You got it right. Cheap labor, easy access to raw materials and availability of cheap products is NOT what you can find over here in the US. The production cost would make the price of the final product not look attractive when compared to mining equipment produced in other countries where the production factors are quite cheap.
So its much more profitable to import and sell it rather than making their own machines.
Or if you are talking about bitcoin block miners, power bills aren't cheap over here.
Topic: Why don't American Companies make Bitcoin Miners? (Read 369 times)
Several reasons.
-Expensive Labor
-Expensive resource
-Expensive Development staffs etc.
-Expensive Electricity
Its just non-sense if you do consider on building one out of these circumstances.
You would instead jump off into those countries which does have lesser or much cheaper when it comes
to those points above.
-Expensive Labor
-Expensive resource
-Expensive Development staffs etc.
-Expensive Electricity
Its just non-sense if you do consider on building one out of these circumstances.
You would instead jump off into those countries which does have lesser or much cheaper when it comes
to those points above.
Wasn't ButterflyLabs based in the US?
"Missouri-based" according to The Verge. I think almost all the ones that were based in the US turned out to either be terrible companies or just outright scams, heh. CoinTerra and HashFast were also US-based and decidedly sketchy.
Just one of the many threads about them from 2014: https://bitcointalk.org/index.php?topic=304605.6400
While AMT's failure was not entirely the fault of its owner Josh Zipkin he nonetheless acted in very unethical manners when it became apparent that the hash board layouts that Bitmine.ch provided to AMT were 'designed' by idiots with no idea about how to design power electronics. AFAIK Josh still owes many people several thousand dollars each for miners that were never delivered.
United State is not legal for bitcoin and altcoin so there are not place and space for bitcoin become to mining or anything else like founding ICO project, many ICO and IEO not allowed for United State investor to buy coins because not allowed by their government and faced cases later if allowed or United State investor to buy ICO or IEO coins.
Bullsh** Where the hell did you get that info from?Crypto mining is fully legal here in the US. Just be sure to follow all financial regulations and pay all taxes due.
As for ICO/ITO etc - that is another story. Still fully legal to start a new one IF you follow all the regulations regarding them. However considering that most altcoins/tokens are crap/trash which were created just to make the developers a quick boat load of cash, sure, lots of them cannot be legally exchanged here. Ripple is a perfect example of what happens when you try to get around regulations that have been put into place to cut down on the scammers.
Wasn't ButterflyLabs based in the US?
"Missouri-based" according to The Verge. I think almost all the ones that were based in the US turned out to either be terrible companies or just outright scams, heh. CoinTerra and HashFast were also US-based and decidedly sketchy.
America have lot of other expensive works also Labor cost is too expensive in USA . specially R&D staff charge too much . That's why china and Asian go ahead with ASIC miners development . and Europe is best for mining most of rigs and units have own electricity source like solar & Hydro .
American made electronics are very costly same like iPhone and Samsung if any American company came for manufacturing Mining machines they will ask high price but competitors offering low price so now one will buy or low sales .
hopefully you got my point
American made electronics are very costly same like iPhone and Samsung if any American company came for manufacturing Mining machines they will ask high price but competitors offering low price so now one will buy or low sales .
hopefully you got my point
Bitcoin mining requires a lot of energy. So anyone who wants to set up a mining farm will try to set it up in a place where electricity price is relatively cheap and mining equipment is available at low prices. That's why most the miners prefer places like China, Cyprus where electricity prices are relatively low.
This is the correct answer.
As we can see in the chart below, the electricity cost per Kwh in USA is about 50% higher than China.
https://www.ovoenergy.com/binaries/content/gallery/ovowebsitessuite/images/guides/how_much_does_electricity_cost__large-copy-8.png
https://www.ovoenergy.com/guides/energy-guides/average-electricity-prices-kwh.html
I don't know why we don't have many miners in India, where it is also cheap. But I think China has one additional advantage: They have some of the biggest hydro plants in the world. Energy is probably much cheaper near those hydro plants.
There are many people who don’t know how to mine online
Some American companies definitely have mining farms maybe in China or maybe even somewhere in USA. I’m not sure that companies that own mining farms are allowed to announce about it to an ordinary people. They do it anonymously and illegally.
An economic country like the United States, probably the vast majority of companies will secretly pour money into this market, invest in bitcoin and the altcoin top, and with just a few small twitter posts, all that was enough for them to be more profitable. Becoming a miner and having a bitcoin mining farm is probably not right for the law of the country, the tax issues will be very heavy and sometimes weather risks can hurt productivity, cooperation with China will probably be zero when the relationship between the two countries is very strained Or ANY miners for that matter? Cheap labor? Automation? It seems to me that we have the tech. It's not rocket science.
It is something that a company should really invest on and I guess its not their main focus at the moment. Creating a mining rig would take a lot of investment if they really want to create something profitable, they should consider many aspects before creating one.
