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Showing 9 of 9 results by Thryskiller
I'm from Venezuela, the last two years I got interested about mining so I started reading a lot of stuff related to my country and the business model around Bitcoin mining, opinions from different people, inside and outside the country, most of it leaving really horrible impressions.
Part of it is the propaganda by the carrot countries that has brainwashed people into thinking this way (that's actually part of that dangling carrot strategy). But also part of it is because of very real problems that your country has been facing, from sanctions to corruption and economic hardship. I recall you guys had a lot of energy and fuel crisis, although there were a lot of cooperation with shitton of fuel and technology coming from our side of the world trying to fix the issue. Don't know if it is fixed since I didn't follow up on the news from 2-3 years ago.
I'm curious why you are looking for foreign investor instead of looking for domestic ones? That would be a lot better since it won't be someone else who takes the money out of the country that may also raise some red flags with the government and attract high taxes.
I know some people started very small many years ago (I saw on Reddit) and they built their operation little by little until reached a decent amount of hashrate. They were also doing other stuff to maximize their profit like importing goods (cheaper) using bitcoin and selling it locally for additional profit while helping the economy at the same time.
Thanks for sharing your thoughts, appreciate it.
About the foreign investment, I was not looking for partners at that time, we just connected and started thinking about opening a operation here. I'm trying to do it slowly by myself, with rigs and other stuff, but if there's an opportunity to do business, why not. But I know people is looking for outside investment because it is not that easy to find that kind of money here, most of the farms in my state are owned by government people or Chinese/Arabian people. Unless you work for the government, I don't think it is that easy to find that kind of investment here. Also I don't know years ago, but right now creating a legal operation slowly is not easy, looks like the government just want big operations to happen, letting small miners lost into the void, I guess they are looking for large investments.
⭐ Merited by SFR10 (1)
Also, bitcoin mining is not allowed everywhere, sunacrip is actually allowing farms in states that are not hard affected by this kind of problem or where farms can cause shortage problems, charge is getting distributed.
~Snipped~
You are not going to have any kind of problem with your farm, you just need to do it legal.
So basically that means mining operations are in a grey area in there... IIRC, there was an incident in one of its states [forgot which state it was, but I think it happened last year] and they did cut the power supply of those who actually had licenses!~Snipped~
You are not going to have any kind of problem with your farm, you just need to do it legal.
Another issue that might be bothering potential miners to relocate is probably the license itself [supcacven vs sunacrip]... It happened before, so it could happen again and that's a huge risk for miners if they suddenly have to halt their operation before they kick-start it.
Yeah, it is kind of a grey area, you need to know where is mining legal and if sunavript is giving permissions and licenses in that state.
I think I know the case you talking about, this one: https://www.[Suspicious link removed] and yes, police disconnected the farm from the high voltage without having a warrant or a sunacrip's representative, since they can't to anything without a sunacrip's representative. Farm owners contacted sunacrip and the farm was connected s couple ours ago, because there was nothing wrong and they had the permissions, but yeah, it still happens.
About the sunacrip/supcacven is something that can happen and no one can predict it. Don't know why exactly they changed the regulator and what are the plans for the future.
Also now requesting licensing looks easier, but from my point of view, if you are a small miner, you are going to have a hard time. Looks like they just want normal-big mining operations to start working here (50-100 asics), small miners with a couple machines need to host their equipment with registered hostings that are going to charge you an starting price and a percentage of the monthly revenue, making it not that profitable.
I'm from Venezuela,
try and gather up some info about venezuela.
Don't you love it when franky 1 who has no clue about mining doesn't stop giving his good-for-nothing advice but tells a guy from Venezuela to gather information on google about his own country? The guy has talked with a guy working there for an electricity company about the price yet no, for franky1 that info must be wrong because google says something else.
OP, post what you've had for desert, I'm pretty sure franky will tell us google says you've had ice cream not muffins.
Now @Thryskiller, you want the discussion to be about poeple coming in from abroad to mine in Venezuela or poeple who already mine in Venezuela to share their experience, or both because if it's the first you will need to be the one providing some info. on why would poeple move there, and the cheap electricity thingy is nothing without numbers.
Btw, you have a fellow miner and a quite active one, he also has a telegram group but based on his messages he's not painting the same pretty picture about the tolerant and friendly for the business government as you do.
I guess it got lost into the language barrier, but I wanted to know what people think about Venezuela right now. Because I had two different experience with two different "Business partners" who wanted to open an operation here, they already knew about the electric costs and everything, but they ended up not doing business here because they thought they were going to get kidnapped, killed, robbed or targeted for being white once they arrive here.
If there is people already mining here I would also like to know their experiences why not, and maybe ear from that member u mentioned, so we can talk about the different pictures.
