This is a question for Bitcoin miners. High cost of electricity can really cut down on the profitability of Bitcoin mining. I want to know what geographic location has the cheapest electricity and thus most profitable Bitcoin mining in the world?
closed as off topic by lemonginger, eMansipater, David Schwartz, Dori Sep 13 '11 at 1:15
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According to the EIA: http://www.eia.gov/emeu/international/elecprih.html
The cheapest electricity prices from their available data would be Kazakhstan at .052USD/kWh.
Although electricity cost itself would not be the only determining factor of profitability, it would be a major part.
Currently FPGA's seem to be the answer for best performance/kWh. Some other factors to think about would be(not 100% inclusive of all the factors):
- Difficulty in sourcing equipment to the country of choice.
- Governmental taxes
- Employee Cost
- Weather Conditions(HVAC)
- Government stability (Politics in General)
- Ability of the power distribution network to handle your load.
I would say any place electric heating is in use. Computers are just as efficient at heating as electric heaters are, so the Bitcoins are effectively mined for free, as far as the cost of electricity and cooling goes, the two biggest costs. (You still have the cost, and depreciation, of hardware, of course.)