Bitcoin Mining Farm - Best countires - 2024

[2021Start]

Hello,

I am looking to open a bitcoin mining farm. Lets talk about who is the best country depending on : We are not talking about countries who ban crypto farming.
1) Electricity cost
2 ) Regulations
3 ) Geopolitic situation
4 ) Weather

Here are some electricity price for companies :

Iran : 0.002 Usd/Kwh (according to google, can any one confirm this price ?) - Accept crypto mining industrie - Bad geopolitic situation - Hot weather except in moutain.
Egypt : 0.024 Usd/Kwh - Easy regulation - Stable geopolitic - Hot weather.
Laos : 0.03 Usd/Kwh - Hard regulation - Stable geopolitic - Tropical weather.
Republic of Kyrgyzstan : 0.038 Usd/Kwh - Easy regulation - Stable geopolitics - Weather ok.
Algeria : 0.035 Usd/Kwh - hard regulation - stable geopolitic - hot weather.
Qatar : 0.036 Usd/Kwh - difficult regulation - stable geopolitic - hot weather.
Canada : 0.114 Usd/Kwh - Easy regulation - Stable geopolitic - Cold weather.
Paraguay : 0.04 Usd/Kwh - Easy regulation - Stable geopolitic - Cold weather.
Kazakhstan : 0.07 Usd/Kwh - Easy regulation - Stable geopolitic - Weather ok.

Can you guys confirm theses informations and advice what is the best countrie for Open a bitcoin farm according to you ?

[ABCbits]

Iran : 0.002 Usd/Kwh (according to google, can any one confirm this price ?) - Accept crypto mining industrie - Bad geopolitic situation - Hot weather except in moutain.

IIRC mining in Iran on decline due to past blackout which lead to 4 months ban[1] and seized some ASIC before it's released[2]. While i don't know current condition in Iran, it would scare off some miner.

Canada : 0.114 Usd/Kwh - Easy regulation - Stable geopolitic - Cold weather.
Kazakhstan : 0.07 Usd/Kwh - Easy regulation - Stable geopolitic - Weather ok.

At that electricity price, it's not attractive enough for miner. Currently 0.06 Usd/Kwh or lower seen as attractive.

[1] https://www.bbc.com/news/world-middle-east-57260829
[2] https://www.coindesk.com/policy/2023/01/04/iranian-courts-order-return-of-thousands-of-seized-crypto-mining-machines-reports/

[2021Start]

At that electricity price, it's not attractive enough for miner. Currently 0.06 Usd/Kwh or lower seen as attractive.

Even with 0.12 usd/kwh its still highly profitable.

Any one knows about mining in Canada ?

Any one have a better opportunity with better electricity cost ?

[DaveF]

Washington State has a lot of cheap hydro power.
I know a lot of people have equipment there.

Depends on what you are looking for. 1000s of watts, 10000s of watts 100000s of watts, multi mega watt.

There is no 1 size fits all. Not to mention contract length, I have seen $0.05 power. BUT you need to sign a 2 year contract + personal guaranty + pay 180 days of power up front after that it's a rolling 90 days. You are also required to buy your bandwidth from them and so on.

Other places will just bill your credit card every month.

-Dave

[2021Start]

I am looking for 100 to 200 Kwh cheap electricity contract.

[FP91G]

I communicate with miners from Kazakhstan, so many of them either closed their business or moved. Only companies that have found a way to negotiate with officials are engaged in mining there. Mining is heavily taxed and you have to share your profits with middlemen.

[safar1980]

Iran : 0.002 Usd/Kwh (according to google, can any one confirm this price ?) - Accept crypto mining industrie - Bad geopolitic situation - Hot weather except in moutain.

IIRC mining in Iran on decline due to past blackout which lead to 4 months ban[1] and seized some ASIC before it's released[2]. While i don't know current condition in Iran, it would scare off some miner.

Canada : 0.114 Usd/Kwh - Easy regulation - Stable geopolitic - Cold weather.
Kazakhstan : 0.07 Usd/Kwh - Easy regulation - Stable geopolitic - Weather ok.

At that electricity price, it's not attractive enough for miner. Currently 0.06 Usd/Kwh or lower seen as attractive.

