Topic: MINING BITCOIN IN GEORGIA (Read 382 times)

What you maybe also need to consider in countries like georgia is that maybe the power is way cheaper than in spain, but you will have additional expenses for securing the miners and also for traveling there if you have a problem. Also if for example the miners get stolen, which i think is in georgia is way more likely than elsewhere, there would not be a good support of the police to help you in your case.

We've been mining in Georgia for nearly a year now, and so far so good.  The conditions are favourable for miners - both from electricity prices and regulations.   Caution is needed for where you purchase your miners from - best to use a reputable dealer with a good track record.  Economies of scale often mean you can get better prices by purchasing through mining companies, who have good relationships with reliable dealers.   Good luck in your endeavors.   mim.farm

Agree with this as well. No need for immersion. Focus on getting cool (pre cooled air) in and exhaust out. You will do just fine.

I don't recommend immersion unless your farm will be large or you have experience. The machines run less efficiently at high clock speeds. Since we're in a bear market, you probably want to underclock instead of overclock. I would just copy what Whitstone does in the hot Texas climate, which is to build a big evaporative cooling wall. Immersion cooling really only makes sense during a gold rush like 2021.

Hello

I'm from the UK and was actually planning to move to Spain and mine Bitcoin. Have you considered installing solar panels and mining from your own electricity? I do plan to visit Georgia and see a few miners out there before I start building, I know someone who mines with immersion tanks which is something I would need to do in a hot country like Spain. Good luck!

Fritz

100% agree. The risk of ASIC vs. GPU mining seems to be the same, while the historical return is much higher for GPUs. The only question is what the profitability will be after ETH 2.0. My guess is it'll be similar to the 2019-2020 bear market, with a 20% ROI every year. High power prices aren't such a problem.

IMO, the worst aspect of ASIC mining is the hardware failure rate, which can be anywhere from 5% to 40%. The average seems to be 10%/year these days. Video cards are an order of magnitude less, even for old ones.

Hello world!

Wow looks like Georgia becomes not only mining capital, but Digital Nomads, especially for russians in 2022  =(
Georgia became the first country in the world to move its land registry to blockchain territory. Transactions that used to take 3 business days or more to complete are now done in 10 minutes in a mobile app. The open and transparent cadastral system prevents conscientious civil servants from manipulating property rights, and the machinations of the unscrupulous are now easy to trace. Main Pros:

Positive business climate (6th in Doing Business rankings).
Tax benefits.
Absence of corruption (not sure)
Availability of insurance firms for the crypto industry.
Open dialogue with tax and government authorities.
Free industrial zones.
Legality of mining and circulation of cryptocurrencies (holly true)
Cheap electricity (0,6 cents per 1 Kilowatt).
In Georgia you can officially sell cryptocurrencies through bank accounts and exchanges and have no problems with the law, because everything is legal.

BUT The picturesque highland region of Svaneti has become a cryptocurrency yard, leading to a chronic shortage of electricity. Mountain dwellers are not the only ones in Georgia who use electricity subsidies for cryptocurrency mining: unexpectedly, mining farms also appeared in monasteries.  

i used 0.06$/kWh
https://www.asicminervalue.com/miners/microbt/whatsminer-m30s-1
I always thought that 700-800 days payback for an ASIC is a very bad investment. The profit will gradually fall and you have no advantages in the price of electricity. Video cards look more attractive with a 3-year warranty.

Why not consider the 'other Georgia' instead? I'm talking about the state of Georgia. The power cost will be 6¢ or lower as long as you use 1MW+. Here's an example of a farm based out of there

Hi Warren and other posters,

Not to hijack.. Electrical cost is but 1 of several costs required for mining eg rental, maintenance etc. Is USD 0.08 an all in rate?

Georgia is really a good place for mining, many of my friends have their own small mines there

Obviously, buying from the official site is the safest way possible. Some suppliers in sites like Alibaba are either scammers or will sell you something that is substandard, especially if there is no trade assurance or buyer protection. I say this because I have some experience purchasing Items using such site

Thank you a lot for your advice!! Regarding the website to buy the ASICs, is it better to buy it on Alibaba than the official website? (for example here: https://shop.bitmain.com/product/detail?pid=00020220215200429870z649US72061C). Couldn't be dangerous in Alibaba for scams? And also according on what I see on the official website, I think it's cheaper than Alibaba or other distribuirtors... What do you think? Thanks!

Hello, I am a mining equipment supplier from China and a miner with 5 years of experience. The electricity price you mentioned can definitely be mined, and it is also very competitive in the entire market. Last year, because of China's policy, many of us went overseas to mine. Important points about overseas mining:
1 Be familiar with local policies and regulations.
2 Make sure that the site can have long-term and stable power supply
3 The local political environment is stable
4 Local strong friends

Regarding the machine, in fact, my personal recommendation is that the S19 is better. I have over 800 s19s in my facility, some have been operating for almost two years without any issues. The M31+ that I bought in May 2021 from another mine has been repaired several times.
As for the purchase of the machine on the official website, in fact, the machine was booked in advance by our mining equipment supplier several months before production, so the official website has no inventory. If you don't buy much, I suggest you buy directly from Alibaba/Newegg. If you buy a lot, I suggest you choose a reliable supplier.

hello bitcoiners!  

I have been thinking about mining Bitcoin for a few months now and I have been trying to find the most cost effective way both in the choice of the ASIC and in the electricity cost.

I am from Spain, and here the electricity is very expensive, plus in my country there are very bad tax regulations, so it is a country that I discard to mine Bitcoin. Analyzing all the countries in Europe to mine Bitcoin I found what I think is the perfect country to mine Bitcoin, both for its tax advantages and its extremely low cost of electricity (0.06 $/kWh on average). That country is Georgia. I am sure there are many on this forum who mine cryptocurrencies and Bitcoin in this country for its many advantages.

On the other hand, I am trying to see which is the best mining equipment that has high hash rate, low power consumption and affordable price. And that's when I found the ASIC Whatsminer M30S++ (106 TH/s, 3300W, $7300 price). I have several questions regarding this.... Can I buy this ASIC on the official website? Is it safe to buy it on the official website? (https://whatsminer.net/) or is it better through a trusted distributor? As far as I see you can and it is the cheapest place to buy it (much cheaper than in distributors). Here is the link: https://whatsminer.net/product/m30splusplus-106t-31w-may-delivery/ Anybody here could confirm me if you have bought it on the official website?

I have another question... What do you think about this brand? I think it is better Antminer (for example the Bitcoin Miner S19j Pro) but it is a more expensive... I think Whatsminer is very good to start mining... what do you think?

Thanks!!!