Cost around the World to mine 1 BTC

Chit Chat
21

Lols,
Very important question, the cost of mining 1Ibtc could be very cheap.

But the coat of relocating and other could be equivalent to MINING 1 BTC in your place.

22

Yes, just estimates but interesting to see. I think for some of the hotter regions it might cost more to just cool down the mining equipment. Air Conditioning costs.

If I was in Nigeria though, I’d make a business plan and run up rough estimates/costs and what investment I would need to make it happen. As well as what type of return those who invested could expect.

If it costs maybe $14,000( including salaries for workers) for everything and you can mine 1 BTC at its current value then that is still $12,000 in profit or a 90% profit margin. Which is really really good. Businesses usually run on a 40% profit margin.

5 Likes
23

But BTC halving is coming up making it harder to mine but if BTC price goes up then more profits.

1 Like
24

Yes, very important to consider the cost and profit average.

Another point to think off.
The Halving march it difficult even with cheap cost of MINING

25

so with the difficulty is mining, miners are hoping for price increase. If it happens they will still be in a good business and if it doesn’t then I will advise themselves I think.

I like the example made by @WindsOfChange92
I made same analysis and it was a good deal but only good to those who have more than $14k to acquire the equipments and cover expenses

1 Like
26

Need to go pitch and convince some Nigerian or crypto business investors :laughing:

27

Lols,
maybe some Nigerian whales,
Or what of something like join mining

28

These guys already understand crypto and know the importance of it. They are even in top 5 or so in the world. So I wouldn’t be surprised if there are more there into mining, their only problem is the government. I heard some places the police can arrest you for having a crypto wallet on your phone

1 Like
29

Lols,
My brother, that is the current issues in some parts of Nigeria, including my state.
Especially young guys doing crypto are victim, the police, and other security agency could do you dirty for having crypto app in your phone.

But the funny part is that, the police will even take bribe from victim in cash or crypto form.

Lols

2 Likes
30

:joy::joy::joy::joy::joy: lol

do you have law against crypto?

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31

Lols, I can’t say
Who made such laws when the law makers
Could be Crypto whales

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32

They being whales is not an excuse bro. Some police men are thieves :joy::joy:

If there are no laws then you shouldn’t be afraid of the police

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33

You got the point,
Lols, some police you will ruthless on youth
But can’t be ruthless with terrorism.

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34

Could this in Lebanon?

5 Likes
35

Wow once every 7 years?

Congratulations to him

It could be any country bro, it seems the person is one of the miners wh has the lowest hash power

36

Though lebanon is cheap, but as an investor when choosing a country to invest there are alot of factors to consider.

  1. Economic stability
  2. Peace
  3. Regulatory support etc.

War can break in that area at anytime and your mining machine will be toast in seconds.

2 Likes
37

Lols,
My mother used to say, because the city is busy doesn’t mean it peaceful.

Very important to check :heavy_check_mark: this

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38

Hahaha its better to mine in heaven and pay $29k as fee for electric bills than to pay $1k in hell

1 Like
39

@WindsOfChange92 this is really interesting! :thinking:

40

It could also be considered a long term investment I think, you would operate in a loss in the beginning but the way the world is heading towards decentralization and blockchains, these currencies would start to become the standard