Many know that to date, China is the monopoly for the production of crypto-currency. This is facilitated by several important factors, such as cheap electricity, a cool climate, fast Internet and the fact that basically equipment for mining is manufactured in China.
But in China, most farms rely on energy received from coal-fired power plants. The government is trying to influence the situation, limiting the impact on the environment, and introducing new regulatory measures. In this regard, many miners are beginning to look for alternatives, paying attention to the countries that are most suitable for mining crypto currency.
There are a dozen countries, as if created for the extraction of crypto currency. And some regions, like the mountain provinces of Sichuan in China, where they found themselves a haven of Chinese super-farms. The remote mountainous regions of the province are known not only for year-round low temperatures, but also for cheap electric power produced by local small hydroelectric stations (one kilowatt costs on average $ 0.05-0.08).
Quite comfortable countries in terms of mining are Canada, Georgia, Iceland, Russia, Belarus, Ukraine, Venezuela and so on. About some countries more:
North America is great for mining because of cheap electricity, low temperatures and high-speed Internet. The Canadian company HashChain is engaged in the production of crypto-currencies and the development of solutions based on the blockbuster. The main business of the company is the production of Dash in Vancouver.
Involves the miners and Quebec, where the most favorable conditions are created. So, Hydro Quebec has a special offer for data centers, for which HF / h costs 0.0248 dollars, and for miners (0.0394 dollars per HF / h). This is 50-75% lower than other regions of North America.
Iceland is rapidly becoming a paradise for miners – cold temperatures all year round and an abundance of cheap geothermal energy to feed farms. In addition, miners can reduce the impact on the environment, using exclusively renewable energy.
Such advantages have already attracted the company, which provides services for cloud mining, Genesis Mining. She recently completed the construction of an Ethereum mine in Iceland.
By the way, the paradox is interesting: the extraction of only bitcoin and ether throughout the world takes more electricity than Iceland consumes.
Georgia withdrew its work with the crypto-currencies to a new level. In addition to the widespread use of digital money in the country, the authorities, in partnership with the mining giant BitFury, provided a registry register for the registration of property rights. The country was the first country in the world to keep information about the owners of the land in the blockade.
BitFury, one of the world’s largest miners, has so far managed to take the right steps. The farms of the company for the production of crypto currency are one of the most perfect in the world. It is estimated that to date BitFury has produced more than 600 thousand bitcoins. In addition, the company does not pay tax on a plot of 18 hectares in Tbilisi, and reimburses VAT at a rate of 18%, since its services are exported abroad.
The cost of electricity for BitFury is kept secret, but the average cost of a kilowatt-hour in Tbilisi is $ 0.08. Small taxes and low cost of electricity make Georgia one of the most promising places for mining crypto-currencies.
The cost of electricity in Russia is one of the lowest in the world, and it is produced from relatively clean sources: gas, nuclear fuel and water. Earlier, the Russian government even promised the miners subsidies for “excess” electricity, which can be supplied to the Siberian, Ural and European districts of Russia.
Now the excess of generated capacities in the RF is 20 GW. And this, as one of the presidential advisors Dmitry Marinichev points out, will help Russia “to increase its share in world mining to 30%”.
Ukrainian state structures have not yet voiced the state policy regarding crypto-currencies. What is it in general and how it should be regulated by laws and by-laws is still defined by an ad hoc working group.
The advantages of the country were cheap energy, a relatively low average annual temperature, a satisfactory position in the international business rating. There are two negative factors: insignificant use of renewable energy sources and relatively slow Internet connection.