What are the best countries for opening a mining farm?
Criteria for selecting appropriate countries
The cost price of coins will narrow down the list of countries suitable for launching the farm. There are several parameters for choosing a country. According to Sergei Sergienko, a crypto investor, founder and CEO of ChronoBank's blockchain company: "Countries with a cool climate are most suitable for mining. As for warm countries, mining may be beneficial primarily in those places where solar energy technologies are applied, it is used to mine cryptocurrency.
Mining costs are made up of several indicators. The main ones are electricity and equipment. Capital expenditures include building or renting a space, buying equipment racks, installing, removing heat (using water or air), as well as costs for service staff. It's clear that mining is most profitable in countries with cheap electricity.”
Crises, wars, revolutions
If you have already purchased equipment and found a country with cheap electricity, wait a little before a trip. Read some local news. Do not rush to buy a ticket, if this place is famous for pirates, bloody dictators or free trade of grenade launchers. If there are still some consequences of recent revolutions, tribes of cannibals, religious fanaticism, racial, national or sexual discrimination – all this matters. It's unlikely that you want to mine bitcoin in the trench.
Volcanoes and floods
The same applies to natural disasters. Think before you rent a house, which is under a threat of being carried away by high water every spring. Or a house with a roof that must be cleared of ash from a local volcano. You must also stay away from typhoons, tsunamis and earthquakes. It is impossible to predict the future, but if California burns every summer, then in the next year it is likely to flare up again.
Accommodation and staff
To maintain a large farm, people and space are needed. Both must be paid money subtracted from the profit, so check how much your total expenses would be. It is important to maintain a balance so as not to overpay, but at the same time not to cut corners a lot. Trained employees will mine much more than amateurs. They will solve the extraordinary problems, which can not be avoided.
Electricity
Its price directly affects efficiency of business. Equipment consumes megawatts of energy. Far from recouping a project, high cost of kilowatt may even make it detrimental. If this is not taken into account the project is likely to fail. After weeding out totally inappropriate states one should focus on the price and availability of electricity. Here are no surprises, these are developed and developing countries.
It is important to choose prosperous countries also because they will not have problems with the Internet or blackouts. If there are still some, they will be shorter and they will be solved faster. You can find all the needed employees, delivery points for international companies, where it is easy to buy equipment and service companies to repair it.
Conclusions
If you combine all the details of a successful mining farm then the conclusions are as follows. It is worth to look at the European countries. Here the laws are more loyal than in the US or China and there is relatively cheap energy. The rental and staff costs in Eastern Europe will be cheaper compared to the western part of the continent. Experts advise to think about mining in the Scandinavian countries, Russia, Canada and Iceland. They have a cool climate and affordable energy prices.