Mine Crypto in Bahrain and lose big, mine in Saudi and double your money

March 7, 2018 5:29 pm

Programmer configures the computer for bitcoin mining.

No one is safe from Crypto miners worldwide who are hacking into computers in both public and private sectors for a chance at abusing your electric power for free.

They are only interested in tapping onto your socket and mine, and not create malware, spy or hold your files hostage for ransomware.


Because it’s pure profit when mining off of someone else’s power supply.

But not every miner is a thief, and in some countries millions can be mae, while in others millions will be lost.

Related: Bitcoin to reach “epidemic” status as it becomes mainstream currency 

Mining prices

Finance Magnates, an industry site said New Jersey-based electric supply company Elite Fixtures has published a list of the price of mining one bitcoin (BTC) in 114 different countries.

“Worldwide, the Bitcoin industry’s energy needs are equal to almost 10% of the electricity consumed by the entire UK,” said Finance Magnates.

“The only way to profit from mining Bitcoin nowadays is to work to scale, with large numbers of hard-running and power-hungry mining computers.”

Given a current Bitcoin price range of $11,000 one could still technically make a profit by mining in the majority of countries examined, but the costs associated with expertise and equipment setup are often project stoppers.

Read on: Better get used to paying for groceries in Bitcoin in 2018, GCC

China’s cheap power costs allowed a crypto mining industry to develop there but recent crackdowns by authorities forced miners to look elsewhere.

Venezuela is the cheapest place to mine in the world at the moment, because electricity is heavily subsidised by the government, costing you only $530 per bitcoin.

Saudi is second cheapest at $3,172, and where you can essentially double your money.

The most expensive place is South Korea, where it will cost you a staggering $26,170 to mine one bitcoin.

Bahrain is the second costliest, costing $16,773 per bitcoin.


Ooops: Bank error nets Bitcoin owner $trillions

Mining making millions

According to UK’s Express online, the cryptocurrency mine launched by Japanese IT firm GMO Internet has generated more than $3 million in bitcoin revenue over the past three months.

He company said it had generated 23 BTC, 93 BTC and 124 BTC in December, January and February, respectively, for a total of some $2.67 million.

“In addition, the firm further reported a total mining income of 525 bitcoin cash during the same period, an amount valued at $654,000,” sai the site.

GMO’s mining venture brought in a little over $3.3 million in revenue within months since its start.

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Exchange bitcoins and strike it rich

According Bloomberg, digital-asset exchanges are emerging as one of the biggest winners of the cryptocurrency boom.

“The top 10 are generating as much $3 million in fees a day, or heading for more than $1bn per year,” according to estimates compiled by Bloomberg using trading volume reported on data tracker CoinMarketCap.com and fee information on the exchanges’ websites.

“Tokyo-based Binance and Hong Kong-based OKEx are handling the largest volume of trading, equal to about $1.7bn daily and based on fees of 0.2%, higher than 0.07% for the most active traders, Binance is likely bringing in the most cash per day.”

Huobi, Bitfinex, Upbit and Bithumb, which are all based in Asia, come next in the ranking.

They process between $600 million and $1.4 billion of trading volume and charge fees of 0.3% on average.

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BTC, Crypto performance update

Coindesk said that BTC fell below $11,000 mark Monday, and today is in the $10,500 at publishing time.

“Breaks below $11,000 look to have weakened the bull case on the technical charts, and a major positive move looks increasingly unlikely in the short-term,” said coindesk.

According to CNBC, the likelihood of bitcoin prices falling to $100 is greater than that of it trading at $100,000 a decade from now, quoting Harvard University professor and former chief economist of the International Monetary Fund Kenneth Rogoff as saying recently.

” Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small,” Rogoff said.

Bitcoin is down around 16% this year, having fallen from a record high of nearly $20,000 in December 2017.




Hadi Khatib
By Hadi Khatib
Hadi Khatib is a business editor with more than 15 years' experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about it.