This article is not about how to mine bitcoins. But, about what it takes and where can be a better place to start.
Let’s simply dive right into it. It is not about digging and looking for the coins in the ground. Bitcoin mining is the process of creating valid blocks that add transaction records to Bitcoin’s (BTC) public ledger, which is called a blockchain. (How to mine Bitcoin: A beginner’s guide to mine BTC (cointelegraph.com))
This requires computers with a lot of processing capability. Computers need electricity to run and it appears that it is insanely expensive to mine the bitcoin where the electricity costs are very high.
The mining of bitcoin is expected to increase day by day because of more processing needed to create each new valid block to add to the transaction records to the Bitcoin’s public ledger.
Now, let’s talk about where it is cheaper. You can download the excel file here from this link and compare the prices. Here I compare some of the countries:
|Country||Cost/kWh (Avg. Price)|
On this table, you can clearly see that Qatar has the cheapest electricity of all and the United Kingdom stands the most expensive here.
But, I would still not recommend you to mine in Qatar. Because over 99% of the electricity produced in Qatar is by fossil fuel.
The world is already struggling a lot to fight climate change and until now we have been failing every day. We can see bushfires, floods, hurricanes, and storms happening more frequently than ever before all around the world. Let us not promote any more of these catastrophes.
The other option is Nepal. It is the best option and let me tell you why.
The electricity produced in Nepal is from renewable sources such as hydroelectricity, solar, and wind. But, most of the electricity is generated by hydroelectric power plants.
Nepal has the capacity to generate electricity of over 83,000 megawatts. Even though Nepal generates less than 2000 megawatts of electricity, more than 43,000 megawatts of electricity generation is technically possible.
More than 10 hydropower projects have been initiated by several banks in Nepal for the hydroelectric projects. So, we can’t deny that Nepal has a good electric future.
Eventually, Nepal will be producing much more than it needs in the near future. The revenue of Nepal is expected to grow as we are already selling it to India and will sell more in the days to come.
Nepal is a very tourism-friendly nation. Most of the people you will find will welcome you to stay and provide services of various kinds.
People are warm and welcoming in almost all parts of the nation. The government has planned to welcome the tourists for over 10 years with several attractive plans.
The expenses of living, setting up an office, and staying are much cheaper than in most countries. You can find rooms for less than $10/night even in the capital city of Nepal.
The village’s stay can be $30/month.
Guns are illegal. Places are safe.
You can see there are very few, almost no crimes happening in the country.
Please, feel free to share why you won’t. Otherwise, pack your bags and leave for Nepal.