Where to Set Up a Bitcoin Mining Farm in 2024?

Hey everyone, Thinking about starting a bitcoin mining farm. Let’s chat about which countries are the most suitable. Just a reminder, we’re not considering places where crypto mining is banned. 1) Electricity rates 2) Regulations 3) Political stability 4) Climate conditions For example: - Iran: 0.002 USD/KWh (Google says so, can anyone confirm?) supports crypto mining but has a tough geopolitical situation and hot weather except in the mountains. - Egypt: 0.024 USD/KWh easier regulations, stable politics, hot climate. - Laos: 0.03 USD/KWh tougher regulations but stable politics and tropical weather.

I remember that mining in Iran has been declining due to major blackouts and a 4-month ban that happened before. Plus, didn’t they confiscate some ASICs? That could scare off miners... Honestly, with that electricity price, it’s not attractive enough. Most miners want 0.06 USD/KWh or less to feel it’s worth it.

Yeah, even at 0.12 USD/KWh, mining can still be profitable. Anyone got insights on Canada? Any better options with cheaper electricity?

Washington State has loads of cheap hydro power. I know many miners there. It really all depends on your needs. Wanna mine 1kW, 10kW, or even 100kW? Not a one-size-fits-all situation. Just keep in mind the contract length. I’ve seen rates at $0.05, but you gotta sign a two-year contract and pay upfront for the energy.

Looking for a contract for 100 to 200 KWh cheap electricity.

Talking to some miners in Kazakhstan, many of them either shut down or left. Only those who negotiated with the local officials are still mining. Heavy taxes and sharing profits with middlemen make it tough.

With the low hash price, lots of miners are struggling these days... even big players feel the heat. Like the hosting rate at Core Scientific for Antminer S19XPs is at $0.0745/KWh, which is basically breakeven right now.

I’ve got to point out, a lot of those figures online seem outdated or just wrong. And most rates are just for home users, not really applicable for bigger setups.

Agreed, BTC mining is rough right now. GPU mining isn’t doing any better. Scrypt mining still kinda holds its ground.

Wait, what? 234T x 4.5 cents? So basically you earn like $10.5 while paying $10 for power? Not looking good at all. Canada was decent but not at those rates. Argentina might seem bad on consumer prices but they still have options.

Anyone still mining BTC in Canada? Seems like a lot left. I know several miners who ditched Canada, which makes me wonder if it’s worth it anymore.

Didn’t know Hut 8 was leaving Canada. They had funding and plans to buy gas plants too, right? But yeah, if they’re at 3 cents/KWh, that’s a killer deal compared to what we’ve seen.

Heard about their mining sites’ struggles in Canada. Just can’t check the latest news right now, but it feels like things have shifted for miners up there.

Welcome to Russia, bro. Cities like Irkutsk, Chelyabinsk, and Krasnoyarsk are good for mining. Also, crypto regulations aren’t as strict.

Those countries you mentioned have cheap rates, but they lack the infrastructure for the heavy power that bitcoin mining demands. It’s not just about the price of electricity.

Yeah, you really need to get into the contracts for power. If it’s that cheap, I’m surprised more haven’t moved there yet.

Lol, trying to explain this to cloud mining fans... In my place, you pay for installation if the equipment’s in a company’s data center. It’s like a disguised tax.

Cloud mining sounds like a scam to me. What do those folks really expect?

If it were a moneymaker, I wouldn’t be sharing the info. It feels like those companies are just paying out from their pockets, banking on the next miners to sign up.

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.