Topic: Bitcoin Mining Farm - Best countires - 2024 (Read 489 times)

I heard that Norway has cheap electricity.

Sounds weird as otherwise I have heard it's expensive.

But it may be worth looking into it, but also to consider taxes.

In my country (Venezuela) they are confiscating mining farms due to energy insufficiency. Not recommended (unless they are a couple of machines).

I don't think you've figured out the hashrate rental market. Basically if you rent hashrate for a certain amount of time, you will get less coins that you paid for the rent.  Don't forget to count the pool reward and NiceHash commissions.
Renting mining capacity is mostly unprofitable unless you know the new secret coins that will soon be traded on the exchange.

But still, the question of feasibility remains open. Why would anyone rent out their capacity at a loss to themselves?

you have a lack of full understanding of nicehash. the rental rate of hash varies.   at times you can profit renting hash from them.

you usually do lose money renting from them. but not always.

also you can put in an order that will make a profit which may or may not be taken

for instance right now 0.7120 btc for an eh of btc hash is the lowest bid that is working and viabtc is paying
0.7200 btc for an eh of hash

that would be a profit.

however there is a 3% fee
 so you would pay  .73336 to get .720

a loss


If you want you could put in a bid at .695 and eh which after fees costs .71585 and nets .720

that is a tiny profit.

if bid is never taken up you get a refund so no loss.

Note this does not mean you should use nicehash. As under priced orders that are honored are very rare.

We type “ez money cloud mining” into Google. A link to Binance appears. Only 23.04 USD and 0.0000007 BTC*360 are yours! Through simple manipulations, we get: 0.000252 BTC for 1 year from every 23 USD invested. Oh my God! This is as much as 15 USD at the BTC rate of 60k. For a year. Not taking into account annual dollar inflation. Did I calculate something wrong? Ok, okay. I take the site "Nicehash". 0.01260259 BTC/day for 0.010580 BTC/day. As I understand it, this is the same profit?) Press F to pay respect to cloud mining adherents)

If it were a profitable investment, I wouldn't tell anyone about it. But since I think the company pays miners money from their own money, then in this case, whoever starts mining first can earn money.
That's why these people hope to find donkeys here, at whose expense they will earn money.

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

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

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)

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.

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.

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

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.

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

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.

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.

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.


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

BTC mining is brutal at the moment.

I also know Gpu Mining is brutal

Scrypt is hanging in there.

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.

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.

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.

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

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

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 ?

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.


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/

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 ?