The Best Countries to Mine Bitcoin

Mining Bitcoin has not the same process as mining gold had in the past. Discovering and mining gold could be finished by simple tools albeit after having the ambition and love to find it, and everyone could undertake it, but mining Bitcoin is not that comfortable. Bitcoin hunters should have elaborated equipment, and it needs high charges, and of course, the time-consuming process of Bitcoin mining should not be neglected. Moreover, electricity consumption is very costly for mining bitcoin; for this operation, you should spot some places in the world where they have a colder and more pleasant climate. Since the powerful systems which produce electricity needs cooling. The followings are the countries which are the most suitable places to mine Bitcoins:

Iceland

A beautiful country with absorbing scenes and cold weather, its infrastructures employ hydraulic and geothermal systems, and it caused this country to change into the first choice to mine Bitcoin. Through mining Bitcoin in Iceland, there is no need for cooling equipment. In 2018 the mining charge for one Bitcoin was about $4,700.

Venezuela 

The economy of Venezuela was one of the best economies among South American countries. However, it is getting engaged in many problems such as very high inflation. Because the electricity power has state subside, a little electricity charge is paid to mine Bitcoin in Venezuela. The mining charge for each Bitcoin in this country is about $500.

Canada

The charge paid for consuming electric energy in Canada is very much lower than the other parts of the world. Its cold weather is another reason for this country to turn into an appropriate alternative to mine Bitcoin. The mining charge for each Bitcoin in this country is about $4000.

Russia 

It might be somehow strange, and you might think that Russia acts more conservative than other parts of the world in accepting cryptocurrencies. However, it is not the case. Russia is among the countries which is highly suitable for mining Bitcoin and generally working in the field of cryptocurrencies. The source of energy supply is natural sources, its climate is cold, and of course, it is seeking for legalizing offering equipment related to Bitcoin miners. The cost of extracting each Bitcoin in this country is about $4000 and all this means that Russia is one of the best locations for Bitcoin hunters.

Georgia

Probably due to the roots of this county in the Soviet Union, you feel that Georgians are not interested in cryptocurrencies, but it is not true. Since Georgians are greatly active in mining Bitcoin. Paying electricity bills is very much economic compared to the other parts of the world, and it made this country a good option for the miners.
Although Bitcoin mining is not an argumentative and hot issue in 2017 anymore, having knowledge about it can help making wise decisions about the world of cryptocurrencies.
 

Coins International Journal