Cryptocurrencies and digital assets overall are nothing new, yet when it all started, back in 2008, many were at least a little skeptical about what this new digital currency brings, whether it’s a scam or not, and how it can affect our lives in the long run. Today, we are all well aware that cryptos are something that will stay with us for quite some time and something that will undoubtedly mark our future, one way or another. The only question here is whether these currencies will be used a hundred years from now or will some new one emerge and become a global currency.
The new terminology
This new currency affected our lives in more ways than one, as it also enriched our vocabulary, adding new words, terms, and phrases. Also, many new words got a whole new meaning as today, when someone says they are mining, the chances are high that they are talking about crypto mining. Yes, for over a decade now, mining has become globally popular as one of the best ways to gain profits. But how so? It is actually pretty simple, and all that one needs in order to mine cryptocurrencies is a mining rig(s), stable and good WiFi, and a good graphic card. This is the main reason why so many people are into mining today, which brings us to the next question, whether it is still profitable today?
The answer to this is a little more complex, as yes, the fact that there are so many crypto miners in the world means that you will need even better equipment which can cost a little more. Furthermore, there are thousands of coins to mine, and deciding whether that would be BTC, the one with most miners and the one that’s already been mined quite a lot, or to go with some altcoin can be challenging. Luckily, there are some pretty promising coins that are yet to explode and make a big impact on the crypto market. The location also plays a tremendous role here because, as you already know, a lot of electricity is needed for coin mining, but that’s just one of the problems. That is why we will now focus more on the cities that provide the best conditions for this.
1. New York
When we speak about digital currencies and especially this topic in the USA, we need to mention The Big Apple because it has the largest mining facility. Perhaps one of the ways to describe it is as a global hub, and it is located in an old aluminum smelter, and it uses the power of wind and water, which is generated by wind turbines and dams on the river. The great thing in the Big Apple is a pretty cold climate which is perfect for preventing overheating of powerful mining machines and many empty factories that can be used for their storage. Although the energy necessary for mining is pretty expensive, almost a third of it is from renewable sources, which is a pretty important thing, especially today when more electric energy than ever is used every day. Besides all that, the policies towards cryptos are pretty friendly, and miners do not need to worry about some unreasonable laws, like in some other cities and states in the US.
This country can be a real paradise for miners because of many reasons. It uses energy from renewable sources since it is rich in water and geothermal power plants, so there is no need to worry about huge bills for electric energy. Besides the huge bills, the excessive use of electricity is not eco-friendly at all, and it is something that we need to worry about. Iceland is great for mining because of its climate, too, since the equipment necessary for it can heat a lot, and the cold Icelandic climate is perfect for cooling, so there is no need for some extra cooling equipment. There are also a lot of perfect places to build mining facilities, and the policies are friendly, which makes Iceland one of the best choices for starting a business.
When it comes to inexpensive electricity, Venezuela is one of the favorable choices for many. Although the political situation in Venezuela is not perfect, hyperinflation did well for cryptocurrencies. Many people believe investing in cryptos is a much safer way to save their wealth, and Venezuela’s government created its own cryptocurrency. It also attracts miners from all over the world as they believe they can gain maximum profit with minimum investments. Besides cheap energy, there are a lot of places to use for mining facilities, so there is no need to worry about proper space.
Siberia is one of the coldest places on the planet, which makes it perfect for crypto facilities because the necessary equipment cannot overheat, no matter how hard it works. It attracts more and more people from all over the globe, which affects many things and also means that the government is doing its best to make some profit out of it all. There are some taxes that miners need to pay and higher electricity price, but when you put everything on paper, Siberia is still one of the best places to open the crypto facility. It is expected that conditions will be even better in the future, which only grants big things.
Well, this sums up our list, as these places promise low costs and the most efficient and profitable ways for mining. Of course, this is just the first step and one piece of a gigantic puzzle that mining cryptos can be, as the next step is perhaps even more important, and that’s choosing the right mining site. Yes, choosing the right one can take some time, as doing some research is a must, but even that is not that big of a deal if you know where and what to look for, so if you want to check a list of the three best cloud mining sites, make sure to check EuropeanBusinessReview.