-snip
Let's see, what are you? A CM of Maduro by the looks of it.
Venezuela is today a garbage as a result of the disastrous policies of first Chavez and then Maduro, which have turned it into one of the most insecure countries in the world, with an exodus of millions of Venezuelans to escape hunger and violence. All communist regimes (even those that don't want to call themselves that, as in your country) end up the same way. With hunger, political repression and deaths everywhere.
No way I'm going to mine Bitcoin in Venezuela, no matter how much your boss Maduro would like to steal from me.
Damn brother, u good? Jumping and calling me a Maduro's CM right away just because I wanted to know others people opinion about my country. Go outside and touch some grass, all your posts are like this, looking to create discussion around politics and stupid shit. U don't want to to do business here, good for you, no one wants to steal nothing from you.
I read a news months ago of some parts in Venezuela having problem on the supply of power so there was frequent brownouts then...has this problem been fixed or your location has no problem on supply? Now, having said that, what about the policy of the government on Bitcoin mining? This is so important because if the government will imposed a ban or severe restrictions then things can be put to a stop. On this aspect alone, if I am an investor then I would probably explore more opportunities in El Salvador which is now promoting its Bitcoin City concept to attract businesses related to cryptocurrency. I hope that the Venezuela government can take advantage of this opportunity by maybe establishing a special economic zone focusing on high-tech and crypto-aligned business activities.
About the power issues, yeah, it all depends on the region you are. Where I live, the last serious serious problem related to the electric system was a blackout that affected 21 or so states of the country, it lasted less than 2 hours to get fixed here. Before and after that incident, I just had small power outages once a week, but that's it. There are also other states that have concurrent problems with electricity. Also, bitcoin mining is not allowed everywhere, sunacrip is actually allowing farms in states that are not hard affected by this kind of problem or where farms can cause shortage problems, charge is getting distributed. But I can say, compared to years ago, the problem with power shortages and long blackouts is getting fixed or that's what it looks like. Even if you decide to start mining on a shitty part of the country, I'm pretty sure it'll still be profitable.
About the government, I haven't heard about any plan on baning cryptocurrency or mining. You are not going to have any kind of problem with your farm, you just need to do it legal. Only thing I heard related to crypto is about a tax from 2% to 20% for every transaction (buying or selling of products, land, cars etc) using cryptocurrency or US Dollars. They want the people to use our national bill, but I don't really know much about this reform. I think this will affect you only if you plan to live here and use US Dollar or any cryptocurrency on a daily basis to pay for things. I can be wrong.
I'm also hoping on Venezuela to hop on the El Salvador train. We will see.
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 household rate of electricity listed by google
where as people can simply buy bitcoin anywhere.. CHEAPER(~$40k now). so why want to set up an mining farm at a higher cost($72.5k) rather than just buying($40k)
if you have a way to get electric for 0.2 Bolivar($0.05) then you are making good value bitcoin from mining. lucky you
if your electric is higher then 0.2Bolivar. then your wont break even.
if venezuela had a $0.05(0.2Bolivar) 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-28oc 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
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 household rate of electricity listed by google
where as people can simply buy bitcoin anywhere.. CHEAPER(~$40k now). so why want to set up an mining farm at a higher cost($72.5k) rather than just buying($40k)
if you have a way to get electric for 0.2 Bolivar($0.05) then you are making good value bitcoin from mining. lucky you
if your electric is higher then 0.2Bolivar. then your wont break even.
if venezuela had a $0.05(0.2Bolivar) or less electric rate. then it would be a consideration and value to mine there.
however venezuela is a 'balmy' climate of temperatures of 26oc-28oc meaning HEAT. and asics do not like heat. they need to be cooled.
many other countries have cooler climates which again means less energy needed to cool the asics. so people would consider those cooler climate locations first
That Google information is wrong, nothing new. Last time I checked the business prices from a Corpoelec employee, it was something between 0.016$ and 0.019$ per kWh, not long ago. And 4 or 6 month ago I had the luck to visit and talk with the owner of a Bitcoin farm here who told me kVa price was less than 2$, maybe he just bullshitted me, but yeah, I can verify those prices again for u and give you a real price if you want.
⭐ Merited by pooya87 (5)
How are you guys, I'm pretty new in this forum, I'm sorry if this is not the right category for this post.
I'm from Venezuela, the last two years I got interested about mining so I started reading a lot of stuff related to my country and the business model around Bitcoin mining, opinions from different people, inside and outside the country, most of it leaving really horrible impressions.
I just want to know what's the actual perspective of Venezuela, is people still thinking the same about Venezuela? Why is people so scared of doing business here, have you guys ever been here? You want to know more about Venezuela? I can give you guys sincere responses and info about the country.
