The Best Places in The World to Mine Bitcoin

Deep in China's Sichuan mountains, miners are chipping away at complex mathematical puzzles in hopes of unlocking one of today's most prized assets, bitcoin. Currently, more than 60 percent of all bitcoin is mined in China, and these miners have picked their location wisely. The remote Sichuan mountains enjoy a cool year-round temperature and cheap electricity provided by small-scale hydro-electric facilities, averaging from $0.05 to $0.08-cents per kWh.
a year ago

LONDON, January 18, 2018 /PRNewswire

Deep in China's Sichuan mountains, miners are chipping away at complex mathematical puzzles in hopes of unlocking one of today's most prized assets, bitcoin. Currently, more than 60 percent of all bitcoin is mined in China, and these miners have picked their location wisely. The remote Sichuan mountains enjoy a cool year-round temperature and cheap electricity provided by small-scale hydro-electric facilities, averaging from $0.05 to $0.08-cents per kWh.  
 
Here are some of the best countries on the planet to mine bitcoin.

Canada

Canada is a newcomer in the world of crypto-mining, and as Chinese crypto-confusion reaches a boiling point, some miners are choosing to look to the Great White North as an alternative.

Patrick Gray, CEO of HashChain Technology Inc. explains: "North America is one of the best places in the world for mining, thanks to low cost electricity, cool temperatures, and high-speed internet."  

HashChain is an exciting cryptocurrency mining and blockchain solutions company focusing primarily on mining DASH in Vancouver. "Dash is the cryptocurrency of the future. It's quicker than its rivals by a factor of several dozen times and thanks to its Sybil-proof decentralized governance - one can really see why they have grown by 9200% in 2017," Gray explained, adding "I am more than confident 2018 will be Dash's top-5 breakthrough year."

On the other side of the country, Quebec is also looking to lure techies with the dream of striking digital gold.

Hydro Quebec is offering a unique opportunity for miners and data center operators. With electricity costs at $0.0248per kWh for data centers, and $0.0394 per kWh for miners, 50 percent to 75 percent lower than comparable areas in North America, the company is scrambling to keep up with demand.

"I have so much demand right now there's no need for marketing. Pretty much every day I have a new one," said David Vincent, business development director of Hydro Quebec.

Iceland

Iceland is quickly becoming a mining paradise. The country offers cool temperatures and an abundance of cheap, geothermal energy to power the rigs. Iceland also provides miners the opportunity to significantly reduce the environmental impact of their endeavors, with 100 percent renewable options.

Alex Karis, CEO of DigitalBTC - the world's first cryptocurrency company to be listed on a major stock exchange - noted: "We can reduce our energy costs and maintain a low-cost advantage as we grow our mining operations. We have just launched a new product platform and mining is an area we expect to see continued growth."

DigitalBTC has since exited the mining race, but others are quickly jumping on board of the Iceland bandwagon.

Genesis Mining, a company which offers an opportunity to take part in "cloud mining," a relatively new form of mining that allows users to mine cryptocurrencies without their own hardware, has built the world's largest Ethereum farm in Iceland. The company also manages a large-scale bitcoin mine, and has recently dove into Dash, another cryptocurrency built on bitcoin's feature set.

Without the need to build or operate personal mining rigs, users avoid electric bills, confusing software, and the headaches associated with broken hardware or other unforeseen issues. Essentially, Genesis' customers rent mining power from the company, allowing greater participation in what has become a new booming industry.

Georgia

The Republic of Georgia has taken cryptocurrency adoption to the next level. In addition to the wide-spread usage of cryptocurrencies in the country, Georgia partnered with mining giant BitFury to introduce a blockchain platform to create a property rights registry, and with this, the country became the first in the world to record land titles using blockchain tech.

BitFury, one of the world's largest mining and blockchain solutions companies, has made all the right moves within the space. The company's large-scale mining operations are some of the best in the world. It is estimated that BitFury has mined over 600,000 bitcoin to date. The company also pays no tax on its 18 hectares in Tbilisi, and because its services are exported abroad, the company enjoys 18 percent savings on VAT.

While BitFury's electricity costs are kept top secret, the average cost of electricity in Tbilisi is around $0.08 per kWh. With little to no taxes paid, and the low cost of electricity, Georgia is one of the world's most profitable cryptocurrency mining locations.

Russia

Russia country offers some of the cheapest electricity in the world and focuses on less environmentally challenging power generation such as natural gas, nuclear, and hydroelectric, with coal only making up 18 percent of the country's electricity generation, and Russian President Vladimir Putin is reportedly looking to take full advantage of his country's resources.

In July 2017, Putin met with Ethereum creator Vitalik Buterin to discuss cryptocurrencies and potential uses for blockchain technology. And following the meeting, Dmitry Marinichev, a trusted ally of Putin, announced plans to build a large-scale cryptocurrency mining operation, expected to cost $100-million.

In order to minimize the costs of the operation, the mining equipment will be placed in the homes of private citizens in order to take advantage of Russia's 20 GW power capacity surplus. Marinichev  noted that, with this environment, "Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future."

Additionally, the Kremlin has suggested that miners are to receive subsidized - "leftover"- power.

The country's largest energy provider, Gazprom, recently announced a partnership with EuroSibEnergo set to provide excess power to a number of miners within the Siberian, Urals, and European sections of Russia. The partnership has even created an interactive map showing the locations which could benefit from these subsidies.

Conclusion

As the crypto-craze reaches a full blown frenzy, industry veterans like Hashchain Technology Inc. and BitFury, and entrepreneurs fresh to the scene such as Hydro Quebec are scrambling to get the best deal possible.

In Canada, companies like Hashchain Technology Inc. have the advantage of political stability and a booming startup market. In Iceland, companies like Genesis Mining are using the freezing cold climate to gain an upper hand. In Georgia, BitFury and its competitors have an ideal tax situation and an established blockchain market. In Russia, companies can ride a market that Putin is putting his full weight behind.

Source: Safehaven.com

Illustration Photo: Bitcoin Mining (CC0 Creative Commons from Pixabay.com)

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