Are you thinking about cleaning your ASICS and giving Bitcoin mining another try, especially considering that BTC is doing pretty well at the moment? Well, you may also want to pack your bags too and move to a country where Bitcoin mining is cheap. Today’s post will feature some countries where it is cheap to mine bitcoin.
Without mincing words, Bitcoin mining can be super profitable if you live in a handful of countries. But guess what, the insane cost of electricity can impact your earnings, especially if electricity is expensive where you live.
According to stats from Powercompare.uk, Bitcoin mining consumes more electricity than 178 countries globally. And yes, it includes countries in Africa, Ireland, and Greece. Given this insane power consumption, you’ll agree that Bitcoin mining is a big business.
Now, to the part you have been waiting for, where are the cheapest countries to mine Bitcoin? Read on to get all the details.
Kuwait is the first country on our list of cheap countries to set up a bitcoin mining operation. And just so you know, Kuwait is famous for its relatively low cost of living. As a matter of fact, the country comes in at 148 most expensive countries globally. Another wonderful thing about this Arab peninsula is that it doesn’t have a shortage of sunshine. This has contributed immensely to the cheap electricity enjoyed in the country. Mining one Bitcoin in Kuwait will cost just $1,415. So in case you want to set up a robust bitcoin mining operation, you won’t go wrong to explore the opportunities that Kuwait offers.
If you’re not worried about the food shortages, regular power outages, and hyperinflation bedeviling this Latin American country, then it isn’t such a bad place to set up your bitcoin mining operation. We like Venezuela because it offers affordable access to electricity, which is super essential for your Bitcoin mining venture. In Venezuela, you’ll spend around $1,630 to mine one Bitcoin, putting the country as the second cheapest place to mine Bitcoin.
Let us also add that Bitcoin usage is becoming increasingly popular in Venezuela as the country explores new frontiers to address its hyperinflation challenges. This has made Bitcoin mining so prolific in the country.
Still, looking for a cheap place to set up your bitcoin mining operation? Well, why not consider Myanmar?
While the country is famous for its rich cultural heritage, access to cheap electricity makes the country the destination of choice for people looking to set up their Bitcoin mining operation. In Myanmar, you’ll spend around $3,087 to mine one Bitcoin.
Though mining Bitcoin in Myanmar isn’t as cheap as mining Bitcoin in Kuwait or Venezuela, still, if you’re looking to manage the cost of your mining operation, you won’t be disappointed to explore the opportunities in this country.
Plus, you get the opportunity to bask in the rich culture in this country.
Kuwait’s cheap cost of living has made the country an attractive destination for Bitcoin mining operations, so it’s no surprise to see Bitcoin mining gain traction in this Middle East country. Mining one Bitcoin in Bahrain will cost you around $3,628. Looking at the current Bitcoin price, you’ll agree that there is a lot of profit to be made.
But let us also add that you may need to power your AC regularly so your mining equipment doesn’t overheat, as the scorching summer temperatures can make you feel uncomfortable.
While the legality of Bitcoin mining is still in contention in China, especially with the National Development and Reform Commission (NDRC) fighting tooth and nail to see the industry sidelined, stats show the Bitcoin mining operation in China is in full swing.
And since the government hasn’t outrightly banned Bitcoin mining, now is a good time to get a piece of the cake.
For those who want to know why China is an interesting destination for Bitcoin mining operations, it will interest you to know that China offers access to cheap electricity. More so, mining one Bitcoin will cost you only $3,645.
Looking at the current Bitcoin price, you’ll agree that there is a whole lot of profit to be made setting up your Bitcoin mining farm in China.
In addition to affordable access to electricity, mining equipment are also quite cheap in China.
Has today’s post inspired you to visit any of these countries to start your Bitcoin mining operations? Please share your thoughts in the comment section below.