Mining cryptocurrencies may be profitable for some and may be not for others. There are multiple factors that you need to consider when you are planning to mine cryptocurrencies such as your electricity provider, your weather, your place and even your country.
Your electricity provider plays a big part when your are going to mine cryptocurrencies because your mining cryptocurrencies consumes a lot of electricity so dont be surprised if you see your electricity bill goes up. Different countries have different electricity service provider and they charge differently of course, some providers are expensive specially Singapore and some countries charge less like Canada, so, if you live in a country that has a cheap energy provider, you may have to take advantage of it.
Your country’s weather also plays a part in your mining cryptocurrencies. ASIC miners are heat producing monsters and every asic miners have multiple cooling fans that keeps the asic miner cool to make it perform at its best. If you live in a hot weather country like in the middle east, you have a disadvantage about this factor as your weather may not help about cooling the asic miners compared to countries with cold weather like iceland, canada and on the cold parts of USA. If you live in a cold weathered country, you may take advantage of your cold weather in maintaining your ASIC miners cold most or ever all of the time.
You also have to consider your place, as some countries their law doesnt allow cryptocurrency mining such as Vietnam, Columbia, Ecuador and more.
Here, we listed countries that have big advantage in mining cryptocurrencies.
- Canada – Having a very cheap electricity provider in the world, people who live in canada have a great advantage in mining cryptocurrency, together with their very cold weather that will help keeping your ASIC miner cold.
- USA – With the same reason about Canada, electricity is also cheaper in USA than other countries, also the weather in USA is cold which is great for ASIC miners. Moreover, USA government is friendly in cryptocurrency.
- Russia – The government of russia has been giving attention on the cryptocurrency nowadays and the country is getting friendly on crypto as for today, together with a low temperature weather, russia is a great place to make those asic miners work.