Known, that the profitability of crypto production directly depends on the cost of electricity. The less the miner spends on feeding the "farm", the more profitable it is for him to do business. In search of the best conditions, digital coin miners are ready to move anywhere in the world. We have compiled a list of countries for profitable mining.
1. Iran
In Iran, introduced a temporary ban on mining. Due to drought in the country power outages. Until the end of September, it will be impossible to extract digital coins on the territory of the state.
And this country is among the leaders in mining.. Cryptocurrency mining is officially allowed here. With 2019 the production of digital money has become part of the state economic policy. To engage in this activity, you only need to obtain a special license from the Ministry of Industry.
Miners go to Iran for inexpensive electricity and favorable conditions for business. Representatives of the cryptocurrency industry choose the country for the legality of digital assets and a high level of profit.
2. Kuwait
The second country on our list is Kuwait. Is considered, that it is quite easy to do business in this Middle Eastern state. Miners also choose this direction, including because of the cheapness of electricity.
The country's authorities have not yet decided on the regulation of cryptocurrency mining, but there is no official ban, which allows crypto mining participants to work quietly.
With exchanges here, everything is a little more complicated.: many of them are inaccessible to residents of the country. Digital money miners are forced to sell cryptocurrency abroad.
3. Venezuela
A separate place in the history of mining belongs to Venezuela. Cryptocurrencies in this country occupy a special position. Local residents are trying to use them to deal with the consequences of hyperinflation, overwhelmed the country as a result of weak financial policy.
The authorities tried to rectify the situation, offering people the national digital currency El Petro. President Nicolas Manduro even promised to open a casino chain, in which bets will be accepted in the national cryptocurrency, and all the proceeds should be directed to the development of education and health care. But, nor these, no other attempts to popularize the new tool were successful. People did not appreciate the efforts of the authorities. But mining was taken seriously, especially since there were more than enough hands for this in a country with high unemployment..
The desire of Venezuelans to work in the crypto industry and affordable electricity attracts cryptocurrency business from all over the world to this country, especially since the extraction of coins in Venezuela is legalized, a National Digital Assets Committee (SUNACRIP) issues licenses to miners.
4. Iceland
The fourth favorable country for miners – Iceland.
The organizers of mining find here several advantages at once: affordable electricity, savings on equipment for cooling computers and loyal attitude of the authorities to business.
5. China
China and here ahead of the whole planet. The country has the world's largest volume of bitcoin hashrate. Chinese companies Bitmain and Canaan are the largest enterprises for the production of mining equipment.
Little of, that the country already cheap electricity, so in the rainy season, members of the crypto community can receive energy directly from power plants.
6. USA
Sixth country – USA. In America, miners live more than well. Cryptocurrency miners are legally protected, thanks to a well-developed regulatory framework. Itself cryptocurrency in the country it is also used on a par with the usual means of payment. To make purchases and transfers, it does not need to be converted into traditional money.
Conditions for mining in each state are different, but everywhere profitable. In some, there are more free spaces for the arrangement of "farms", in others – good climate, which allows you not to buy additional cooling equipment, in the third – affordable electricity. All of the above has a positive effect on the cost of mining in the country.
7. Russia
Domestic cryptocurrency miners are also lucky. Russia is included in the list of places for profitable mining. Vacant land, affordable electricity, high unemployment - all this attracts migrant miners to the country. And after the adoption in January of this year of the law "On Digital Financial Assets", cryptocurrencies in Russia received official legal status.
In the list for profitable mining are still Canada, Slovakia, Czech Republic – generally larger 80 countries.
