Venezuela might be the cheapest but mining is considered illegal there. Last I heard if you are caught mining you might face imprisonment and get your gear confiscated. Very corrupt country. One reason why is partially due to their power costs being free (or very cheap) for most citizens.
And Canada is not a good country to mine. The areas with cheap Electricity aren't good areas to live and the weather is dependant on the province. Some provinces barely have winter and other provinces have like -30C weather in February. Issue is the same provinces also have +30C weather in the summer so your setup won't work well in either climates.
Basically -30C is way too cold for your equipment and if you leave an Antminer outside, and if it stop mining for some reason, you will need to disconnect it, bring it inside to thaw and then bring it outside again. Believe me I had this issue. And in the summer its so hot that if you got too much gear it will basically start to overheat due to the high heat.
Topic: Which country is the most cost efficient to mine crypto? (Read 209 times)
With mining rewards shrinking amongst the crypto scene.. I wonder which country is the most cost efficient to mine crypto..
Between energy costs, sourcing components and building mining rig(s), temperature regulation, and storage space etc.. Which country do you think has the best potential?
Between energy costs, sourcing components and building mining rig(s), temperature regulation, and storage space etc.. Which country do you think has the best potential?
What do you mean by building mining rigs: gpus?
China is the cheapest place to mine an asic directly to btc. Simply besause you can get asic mining gear cheaper then anywhere else.
GPU mining is really hard to answer.
But probably China again with an eight card gpu rig like this one.
https://www.alibaba.com/product-detail/Cheap-Price-Graphics-Card-Miner-GPU_62453167233.html?
is a nice base to build.
In addition above, showing off some countries.This was in 2018 but pretty sure it hasnt really changed that much.
Question.
What coin you do tend to mine?
Profitability will always vary from electricity cost,maintenance and of course the rewards and basing off on what crypto you've been mining.
Electricity rate will always be your #1 concern.
Question.
What coin you do tend to mine?
Profitability will always vary from electricity cost,maintenance and of course the rewards and basing off on what crypto you've been mining.
Electricity rate will always be your #1 concern.
these are few articles that will help you decide which countries will be good for you as a miner
dont consider the energy cost alone but there are other factors to watch out for like govt laws and regulations when it comes to crypto like the taxes involved.
so based from these articles, seems canada, iceland, venezuela or georgia are countries that you can explore your mining activities
from redherring article- https://www.redherring.com/top-story/the-top-three-countries-for-bitcoin-miners/
Iceland
Venezuela
Georgia
from coinmama- https://www.coinmama.com/blog/where-should-you-go-to-become-a-successful-bitcoin-miner-these-six-countries-offer-the-best-balance-of-low-capital-inves/
kuwait
georgia
iceland
estonia
canada
venezuela
fom nomad - https://nomadcapitalist.com/2019/09/27/best-countries-for-crypto-mining/
iceland
canada
from cnbc article- https://www.c[Suspicious link removed]m/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html
https://i.imgur.com/NhbLYRh.png
if you cant go to these countries, why not invest in solar panels or wind turbines. expensive at first but you will get the roi and the rest of your mining days will be free
dont consider the energy cost alone but there are other factors to watch out for like govt laws and regulations when it comes to crypto like the taxes involved.
so based from these articles, seems canada, iceland, venezuela or georgia are countries that you can explore your mining activities
from redherring article- https://www.redherring.com/top-story/the-top-three-countries-for-bitcoin-miners/
Iceland
Venezuela
Georgia
from coinmama- https://www.coinmama.com/blog/where-should-you-go-to-become-a-successful-bitcoin-miner-these-six-countries-offer-the-best-balance-of-low-capital-inves/
kuwait
georgia
iceland
estonia
canada
venezuela
fom nomad - https://nomadcapitalist.com/2019/09/27/best-countries-for-crypto-mining/
iceland
canada
from cnbc article- https://www.c[Suspicious link removed]m/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html
https://i.imgur.com/NhbLYRh.png
if you cant go to these countries, why not invest in solar panels or wind turbines. expensive at first but you will get the roi and the rest of your mining days will be free
wow I wasn't expecting such a comprehensive response. Thank you!
I actually forgot to consider tax and regulation. Should probably look into that before jumping into it.
Cheers mate
these are few articles that will help you decide which countries will be good for you as a miner
dont consider the energy cost alone but there are other factors to watch out for like govt laws and regulations when it comes to crypto like the taxes involved.
so based from these articles, seems canada, iceland, venezuela or georgia are countries that you can explore your mining activities
from redherring article- https://www.redherring.com/top-story/the-top-three-countries-for-bitcoin-miners/
Iceland
Venezuela
Georgia
from coinmama- https://www.coinmama.com/blog/where-should-you-go-to-become-a-successful-bitcoin-miner-these-six-countries-offer-the-best-balance-of-low-capital-inves/
kuwait
georgia
iceland
estonia
canada
venezuela
fom nomad - https://nomadcapitalist.com/2019/09/27/best-countries-for-crypto-mining/
iceland
canada
from cnbc article- https://www.cnbc.com/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html
if you cant go to these countries, why not invest in solar panels or wind turbines. expensive at first but you will get the roi and the rest of your mining days will be free
dont consider the energy cost alone but there are other factors to watch out for like govt laws and regulations when it comes to crypto like the taxes involved.
so based from these articles, seems canada, iceland, venezuela or georgia are countries that you can explore your mining activities
from redherring article- https://www.redherring.com/top-story/the-top-three-countries-for-bitcoin-miners/
Iceland
Venezuela
Georgia
from coinmama- https://www.coinmama.com/blog/where-should-you-go-to-become-a-successful-bitcoin-miner-these-six-countries-offer-the-best-balance-of-low-capital-inves/
kuwait
georgia
iceland
estonia
canada
venezuela
fom nomad - https://nomadcapitalist.com/2019/09/27/best-countries-for-crypto-mining/
iceland
canada
from cnbc article- https://www.cnbc.com/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html
if you cant go to these countries, why not invest in solar panels or wind turbines. expensive at first but you will get the roi and the rest of your mining days will be free
As I know, the lowest electricity price is in Iran ($ 0.02), Kyrgyz Republic and Libya (1 cent per kW).
Canada
20c year round
$0.06 USD kWh for first 1350 , not the best
but you can pay every 2 months
Low shipping cost for eBay to buy or sell miner to bigger US market
20c year round
$0.06 USD kWh for first 1350 , not the best
but you can pay every 2 monthsLow shipping cost for eBay to buy or sell miner to bigger US market
With mining rewards shrinking amongst the crypto scene.. I wonder which country is the most cost efficient to mine crypto..
Between energy costs, sourcing components and building mining rig(s), temperature regulation, and storage space etc.. Which country do you think has the best potential?
Between energy costs, sourcing components and building mining rig(s), temperature regulation, and storage space etc.. Which country do you think has the best potential?
Jump to: