When one wants to mine cryptocurrencies it is usually a spontaneous decision, which isn’t going further than setting up a small mining rig. However, there are those, who have finance and resources to build a farm – a colossal cluster of machines solving cryptographic tasks day and night. Hence, by the word “rig” I will be addressing these farms.
Nevertheless, a definite decision coupled by funds is not enough to start mining. One should sit and calculate the profit so not to sell the cluster after a month of exploitation, understanding that difference between money spent on cooling and electricity and money “dug out” is not substantial to continue mining.
So what one needs to take into consideration to become a Bitcoin millionaire? Current difficulty per block, price of the given digital coin, the laws are not a thing to be ignored.
However, among other things it’s the price per kWh – main scourge of those who want to mine for digital gold. The thing to understand is that prices on electricity change from country to country but price of the cryptocurrency remains relatively the same as long as there is a branch of big exchange.
Too expensive
In case you plan on mining Central Europe I beg you to reconsider. Maybe with the salary levels there it seems that price range of 19 US cents (forward on all prices will be in US cents) per kWh in France to 41 per kWh in Denmark isn’t really anything special, comparing it to other countries it feels ludicrous.
Next in our list are Japan and Australia with 26 and 29 cents per kWh. Again, I don’t see why anyone would want to mine there. With prices like that it’s just burning money.
Not quite
Biggies like Russia, Canada, Mexico and US are much more attractive looking back at the crossed out countries. However, the Mexican geographical and Russian political climates aren’t exactly suitable for establishing a rig. I wouldn’t count on US for too long though, sooner or later regulations and bureaucracy will choke cryptocurrency there.