Maintaining Blockchain Infrastructure isn’t always cheap, Proof of Work requires machines that consume a lot of electricity, the cost of electricity in some countries has obliged miners to find cheaper and good sources of electricity.
As you know, I am working on a mining Farm in the South of Argentina, where weather is cold and electricity is cheap. Sadly, this isn’t the case for most countries, If you are thinking of mining and are currently wondering if it would be worth it to set up a rig in your country, here is a list of electricity costs per country (expressed in USD).
I personally think that if you are paying anything below the 0.12 cents line, you should mining!
Is your country not on the list?, help us find more data and tell us how much you are paying for your electricity.
Patagonics is a Smart Media Token created by Blockchain Argentina that allows the Steem Community to participate in the creation of a Cryptocurrency Mining Facility in the Patagonia. For more information go to blockchainargentina.com.ar/patagonics
In a tropical country where extreme temperature variation exists its not about electricity cost only, the other aspects also comes into play.
with mineral oil pool can be solution
I think POS will outpace POW in near future and that is why I am not looking into it.
My country is Sri Lanka. I think electricity cost is little lower here too. Anyway I will check and update you soon.@chitty,
Cheers~
0.1175$ in Romania (Eastern Europe). What are you mining for, Ethereum?
hehe I know where Romania is, still cheap if its stable I think.
Still you haven't told me what are you mining for :)) I am impressed that you know where Romania is, it is such a small and unimportant country that few people know barely that it exist :D
Hehe I come from Venezuela man, that is an unimportant country hehe..
I mine zcash, etc , zencash for now.. but I switch depending on what I think can go up..
Yes the country where electricity is cheaper, one can afford to. But one question, Is it really profitable as on date ??
Just a dumb question, would using alternative energy sources (wind, solar etc.) lower the cost of mining?
If you afford alternative energy sources , then yes, they will reduce the cost of mining but to the point where you have to start to invest more money into their maintenance.
In the long term is cheaper but you have to cover the initial installation which isn't always cheap.
I personally mine from my computer in my college dorm because the power is free so all of the profits from mining go directly to me :) If only I had a more powerful machine lol
Thanks for the informative post! I want to mine in Turkey but I do not know if it will be profitable. :) I'm investigating this issue nowadays. I will let you know if I get trustworthy information. All the best.
East of Turkey is known by the usage of illegal electricity. It was like %25 of the total consumption in 2017 (known). It is probably like %30+ with the undetected usage. So it might be the best place to mine since control mechanism is not working properly, because there are terror actions going on there.
##Upvote/Resteem###@chitty lmfao, I gotchu man
Que bajisimo porcentaje tiene Venezuela:(
I lost every penny... don't be like me. Read below:
https://steemit.com/crypto/@marioiii/i-lost-it-all-everthing-gone
@chitty..Thanks for the informative post! I want to mine in india but I do not know if it will be profitable.. i tried some mining sites but i cheted by that sites of fraudness I will let you know if I get trustworthy information..thank you for sharing with us..
@chitty - Sir I am not an expert in this category... But my country people are installing mining rig like crazies... I don't know whether is't profitable or not Sir... But they do...
+W+
hi
Yup you are right ....In India it is hard to do mining because here resources are not that good for mining ......great pist @chitty !!
how about the internet network, is that one of the reasons