[1] https://www.bbc.com/news/world-middle-east-57260829
[2] https://www.coindesk.com/policy/2023/01/04/iranian-courts-order-return-of-thousands-of-seized-crypto-mining-machines-reports/

Bitcoin’s Record Low Hashprice Pushes Miners to the Brink
Even the largest miners struggle amid the market slump

The current hashprice makes it a challenging environment in bitcoin mining, especially for those without competitive power costs. A relevant example is the 4.1 EH/s of Antminer S19XPs that Bitmain has hosted at Core Scientific since late last year. The hosting rate was $0.0745/kWh, suggesting a daily hashcost of $39/PHs—that’s just about the current hashprice breakeven point of $40/PH/s.

According to these statistics, mining companies may start having problems with profit with the constantly growing hashrate.

[mikeywith]

Ignoring the fact that most of these figures are either wrong or outdated، most prices you see online are for first-tier home use only, so even medium-sized houses don't enjoy those rates.

Then you have regulations and shit, no ya, no country in your list is good for mining.

[philipma1957]

BTC mining is brutal at the moment.

I also know Gpu Mining is brutal

Scrypt is hanging in there.

[stompix]

At that electricity price, it's not attractive enough for miner. Currently 0.06 Usd/Kwh or lower seen as attractive.

Even with 0.12 usd/kwh its still highly profitable.

Lol, what?
With the best gear Bitmain has you're going to earn 234T x 4.5 cents, so $10.5 while spending $10 on power.

Then you have regulations and shit, no ya, no country in your list is good for mining.

Well Canada is, but not for those prices, Argentina for example would suck on consumer prices but again you have these guys:
https://investor.bitfarms.com/news-events/press-releases/detail/217/bitfarms-locks-in-power-cost-at-2-1-cents-per-kwh-fixed

Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, has entered into a prepaid contract with its Argentinian private power producer to receive power at Rio Cuarto at the rate of 2.1 cents per kWh plus VAT for the months November 2023 through April 2024, which benefits from seasonally lower natural gas prices in Argentina.

[mikeywith]

Well Canada is, but not for those prices

Does anyone still mine BTC in Canada anyway? maybe it's old news? I know a few miners who fleed Canada, I didn't bother to check the full details but long story short, unless you are big enough to make use of carbon credit and all those "first-world" countries "things -- you can't really make a profit, but then even very large players like Hut 8 left Canada, probably for a good reason.

[ABCbits]

At that electricity price, it's not attractive enough for miner. Currently 0.06 Usd/Kwh or lower seen as attractive.

Even with 0.12 usd/kwh its still highly profitable.

If you visit https://www.asicminervalue.com/ and use filter which only include SHA-256 ASIC, there aren't any ASIC which give high profit at $0.12/kWh electricity. Even S21 Pro only give $0.01 profit per day. But it's different case if you talk about different hash and assuming the coin will remain valuable.

[stompix]

Well Canada is, but not for those prices

Does anyone still mine BTC in Canada anyway? maybe it's old news? I know a few miners who fleed Canada, I didn't bother to check the full details but long story short, unless you are big enough to make use of carbon credit and all those "first-world" countries "things -- you can't really make a profit, but then even very large players like Hut 8 left Canada, probably for a good reason.

Hut8 leaving Canada? I didn't know about that, they just had about 150 million in funding and they were planning to buy 4 minor gas plants for their operations, even got all permits and stuff
https://hut8.com/2024/02/15/hut-8-completes-transaction-to-acquire-four-power-generation-facilities-totaling-310-mw-in-partnership-with-macquarie/

The cost in their report includes the locations in the US but..

Energy cost per MWh of $31.71 during the three months ended June 30, 2024, versus $37.34 during the three months ended June 30, 2023.

at 3 cents per kWh it beats almost everyone's price on OP's list

[mikeywith]

https://medicinehatnews.com/news/local-news/2024/03/07/power-prices-sink-hut-8s-drumheller-crypto-mining-site/

On the phone, can't check which news is actually "news" for Hut 8 mining in Canada, i have also read another article that explains why Canada is no more attractive to miners, will try to find it and share it with you.

