Topic: Best Profitable Places to mine Bitcoin right now - page 3. (Read 632 times)

It's not as bad as it looks. Most of the miners being sold right now are older models that just can't keep up with the newer generation miners anymore. I wish news outlets would point that out to inform people the way they should be informed, but unfortunately, they are out to sell drama rather than factual information, because drama sells, truth doesn't, or at least, not as much.

Mining is extremely competitive, if you can't compete, you are out, and the miners who have all the resources needed to compete will take over your spot and make you feel like a loser even more. Everything looks bright during a bull run because almost everyone makes money. Now is the time the market will show its true nature, and those who are here for the right reasons will stay on board. The rest who came to bank on Bitcoin will go home with empty pockets.

remember that this is temporary and i am not talking about price although that too is temporary in my opinion. but this mining situation is temporary because like always bitcoin is designed well enough to adapt and that is called "difficulty adjustment". by the time manipulators run out of steam and market stabilizes difficulty will also be adjusted and mining bitcoin will be like always...

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Your info seems a little bit outdated,but the electricity cost isn't the one and only factor that determnines how profitable is the bitcoin mining.There are increased costs of security(yes,someone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

Lol!

Now, you might not know it but it's pretty old news:
Venezuela Bans Imports of Cryptocurrency Mining Equipment: Report

Second, it doesn't matter how cheap the electricity is if you can't get miners or your grid is not able to cope with the load.
It's one thing to power 6 120w GPUs like the 1060ti and a totally different thing to plug in two s9j that draw more than 2700W.
Besides the country is known for power failures and that's a big no when you talk about expensive and ...not so relaiable equipment.

Also, you're taking into account consumer rates, and when setting a business numbers are totally different:
https://ec.europa.eu/eurostat/statistics-explained/index.php/Electricity_price_statistics#Electricity_prices_for_non-household_consumers

And internet connection is irrelevant, you can still mine at 4G connection speed


Unfortunately, at 8 cents you're losing money right now.
Even with the newly launched s15 (that will be delivered in December), you're looking at 1500 days to ROI.
And again you've forgot about this:
US Tariff Ruling N297495 = 2.6% mandatory tariff on bitcoin mining hardware

Just as you've stated above,the reason why there's been a decline in bitcoin mining is probably due to the fact that the miners no longer see it to be any profitable in relation to the present price..
And from the aforementioned countries,probably Venezuela and Ukraine could be a good bet,and miners could possibly make ample profits..

But with the US and Canada that I highlighted,i doubt if anyone would be spurred on/encouraged to mine over there considering they are bound to make little or nothing from it
As the price of mining one bitcoin is almost equivalent to the price of the bitcoin itself

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://bitcointalksearch.org/topic/600k-bitcoin-miners-shut-down-in-last-2-weeks-5075714
[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://bitcointalksearch.org/topic/introducing-our-canadian-mining-farm-at-25phsec-1498901
More information at https://www.bitcoinmarketjournal.com/bitcoin-mining-hardware/