As we all know, Bitcoin is a hot topic going on in the whole world today. Have you heard about another hot topic going on in the world? No? It is Bitcoin mining. Now, if you are imagining that Bitcoin is also being mined from the soil, then stop. This mining is on the expensive side with sophisticated devices.
Bitcoin mining is executed by high-powered PCs that solve difficult problems based on math.
These PCs are sophisticated and can effectively solve puzzles and mysteries.
What is Bitcoin Mining?
Bitcoin mining is the process of producing new bitcoins by solving a computational based puzzle. This type of mining is expensive and is done with some exceptional services.
The process of mining is essential to retain the ledger of transactions on which bitcoin is established.
Bitcoin mining isn’t that easy; mining for gold and other precious metals requires a lot of tolerance and resources. But if you want to grab your hand at it, some countries provide a better opportunity than the other countries.
These six countries offer a reasonable balance of low capital investment per bitcoin. They are:
- Kuwait
- Georgia
- Iceland
- Estonia
- Canada
- Venezuela
The Best countries for Bitcoin Mining
- Kuwait
Kuwait offers exceptionally cheap electricity. The expenses of living and performing business in Kuwait are relatively low compared to other countries, which is considered a significant advantage for all those Bitcoin miners.
Mining cryptocurrency in Kuwait is not that easy; dealing with the country’s intense hot climate. Nevertheless, cheap electricity primarily equalizes the cost of running power.
A single Bitcoin that is mined in Kuwait costs you only around $1,983,
- Georgia
Georgia is abundant in hydroelectric power, natural gas and is the only country that has beaten 25% of its energy resources. This is why the low price of electricity is useful information for all those cryptocurrency miners. But the weather is really hot, which is considered a disadvantage.
A single Bitcoin will cost you just $3,316 in Georgia, which is a great deal.
- Iceland
Iceland has an excellent feature for all the bitcoin miners, and they are inexpensive electricity, cold climate, and fair laws. Iceland has the lowest electricity costs globally and has highly developed a network of hydroelectric power and geothermal power.
However, we all know that Iceland isn’t an inexpensive country to live and work in. Bitcoin miners in Iceland pay an average of $4,746 per Bitcoin.
- Estonia
Estonia has organized itself as a country an internet-first country. Fascinating all the cryptocurrency miners as well as the developers is among the country’s long-term advantages. With easy Internet access, miners will find a friendly surcharge rate and legal atmosphere around blockchain technology.
Estonia is a European country that expects an investment of $5,551 per Bitcoin in Estonia.
- Canada
Canada is not the first recommended country for bitcoin mining, but it has many to offer the bitcoin miners. Canada is close to some of the world’s vastest hydroelectric power plants, and miners get the advantage of cool summers and icy winters to enable the cooling costs.
Across-the-board, the price of cryptocurrency mining in Canada is on average. Investment is $3,965 to mine a Bitcoin.
- Venezuela
Venezuela is the world’s cheapest country for all the Bitcoin miners, showing an average price ticket of around $531 per Bitcoin mined.
Venezuela is pretty unsafe for all the Bitcoin miners than the other countries on the above list. All the Bitcoin miners are set to establish their business in Venezuela as they get cheap electricity.
Conclusion
Bitcoin mining is intensifying in the world.
By mining, they can earn cryptocurrency without keeping money for it.
Bitcoin miners obtain Bitcoin as a prize for finishing the” blocks” of verified transactions that they make. These six countries are selected for mining is just because of their power cost. Mining is to be performed by computing hardware that needs power; besides that, the Bitcoin mined in these 6 countries is relatively cheaper than other countries and is tax-free in some of these above mentioned six countries.
