Access to Bitcoin mining in many countries is almost impossible due to the high electricity rates that must be paid.
Bitcoin by its nature is affordable to anyone with Internet access, but mining is a more problematic issue. To extract crypto coins, a number of requirements need to be met that are denied to citizens in many countries of the world.
Leaving aside some government obstacles, such as taxes, or laws that make the activity illegal, there is the issue of energy. In fact, there are many countries where virtual mining is not expressly prohibited. However, the costs of the service are so high that it seems that this is the case.
Thus, citizens who want to access Bitcoin Storm, not by means of exchanges, but by producing them, lack that right. What can be done in countries like Costa Rica or Guatemala, where the electricity bill is the highest in Latin America to access crypto-mining?
Is Bitcoin mining possible in countries with high energy costs?
As said, accessing Bitcoin is possible anywhere in the world without major problems, but mining requires a little more attention. In many places, particularly in Latin America, there are nations where it’s extremely difficult to become a miner.
Countries like Argentina, for its part, think that the industrial electricity bill doesn’t reach the scandalous levels of Guatemala; mining is also uphill. In this sense, it’s not the same to buy Bitcoin at Binance or LocalBitcoin, as it is to generate them in your own machines.
When you connect an ASIC to generate Bitcoin or other crypto-currencies, the meter begins to count. If you add to this the high cost of the mining machines, you can be sure that the amount of money generated by the activity is not enough to cover the electrical costs, let alone a quick return on investment.
At this point, it is worth asking if there is any way out for those who aspire to become miners. The answer is that yes, there are two ways out. One is in companies that mine remotely and the other is in more efficient equipment.
Bitcoin mining: efficiency is the key to the market
Distance mining companies
There are a lot of Bitcoin mining companies, which lend their hash power for a certain time to their customers. In other words, in exchange for the purchase of a plan or package, you’ll mine with certain hash power, which will be rented to you by the company. Whatever these machines generate at the time of the contract, will go into your e-wallet.
To observe it from another angle, let’s take the example of an entrepreneur who sets up his farm in countries with low electricity costs (for example, Venezuela). This person, through a package of plans, offers part of the hash of these machines to clients in countries with expensive electricity, (for example, Uruguay).
In this way, the former exploits for his benefit the free electricity in his country. Meanwhile, the second has the opportunity to be part of Bitcoin’s mining business without worrying about electricity bills.
It sounds great, but the problem is that there are many such companies that are fraudulent. There are dozens of cases of customer scams by these fake farmers.
The countries with the most expensive electric bills are the ones that are most detrimental to Bitcoin mining, and the countries with the most expensive electric bills are the ones that are most detrimental to Bitcoin mining.
Bitcoin mining is a source of revenue during the pandemic
Keep your eyes open
The recommendation is not to move away from remote mining companies, as these are often the only hope of getting into business. However, what is advisable is to be on the lookout for bogus companies that seek to defraud.
To do so, a previous investigation of the selected company should be carried out. Before investing, you must be sure that the company has a valid business registration and all the relevant legislation. Likewise, the most advisable thing to do is to go to the most famous companies because they are the ones with the highest confidence index.
Bitcoin mining is a business that gives for big profits. The duty of people who aspire to enter it in countries where energy is very expensive. It’s to do your own research and not to invest your money lightly.
Is it possible to have good results?
During the COVID-19 pandemic, Bitcoin mining has been one of the fastest growing businesses in the world. The results have been positive for thousands of people. But do people who access companies that rent out their computing power have a chance to make good money?