They may also be focused on another matter because of the occurring pandemic and this companies can only do so much to keep their life safe and going in a way that would secure their future.
Some American companies definitely have mining farms maybe in China or maybe even somewhere in USA. I’m not sure that companies that own mining farms are allowed to announce about it to an ordinary people. They do it anonymously and illegally.
United State is not legal for bitcoin and altcoin so there are not place and space for bitcoin become to mining or anything else like founding ICO project, many ICO and IEO not allowed for United State investor to buy coins because not allowed by their government and faced cases later if allowed or United State investor to buy ICO or IEO coins.
Bitcoin mining rig is very expensive, even though America is a Rich country still it will be hard for them to produce many rigs, it will only create scarcity, it happen to us here in my country last 2017, the graphics cards price went high and people started to panic buying so other people who are not into bitcoin mining are very angry because they are affected electricity cost, ventilation cost and upgrade parts are expensive and needed to be maintain for you not to experience errors and problems.
Argo Blockchain have started to mine in USA.
https://argoblockchain.com
However, they are listed on the London stock exchange.
Price up 1800% in a year (and boy, am I kicking myself for missing them).
https://argoblockchain.com
However, they are listed on the London stock exchange.
Price up 1800% in a year (and boy, am I kicking myself for missing them).
Most likely they do, especially now that mining is profitable again.
make miners for what purpose for personal or for selling and why will they create one . we dont know whats their reason on why wont they create but it could be that they are already rich enough and already contented on their living and wants no stress anymore but maybe there are some companies that makes a miner or bought a miner to do a mining business and we arent just informed because they want it to be private . dont worry , mining industry is still pretty healthy on many countries .
Is possible that American companies can make bitcoin mining machine,we know that mining machine require much concentration and funds to accomplish the processes, because this bitcoin mining machine sounds very simple to mention and very hard to get, because assuming it's easy many companies would have gotten yours, and its obvious that having this machine depends on level of productivity a company can generate weekly, if actually their target is been achieved without having the machine, is of no use for having bitcoin mining machine.
They wanna make it obscure if they do have mining rigs since it will spark an issue with the media, we all know how awful those guys are and how negative they are towards bitcoins and cryptocurrencies in general. Or they don't and have gone through several feasibility studies and found out that mining isn't as profitable as it is anymore, and unless you run a large scale factory that automatically does the mining for you, the tradeoff isn't going to be nice.
I remember about a few years ago discovering several Bitcoin mining machines made in America, but it is more expensive than machines made in China.
So some American companies stopped producing them, as usual, China can make anything cheaper because it is related to material and labor issues,
which are indeed much cheaper than America. So China can produce Bitcoin mining machines that are cheap. So America is indeed less competitive
than China regarding Bitcoin mining machines, therefore what is widely circulating in the market is mining machines made in China.
China is all about quantity over quality, which is why they make more than the US, America on the other hand is more about the quality of the product. So some American companies stopped producing them, as usual, China can make anything cheaper because it is related to material and labor issues,
which are indeed much cheaper than America. So China can produce Bitcoin mining machines that are cheap. So America is indeed less competitive
than China regarding Bitcoin mining machines, therefore what is widely circulating in the market is mining machines made in China.
Or ANY miners for that matter? Cheap labor? Automation? It seems to me that we have the tech. It's not rocket science.
There's a lot of miners who prefer less energy consumption, and now in this modern times technology gets evolved so many ways to conserve it. Solar farms do provide cheaper source of power and yet it's available in the market. Miners who can afford to buy and invest for this kind of equipment would literally purchase then run a mining operation.
I remember about a few years ago discovering several Bitcoin mining machines made in America, but it is more expensive than machines made in China.
So some American companies stopped producing them, as usual, China can make anything cheaper because it is related to material and labor issues,
which are indeed much cheaper than America. So China can produce Bitcoin mining machines that are cheap. So America is indeed less competitive
than China regarding Bitcoin mining machines, therefore what is widely circulating in the market is mining machines made in China.
So some American companies stopped producing them, as usual, China can make anything cheaper because it is related to material and labor issues,
which are indeed much cheaper than America. So China can produce Bitcoin mining machines that are cheap. So America is indeed less competitive
than China regarding Bitcoin mining machines, therefore what is widely circulating in the market is mining machines made in China.
1) According to google, electricity fee in USA is 0.13 USD in comparison with China where it is around 35% lower (0.084 USD).
2) We all know that generally in asian countries the labour is much cheaper than in western countries.
3) From my perspective asians (especially japanese companies) have excelent production competences (maybe I'm not informed enough).
It is true that the cost of electricity in America is much cheaper than in China...2) We all know that generally in asian countries the labour is much cheaper than in western countries.
3) From my perspective asians (especially japanese companies) have excelent production competences (maybe I'm not informed enough).
but I think the problem is not related to electricity costs. The US has very good resources but the bureaucracy there is not. and the cost of electricity is usually the result of a decision by the members of parliament cmiiw.
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