Post
Topic
Board Bitcoin Discussion
Re: Can Bitcoin help poor countries?
by
n0ne
on 11/12/2016, 13:23:10 UTC
if poor countries set up big mining farms, they can make big profit from bitcoin

I can't see governments of poor countries jump into Bitcoin by setting up entire mining farms. It will be wealthy individuals in these countries, or investors from abroad that might get to set up mining farms if they find it to be cheaper than going for China to set up everything. If you consider that poor countries have a very poor power network, where power outages are a frequent occurrence, then it's not a very interesting option for them. Don't forget that a lot of these poor countries are not very Bitcoin friendly either. Another negative point that any serious investor is taking in mind.

Setting up mining farm is not only way to get bitcoin, there are other way such as setting up a freelancing sites that caters unemployed talented bachelors and give them an option to choose between local currency or bitcoin but charge employer with bitcoins.  This does not require a big fund but a good contacts which the government has.

That's a good plan to make a better living standard to the unemployed group through mining farms. These mining farms are quite expensive to set up, if planned to provide employment for a good number of technically skilled group of users. If governments authorises then even with government funding things can be made much better.