As you know Mining Bitcoin takes a lot of energy. So what are the Best and Cheapest places to mine Bitcoin? First we have to ask what makes the place suitable for BitCoin Mining. Details that affect the cost and suitability of a BitCoin mining locations:
- Cold Climate – as mining produces a lot of heat, the cooler the location the less cooling problems will you have
- low cost electricity – Mining require a lot of electricity so the cheaper it is the better.
- high speed internet
Best and Cheapest places to mine Bitcoin
Below are Some of the most popular places for BitCoin Mining.
Iceland is more and more popular. It meets all the requirements. Iceland uses geothermal energy which is rather cheap and also does Iceland have cool climate and high-speed internet. Furthermore Iceland also offers many renewable energy sources.
So if you are a GREEN Crypto Miner this place is for you. The problem with Geothermal energy however is that there is not endless amounts of it. With enough BitCoin Mining it may run out.
More and more Crypto Mining companies are looking at Canada. Most of the focus is on Vancouver and Quebec.
Hydro Quebec is a company that offers cheap electricity to data centres ($0.0248 kWh) and to miners ($0.0394 kWh). This is 50 to 75% less than in comparable locations.
Russia is a cold country and also does it have almost the cheapest electricity in the world. Among other energy sources, Russia offers also Hydro and Nuclear energy.
There are plans to build a large-scale Crypto Mining operation, so Russia could be a good Future Mining location.
Best and Cheapest places to mine Bitcoin – The Cheapest one is?
The Best and Cheapest place is none of the above however. It seems that the Cheapest place is Venezuela. As Venezuela is not a country with the coolest climate, it seems that the biggest modifier for the Best and Cheapest places to mine Bitcoin is still the price of the electricity.
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27.02.2018 – EqEST