[Semen222]

Hello,

I am looking to open a bitcoin mining farm. Lets talk about who is the best country depending on : We are not talking about countries who ban crypto farming.
1) Electricity cost
2 ) Regulations
3 ) Geopolitic situation
4 ) Weather

Here are some electricity price for companies :

Iran : 0.002 Usd/Kwh (according to google, can any one confirm this price ?) - Accept crypto mining industrie - Bad geopolitic situation - Hot weather except in moutain.
Egypt : 0.024 Usd/Kwh - Easy regulation - Stable geopolitic - Hot weather.
Laos : 0.03 Usd/Kwh - Hard regulation - Stable geopolitic - Tropical weather.
Republic of Kyrgyzstan : 0.038 Usd/Kwh - Easy regulation - Stable geopolitics - Weather ok.
Algeria : 0.035 Usd/Kwh - hard regulation - stable geopolitic - hot weather.
Qatar : 0.036 Usd/Kwh - difficult regulation - stable geopolitic - hot weather.
Canada : 0.114 Usd/Kwh - Easy regulation - Stable geopolitic - Cold weather.
Paraguay : 0.04 Usd/Kwh - Easy regulation - Stable geopolitic - Cold weather.
Kazakhstan : 0.07 Usd/Kwh - Easy regulation - Stable geopolitic - Weather ok.

Can you guys confirm theses informations and advice what is the best countrie for Open a bitcoin farm according to you ?

Welcome to Mother Russia. Irkutsk, Chelyabinsk, Krasnoyarsk, Novosibirsk are your friends, bro. As well as relaxations in matters of cryptocurrency.

[alani123]

As you said, Iran, Egypt and Lao have  some of the lowest electricity prices but there's other issues at bay here.

The price is not everything. The network in these countries is not developed enough to support the massive consumption that bitcoin mining needs today. Hell, even miners at texas had to cut special deals with legislators and energy companies to continue their activities because even the American network could get overwhelmed. And we saw Texas' infrastructure network get overwhelmed with the freeze last year too. It's not an unrealistic scenario, it's something that could be happening every year now with climate change.

Maybe in these scenarios there could be some utility to run miners when there's low demand for electricity and switch as many as possible to renewable when there's surge of demand, or completely shut them down when the network needs renewable. This way overproduction because factories producing electricity need to run constantly wouldn't go to waste. Buuuut there's also another issue here. Public sentiment. In Texas there's a growing alliance AGAINST miners. Now imagine in countries where there's even more harsh conditions for the poor how it would look if so much in terms of resources was directed towards a highly technological project that gives little to nothing back to the people of the country.

Years ago in China if you cut a deal with a regional government you could run a big mining project. But the central government stopped that after they realized this isn't really helping the country's people. Good on them I guess. Let's be realistic, for mining to be as cost effective as possible, you must be doing some things at someone else's expense. Just like any other project consuming electricity. For instance you get cheap energy but it's at the expense of the network infrastructure and also at the expense of the environment.

[MiningMike]

I know OneMiners is offering a $0.0575 per kWh at their Dubai Center which already includes all the associated fees. Plus with Dubai's unique weather condition, they have low humidity and moderate temperatures which makes it an ideal environment for mining.

[Semen222]

I know OneMiners is offering a $0.0575 per kWh at their Dubai Center which already includes all the associated fees. Plus with Dubai's unique weather condition, they have low humidity and moderate temperatures which makes it an ideal environment for mining.

First you need to look at the contract under which you will be provided with power for rent. At this price, it’s strange that half the world hasn’t moved there yet)

[FP91G]

I know OneMiners is offering a $0.0575 per kWh at their Dubai Center which already includes all the associated fees. Plus with Dubai's unique weather condition, they have low humidity and moderate temperatures which makes it an ideal environment for mining.

First you need to look at the contract under which you will be provided with power for rent. At this price, it’s strange that half the world hasn’t moved there yet)

Lol, I'm explaining this to cloud mining enthusiasts too
In my country you have to pay money for installation if the equipment is in the company's data centre, because the company has the cost of owning and maintaining the data centre. You have to share part of the profits, which is still a substitute for taxes :)This is the case in Russia and Kazakhstan.
There is a separate charge for warranty and post-warranty service. And here is just fabulous mining with all-inclusive conditions

[Semen222]

I know OneMiners is offering a $0.0575 per kWh at their Dubai Center which already includes all the associated fees. Plus with Dubai's unique weather condition, they have low humidity and moderate temperatures which makes it an ideal environment for mining.

First you need to look at the contract under which you will be provided with power for rent. At this price, it’s strange that half the world hasn’t moved there yet)

Lol, I'm explaining this to cloud mining enthusiasts too
In my country you have to pay money for installation if the equipment is in the company's data centre, because the company has the cost of owning and maintaining the data centre. You have to share part of the profits, which is still a substitute for taxes :)This is the case in Russia and Kazakhstan.
There is a separate charge for warranty and post-warranty service. And here is just fabulous mining with all-inclusive conditions

Cloud mining. This phrase already sounds like a paradox) I sincerely cannot understand what people who do this hope for)