Bitcoin miners are sellers right now. If you want to mine bitcoin yourself, move to Egypt!steemCreated with Sketch.

in #bitcoin5 years ago (edited)

Looking for a place to mine bitcoin?

Look no further than Egypt or Burma.

Right now, in the US, it costs roughly $.13 per kWh for electricity.

That isn't terrible compared to some places in the world, but it makes it tough to mine bitcoin profitably at those prices.

It becomes much easier in places where the electricity costs are much lower, places like Burma or Egypt for example:

(Source: https://twitter.com/hodler_of_xrp/status/1171073382705696769)

There is a bit more to the story as well...

There are several other costs that go into mining bitcoin as well, so don't take this as financial advice but more an informative piece about electricity costs.

What's more, the break-even points will also vary based on what equipment you use.

Here is a list of the current profitability numbers for different mining equipment based on $.06 kWh:

(Source: https://twitter.com/AlexKernA/status/1171058656022073344)

As you can see, people mining in cheap electricity locations are turning a rather large profit at current prices with the latest mining technology.

Heck, even the older mining rigs are showing profitability in many locations at current prices!

Unfortunately I am of the opinion that profitable miners represent the largest sellers of bitcoin and biggest drain on prices.

Which means, the larger the spread between the cost of mining and bitcoin prices, the more selling by miners we will see.

The good news is that difficulty keeps going up and up and up, closing that profitability gap.

Stay informed my friends.

-Doc

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Should we move to another country just to mine ?

Wow. Thanks. I feel like mining in China instead🇨🇳 🤗😂😂

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It's pretty profitable there too. Well as long as you can avoid the Chinese Government.

That's kinda hard😂 😂

Nice chart!
Happy to see Serbia there on the list haha

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I prefer Steem over Bitcoin at this price point.
But hey thats my opinion.

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If steem can turn things around, it likely does have a lot higher ceiling from current levels!

Very interesting! Thanks for sharing information on electricity costs and mining equipment. My friend mines bitcoin in Malaysia.

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I never asked him, but I shall! He's an expat.

I would assume he is, otherwise if he wanted to accumulate coins, he could just buy them outright.

He is a gold stacker, and has an extensive 1 oz Gold Panda collection.