to venture into this direction. I do not think so.

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September 03, 2023, 03:24:31 AM
 #25

10. Bhutan - $4,256.33

Few months back there was an article on Bhutan on how the Kingdom has been secretly mining Bitcoin using natural resources. When they are mining using green energy why would they need to spend money on electricity. I am not sure why was Bhutan mentioned in this article. If the King is mining will he allow his citizens to venture into this direction. I do not think so.

Not speaking for the idiots who wrote the article, but green energy is not free.

1- You have to calculate the investment involved.
2- The lost opportunity of selling the power to someone else.

So if you can sell the power you generate of a river flowing or sun shining on your solar panels for $10,000 a year, then that is your electricity cost.

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September 04, 2023, 01:46:36 PM
 #26

It's important to take into account that these calculations were based on several factors such as eight different ways people mine Bitcoin (each with its own hash rate) and a mining difficulty of 53,911,173,001,055.00 as a benchmark (which gets adjusted precisely every 2,016 blocks). Furthermore, while these countries offer low electricity costs for mining 1BTC it doesn't necessarily mean they are reliable or consistent sources of power input for setting up mining farms. This is why many countries have actually banned Bitcoin from being mined or traded within their borders due to concerns over energy consumption and lack of regulation on cryptocurrencies in general.

If you're looking for cheap places to mine one BTC then Lebanon (266.02inUSD), Iran(532.04), and Syria ($1,330.10) might be your best bet but keep in mind that these countries lack reliability and consistency when it comes to power input which means setting up a mining farm there might not be very practical after all!
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September 06, 2023, 10:31:37 PM
 #27


If you're looking for cheap places to mine one BTC then Lebanon (266.02inUSD), Iran(532.04), and Syria ($1,330.10) might be your best bet but keep in mind that these countries lack reliability and consistency when it comes to power input which means setting up a mining farm there might not be very practical after all!
The latest news about Syria speaks of military operations in the territory of this country, and other countries do not look like a good place for mining due to bans and military conflicts. Iran also has a military conflict with Israel. Therefore, in practice, large mining companies will not build data centers there.

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