Only 48 countries in the world can mine cryptocurrencies profitably

By beachbummer | CryptoBeach | 31 Aug 2019


Disclaimer: This is based on current prices and retail electricity prices worldwide as of March 2019. It is also based on the default settings of WhatToMine.com and does not take into consideration any mining optimisations or special pricing arrangements. Just take it as a general indication. :)

The magic electricity price is USD 0.11/kwH or less, and the countries with electricity prices at or below the rate are (ranked in terms of increasing electricity price, e.g. Burma has the lower price, while Canada has the higher price):

Burma, Qatar, Iraq, Egypt, Iran, Kazakhstan, Azerbaijan, Algeria, Zambia, Ghana, Tr.&Tobago, Bahrain, Pakistan, Saudi Arabia, Afghanistan, Ukraine, Georgia, Malaysia, Bangladesh, Nigeria, Tunisia, Russia, Vietnam, Sri Lanka, Macedonia, Nepal, Belarus, UA Emirates, China, India, Serbia, Cameroon, Mexico, Armenia, Argentina, Jordan, Botswana, Taiwan, Turkey, Albania, Domin. Rep., Ecuador, Indonesia, Tanzania, Bosnia & Herz., South Korea, South Africa, Canada

If you have ever wondered whether you can mine with the hardware that you currently own or perhaps invest in mining hardware, you should go to https://whattomine.com/ and find out if you have what it takes to be the next cryptocurrency kingpin. If you are new to mining and you find the interface overwhelming, then you should just focus on 2 areas: hardware and cost.

First of all, make sure you are in the correct section. By default, WhatToMine brings up the GPU calculation page. If you are calculating for ASICs, you should click on the "ASIC" tab to get the correct page. Once you are on the correct hardware page, fill in the number of GPUs or ASICs that you will be using for your mining operation. If you are not sure which GPUs you own, you can use the Device Manager of your OS to find out.

The next most important field to key in is the price of electricity. There is a box labelled "Cost" that allows you to key in the cost per kWh. Once done, click on Calculate and scroll down to see the various coins. You should be looking at the last column labelled "Profitability" to find out whether you can make money from mining that particular coin. Once you have decided on a particular coin, you should then research on how you can mine that coin, but that is a whole new other topic!

If you really need to know more about mining a particular coin and have trouble researching about it, do let me know in the comments and I will see if I can help!

Do follow me if you enjoy my articles and feel free to leave comments! Please Do Your Own Research. This does not constitute as trading advice.

 

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beachbummer
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