Countries Offering Favorable Conditions For Cryptocurrency Mining
Everyone who has ever got interested in cryptocurrency has the general understanding of who miners are. Miners are people who use their computers to mine cryptocurrencies, and, of course, they constantly improve the ways to get the coins. For this reason, now we have mining farms, where hundreds of computing devices form supercomputers, and cloud services for mining. We might expect some more evolutionary solutions coming out in the future.
Nevertheless, mining is not a simple task. Many governments create laws that restrict or even forbid such a kind of activity. For example, cryptocurrencies are totally banned in Nepal, Algeria, Bolivia and Bangladesh, while some other regions, such as China, Russia, India, and Spain, have introduced serious restrictions. Hence, a number of problems arise, such as the inability to spend in these countries coins obtained through mining.
That is why it is crucial to know where you can use mined cryptocurrencies. So let’s examine the list of countries that have the best conditions for miners.
First of all, we should pay attention to prices. Mining farms consume a huge amount of energy, so the primary task of each miner is to reduce the costs. Venezuela, India, China, Argentina, Canada, Russia, Georgia, the USA, Algeria, Ukraine, Kazakhstan, Kirgizia, Butan, the UAE and Kuwait are leaders on the list of regions that have the lowest electricity costs. Compared to the countries that have expensive electricity (like South Korea) there is a twenty-fold difference in price, which is incredibly important when choosing a region for mining.
The volume of electricity consumption is also strongly influenced by weather conditions. For example, in Canada, Russia and the Scandinavian countries, you don’t need to additionally cool your hardware, as temperature there is usually low. In some other regions, the infrastructure of wind and hydropower is highly developed, which also allows saving up. A pretty good example is Iceland, due to its hot springs and low temperature.
Sometimes governments support miners. It is known that Bitfury leased several hectares of land for the construction of a mining complex in Georgia, where prices for hydropower are quite low. Vietnam, Laos, Thailand, Russia and the USA also seem appealing to miners, so they often go there to discuss their future projects with local authorities.
Unfortunately, not all countries from this list are perfect places for mining. It’s worth paying attention to different circumstances, such as war, crisis, revolution, natural disasters and, of course, the cost of living.
Given the fact that the West is one of the most expensive regions, the countries of Eastern Europe are more suitable for mining. South America and Asia are also good. Here, you should not worry that you will not have an opportunity to use your crypto funds, as modern technologies allow doing it easily. Purchases through the Internet and shipment services are already available on such websites as Spendabit or Shopify. If you want to spend your bitcoins in person, the Coinmap website will assist you and find you places that accept cryptocurrencies as a payment.
Currently, you can use bitcoins to pay for goods and services in different regions of North America, Europe, on the southern coast of Latin America, and in some Asian regions.
Sergey Borsuk, Blockspoint