Choose the country for mining
Hello steemers!
I propose to discuss which countries have the best conditions for cryptocurrency mining.
So I see two main conditions for it:
1. Low electricity costs
2. Loyal legislation and authorities
For example, a few days ago a had a talk with my friend from Turkestan.
There are very low electricity costs - its totally free for persons and about 20-50$ per year for companies with unlimited source. Such as natural gas if I understood correctly.
So I told to my friend: "what you think about making mining farm in Turkestan?"
And then I found the second condition is totally unfortunate for it.
There is total government control almost like in North Korea, especially in information space, internet, social media, international payment systems, etc. You can't watch youtube, read facebook, sell or buy USD how much you want.
There are very strong corruption and all kinds of IT-business are extremely unprofitable.
How all know the biggest mining farms are in China and USA. So we can suppose that these countries are the best for mining.
But let's compare it with information of electricity pricing and legality of bitcoin from wikipedia.
How we can see from these charts - cheapest and free circulating mining markets more or less are in such countries as:
| Countries free for using cryptocurrencies | Price USC/kWh |
|---|---|
| India | 0,10 |
| Bulgaria | 2,54 |
| Iceland | 5,54 |
| Australia | 6,11 |
| Vietnam | 6,20 |
| Malaysia | 7,09 |
In countries like USA and China electricity is much more expensive.
Maybe in near 2 years Russia will be in this chart with electricity rates about 3-7 USC. Now the government is changing the position about coins. So maybe we have to wait a little bit and russian market will show extremely growth.
If you know more countries with best electricity rates and legality of cryptocurrencies or maybe more important factors to choose the country for mining please write it in the comments below.
Cheers!