Post
Topic
Board Bitcoin Discussion
Merits 2 from 1 user
Re: Venezuela situation and Bitcoin mining.
by
franky1
on 19/02/2022, 22:45:33 UTC
⭐ Merited by Accardo (2)
its not the political situation nor the crime/media stuff that stops people wanting to mine in venezuela.

its the simple matter that even google says
Venezuela electricity prices   Household, kWh   Business, kWh
Venezuelan Bolivar      1.093         1.283
U.S. Dollar         0.273         0.321

using basic math at a 190exahash network. it costs $72,451.69 to mine 1btc at that rate of electricity listed by google

where as people can simply buy bitcoin anywhere.. CHEAPER. so why want to set up an mining farm at a higher cost than just buying

if venezuela had a $0.05 or less electric rate. then it would be a consideration and value to mine there

however venezuela is a 'balmy' climate of temperatures of 26oc-26oc meaning HEAT. and asics do not like heat. they need to be cooled.

many other countries have cooler climates which again means less energy needed to cool the asics. so people would consider those cooler climate locations first