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On 2/24/2018 at 6:35 AM, Cahoot said:

Because electricity on average costs way more in Europe than in, say, Asia, meaning that a big chunk of the profits will be eaten by the cost of doing business in Europe. Quite a large number of European miners are just kids in their parents' basement or students who get free electricity in their dorms. For larger scale stuff it's much more profitable to mine in Asia, so that's where the majority of the operations are run in.

Didn't think about this one yet.. I knew mining wasn't profitable over here, but in other parts of the worlds it's way more profitable ofcourse/

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19 hours ago, Teis91 said:

Didn't think about this one yet.. I knew mining wasn't profitable over here, but in other parts of the worlds it's way more profitable ofcourse/

I'm not saying that it wouldn't or couldn't be profitable, especially if you take the long-term gamble of the coins you're mining might grow in value, but even from the get-go you're making a lot less revenue because the operating costs will be higher both in terms of electricity, wear and tear and the location. Sure there are miners in Europe as well, but they're mostly located in Asia due to everything being noticeably cheaper there.

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mining.jpg

 

Cryptocurrency mining tends to gravitate towards countries with cheap electricity.

As Cryptocurrency mining is somewhat centralized, 10-15 mining companies have claimed the vast majority of network hash power.

With many of these companies in the same country, only a number of countries mine and export a significant amount of cryptocurrencies

China

 

China mines the most cryptocurrency and therefore ends up “exporting” the most cryptocurrencies. Electricity in China is very cheap and has allowed Chinese Cryptocurrency miners to gain a very large percentage of Cryptocurrency’s hash power. It’s rumored that some Chinese power companies point their excess energy towards Cryptocurrency mining facilities so that no energy goes to waste.

China is home to many of the top Cryptocurrency mining companiesIt’s estimated that these mining pools own somewhere around 60% of Cryptocurrency hash power, meaning they mine about 60% of all new cryptocurrencies.

Iceland

This country has Genesis Mining.

Georgia

Georgia is home to BitFury, one of the largest producers of Cryptocurrency mining hardware and chips. BitFury currently mines about 15% of all cryptocurrencies.

Sweden

Sweden is home to KnCMiner, a Cryptocurrency mining company based in Stockholm. KnCMiner currently mines about 7.5% of all cryptocurrencies.

US

The US is home to 21 Inc., a Cryptocurrency mining company based in California. 21 runs a large number of miners but also sells low powered cryptocurrency miners as part of their 21 Cryptocurrency computer.Most of the hash power from the 21 Cryptocurrency computers is pointed towards 21’s mining pool. 21 Inc. mines about 3% of all cryptocurrencies.

Other Countries
The countries above mine about 80% of all cryptocurrencies.

The rest of the hash power is spread across the rest of the world, often pointed at smaller mining pools.

 

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4 hours ago, Cahoot said:

I'm not saying that it wouldn't or couldn't be profitable, especially if you take the long-term gamble of the coins you're mining might grow in value, but even from the get-go you're making a lot less revenue because the operating costs will be higher both in terms of electricity, wear and tear and the location. Sure there are miners in Europe as well, but they're mostly located in Asia due to everything being noticeably cheaper there.

You're right, by mining the right coin you can still make profit. But when you're in Europe you'll make less profit.

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18 hours ago, P.E. said:

Besides mining there are more options to gain coins like reward programs, watching add's, etc. These costs less energy. 

But they're also nearly complete waste of time :P I wouldn't compare mining with something that "earns" you maybe few bucks in exchange of hours upon hours, just get a job and earn the same in few minutes. In all honesty for most of us just working and buying our coins is hands down the most cost efficient way to get into the game.

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10 hours ago, Cahoot said:

But they're also nearly complete waste of time :P I wouldn't compare mining with something that "earns" you maybe few bucks in exchange of hours upon hours, just get a job and earn the same in few minutes. In all honesty for most of us just working and buying our coins is hands down the most cost efficient way to get into the game.

Very true. That is what I do. And a bit of mining every now and then. But it is an option.

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