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Bitcoin is availed by an action named bitcoin mining, the concept of bitcoin mining was introduced by the inventor of bitcoin in the very first place. After bitcoin, almost every cryptocurrency or altcoin was equipped with such technology.
Bitcoin mining is underlined as an exceedingly robust entity of the bitcoin network as devoid of bitcoin mining. The security of the bitcoin network alongside the supply of bitcoin will decline to an exceeding extent.
Bitcoin mining at the very first place of bitcoin invention and release was exceedingly simple as it did not requisite any unique resources to be invested. However, after a considerable time span, bitcoin acquired the limelight and became popular across the globe; this inclined the value of the bitcoin unit. Subsequent to the skyrocketing of bitcoin value, individuals just acknowledged the profitability of bitcoin mining.
The cost of bitcoin mining at the instance is enormous, and the significant expenses of bitcoin mining are utterly dependent upon the cost of electricity in your region. Undeniably bitcoin mining is an exceedingly profitable progression, but if you commence bitcoin mining with the cheapest electrical source, it becomes super-profitable and easy. There are websites like ethereum trader, which can help you in getting profitable results in your bitcoin expedition. Below mentioned are some of the optimal regions for bitcoin miners to have cheap sources of electricity to mine and live in.
Why Does Bitcoin Mining Consume an Extraordinary Amount Of Electricity?
You might be familiar with the fact that bitcoin mining consumes an exceeding amount of electricity, but no one is familiar with the fact why. There are merely a few reasons why bitcoin mining consumes an extraordinary amount of power; let’s have a look.
Proof of work
Proof of work is the utmost criticized technical aspect of bitcoin mining as proof of work is correspondingly responsible to an exceeding extent for the bitcoin mining energy consumption. Proof of work renders zero barriers and limitations to the users for mining. If you are equipped with a computer, you can mine bitcoin units. All the more, the bitcoin miners who solve the complicated math puzzle at the very instance avail the block reward, and the electricity invested by other miners gets wasted.
Bitcoin mining rigs
Proof of work has correspondingly led to an exceeding extent of competition in the bitcoin mining industry. A miner cannot possibly stand out amongst the competition in the bitcoin mining industry having standardized computer hardware in order to stand out amongst the competition, bitcoin miners have to use a robust bitcoin mining rig, and the bitcoin mining rigs consume an exceeding extent of electricity. All the more, due to extraordinary competition, these bitcoin mining rigs have to operate all day long to avail the block reward.
Cheapest Places to Live and Mine
There are few places which offer you the cheapest electricity to live in and mine, let’s have a look.
Venezuela
Venezuela is the cheapest country in terms of bitcoin mining as the electricity offered by the country is exceedingly cheap. However, there is a shortage of food in the country; all the more, the fiat currency of Venezuela is not equipped with a considerable value in the global marketplace at all. The rate of inflation in Venezuela is just exceeding, which is one of the prominent reasons why the fiat currency is not having a robust value.
Kuwait
Kuwait is correspondingly one of the cheapest places to live and mine bitcoin. In contrast to Venezuela, it is much easier to live in Kuwait as there is no shortage of food supply in Kuwait; all the more, sunlight is one of the prominent sources of energy in Kuwait. The fact might amaze you that you are allowed to mine a bitcoin unit for just $1400 in Kuwait.
China
China might have banned bitcoin mining, but it is correspondingly a cheap country in terms of bitcoin mining; all the more, it is effortless to adapt to the environment of China. The cost of mining bitcoin in China is very cheap, and undeniably it is a bit expensive from the regions established above. But still, you can mine bitcoin without investing gigantic resources.
These are some of the regions to live in and mine.
