Topic: Best Profitable Places to mine Bitcoin right now (Read 573 times)

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It was never illegal, but police is very corrupt and can do things at random that has nothing to do with the rule of law. In theory, the gov welcomed it starting 2018, but some people were still seized equipment and put in prison after that, because... The corrupt cops would fabricate lies such as money laundering, funding "terrorism" (as in political opposition groups) or what not, to the victim that refused to pay whatever they were extorting.

As for sending machines, they were being seized for the major part of 2018. I'm not sure if you currently can or cannot bring them without risking seizure, I have read conflicting reports. Some bring them in parts hidden among unrelated goods, some just use DHL, I don't even know anymore...

Venezuela has frequent blackouts outside of Caracas, and in Caracas itself sometimes electricity fails. This is not due to lack of generation, its due to lack of maintenance (a by product of hyperinflation and price/currency exchange controls) The government officials stated that they would like large miners to set up operations at the southern State of Bolivar, close to the hydro generation, or in industrial areas in Carabobo or Monagas States iirc.

Crime is super high in this country so if you ever think of coming, you have to look and act as poor and plain as possible. Certainly NOT use 5 star hotels or bring luxury things such as any Apple products, jewels, gold, etc.

Mining has decreased a lot with the recent price drop. As the difficulty increases automatically the mining power needs to be increased to get a stable earning. With the present market and the electricity consumption it isn't possible anymore. Maybe on price increase mining will once again play a important part among the entire set of users who have been into mining processes.

In today's market price of bitcoin there are very less number of miners available most of the miners withdrawn minning due to the price of btc and they are not getting profit from it because the expense is bit high for mining process it requires good hardware and stable electricity with lower cost which is not available in all the countries so there is few countries where the electricity consumption price is low like Venezuela,Ukraine and then india where we can do mining but subject to availability and security.

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.

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.

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.

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

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.

Remember that Korea is split into 2 different nations.
How so?

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

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.

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

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.

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.

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.

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.

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

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.

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.