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RE: Daily: ANOTHER ETF approval deadline this week ? / Why BAKKT is the real hero
Greetings my good friend. In Venezuela, mining is profitable due to low electricity costs. And it is a good support against constant inflation.
It is profitable but it requires a lot of investment too and in a country suffering from economic it is difficult to buy machinery.
The electricity costs of a butcher shop in a month is $ 7 (taking into account that they have cooling engines). The broadband internet of 10 gb per month does not exceed $ 2. Here there are many people who bring the machines from outside and have large mining farms. Rent a barn or place to have 100 machines can cost $ 300 Maximum. The initial investment is somewhat expensive but then its profitability is very large.
Wow. Actually, the rates of Broadband are even much higher than that in Venezuela. The normal rates are 30$ for a 4MB Internet connection.
I recently read that it costs as little as $400 per BTC to mine in Venezuela due to low electric costs...
If there is a capital for investment, Venezuela is the best country for mining BTC or Any Crypto. The hard part is getting capital to invest or investors.