I wanted to create this post because years ago and a couple weeks ago, I got contacted by two different people wanting to start mining operations here, I don't even contacted them, we just connected through mining communities because I own a couple rigs and they looked interested on the cheap electricity here. Whatever, this end up falling apart because they had a weird perspective of Venezuela, they thought they gonna get kidnapped once they put a foot in Venezuela because of skin color or financial status, or they gonna get killed while walking on the streets, get robbed, or that their equipment and operations gonna get stolen by other people or seized by the government. I know a couple years ago, some of those points were valid, it's not that bad and I want to where those people get their information from.
Every country has violence and political problems, not just Venezuela. Most of the people talking about getting kidnapped or killed have never been here, not even as a tourist and it's kinda sad. I lost a big part of my time trying to work with this people and also money, because they wanted to visit Venezuela so I needed to pay for a lawyer to get real advice about visas and requirements, other stuff like mining licensing, leasing, electricity costs, registration of a mining business and a lot of other shit.
If you do things illegally, you need to expect having problems with the law and getting your operation seized. Mining in Venezuela is legal, it is regulated and you are protected by the law, you just need to follow certain steps and register your business legally, get the licensing and everything else. Government is actually working on mining spaces, they are spreading hash power among most of our states, offering electricity charge to miners and opening industrial zones just for mining.
I'm all ears for whoever wants to join the discussion, just be respectful, have a nice day and sorry about my scuffed English.
I'm from Venezuela, the last two years I got interested about mining so I started reading a lot of stuff related to my country and the business model around Bitcoin mining, opinions from different people, inside and outside the country, most of it leaving really horrible impressions.
I just want to know what's the actual perspective of Venezuela, is people still thinking the same about Venezuela? Why is people so scared of doing business here, have you guys ever been here? You want to know more about Venezuela? I can give you guys sincere responses and info about the country.
I wanted to create this post because years ago and a couple weeks ago, I got contacted by two different people wanting to start mining operations here, I don't even contacted them, we just connected through mining communities because I own a couple rigs and they looked interested on the cheap electricity here. Whatever, this end up falling apart because they had a weird perspective of Venezuela, they thought they gonna get kidnapped once they put a foot in Venezuela because of skin color or financial status, or they gonna get killed while walking on the streets, get robbed, or that their equipment and operations gonna get stolen by other people or seized by the government. I know a couple years ago, some of those points were valid, it's not that bad and I want to where those people get their information from.
Every country has violence and political problems, not just Venezuela. Most of the people talking about getting kidnapped or killed have never been here, not even as a tourist and it's kinda sad. I lost a big part of my time trying to work with this people and also money, because they wanted to visit Venezuela so I needed to pay for a lawyer to get real advice about visas and requirements, other stuff like mining licensing, leasing, electricity costs, registration of a mining business and a lot of other shit.
If you do things illegally, you need to expect having problems with the law and getting your operation seized. Mining in Venezuela is legal, it is regulated and you are protected by the law, you just need to follow certain steps and register your business legally, get the licensing and everything else. Government is actually working on mining spaces, they are spreading hash power among most of our states, offering electricity charge to miners and opening industrial zones just for mining.
I'm all ears for whoever wants to join the discussion, just be respectful, have a nice day and sorry about my scuffed English.
Hey all,
Pretty much as the title says - if you had $100k USD to invest in btc hardware mining, how would you do it? I'm interested in hearing thoughts on location, hosting, splitting investment across different miners e.g S19s, M30S+. Buying hashpower instead of hardware, Here's some info to bear in mind (happy to answer more questions if you have them of course).
Located in the UK but happy to host overseas - ideally US, currently considering Compass for hosting but very open to others
Basic experience in working in a mining pool
Decent understanding of technicals e.g difficulty, hashrate, BTC price impact, buying new vs used, power supplies, scams etc
Looking forward to hearing your thoughts. Many thanks!
Pretty much as the title says - if you had $100k USD to invest in btc hardware mining, how would you do it? I'm interested in hearing thoughts on location, hosting, splitting investment across different miners e.g S19s, M30S+. Buying hashpower instead of hardware, Here's some info to bear in mind (happy to answer more questions if you have them of course).
Located in the UK but happy to host overseas - ideally US, currently considering Compass for hosting but very open to others
Basic experience in working in a mining pool
Decent understanding of technicals e.g difficulty, hashrate, BTC price impact, buying new vs used, power supplies, scams etc
Looking forward to hearing your thoughts. Many thanks!
I'm from Venezuela, so I think I'll use that money to open a mining farm here, cheap electric costs. Just need to include electric cuts and blackouts in your business model, still profitable.
About equipment, maybe Chinese used hardware from a trustworthy seller.