BITCOIN MINING IN GEORGIA

hey bitcoin fans! I've been considering getting into Bitcoin mining for a few months and looking for the best way to do it, balancing the ASIC choice and the cost of electricity. I’m from Spain, and honestly, electricity prices here are crazy high, plus the tax situation is a nightmare, so I’ve ruled out mining in my country. After checking out various European countries for mining, I think I found the ideal spot: Georgia. It has some serious tax perks and the electricity cost is super low (around 0.06 $/kWh on average). I bet there are quite a few folks here who are already mining crypto and Bitcoin in Georgia, given all the benefits. Now, I'm also on the hunt for the best mining gear that offers a high hash rate, low power usage, and is affordable. I stumbled upon the Whatsminer M30S++ (106 TH/s, 3300W, priced at $7300). I’ve got a couple of questions about this... Can I grab this ASIC directly from the official site? Is it safe to order from them? (https://whatsminer.net/) or should I stick to a reliable distributor? From what I see, that seems to be the cheapest place to buy it (way cheaper than from distributors). Here’s the link: https://whatsminer.net/product/m30splusplus-106t-31w-may-delivery/. Has anyone here actually bought from their official site and can confirm it? One more thing... what do you guys think of this brand? I guess Antminer is the better choice (like the Bitcoin Miner S19j Pro), but it's pricier... Sounds like Whats might be a solid option.

Hello, I am a mining equipment supplier from China and a miner with 5 years of experience. The electricity price you mentioned can definitely be mined, and it is also very competitive in the entire market. Last year, because of China's policy, many of us went overseas to mine. Important points about overseas mining: 1 Be familiar with local policies and regulations. 2 Make sure that the site can have long-term and stable power supply 3 The local political environment is stable 4 Local strong friends Regarding the machine, in fact, my personal recommendation is that the S19 is better. I have over 800 s19s in my facility, some have been operating for almost two years without any issues. The M31+ that I bought in May 2021 from another mine has been repaired several times. As for the purchase of the machine on the official website, in fact, the machine was booked in advance by our mining equipment supplier several months before production, so the official website has no inventory. If you don't buy much, I suggest you buy directly from Alibaba/Newegg. If you buy a lot, I suggest you choose a reliable supplier.

Thank you a lot for your advice!! Regarding the website to buy the ASICs, is it better to buy it on Alibaba than the official website? (for example here: https://shop.bitmain.com/product/detail?pid=00020220215200429870z649US72061C). Couldn't be dangerous in Alibaba for scams? And also according on what I see on the official website, I think it's cheaper than Alibaba or other distribuirtors... What do you think? Thanks!

Obviously, buying from the official site is the safest way possible. Some suppliers in sites like Alibaba are either scammers or will sell you something that is substandard, especially if there is no trade assurance or buyer protection. I say this because I have some experience purchasing Items using such site

Georgia is really a good place for mining, many of my friends have their own small mines there

Hi Warren and other posters, Not to hijack.. Electrical cost is but 1 of several costs required for mining eg rental, maintenance etc. Is USD 0.08 an all in rate?

Why not consider the 'other Georgia' instead? I'm talking about the state of Georgia. The power cost will be 6¢ or lower as long as you use 1MW+. Here's an example of a farm based out of there

i used 0.06$/kWh https://www.asicminervalue.com/miners/microbt/whatsminer-m30s-1 I always thought that 700-800 days payback for an ASIC is a very bad investment. The profit will gradually fall and you have no advantages in the price of electricity. Video cards look more attractive with a 3-year warranty.

Hello world! Wow looks like Georgia becomes not only mining capital, but Digital Nomads, especially for russians in 2022  =( Georgia became the first country in the world to move its land registry to blockchain territory. Transactions that used to take 3 business days or more to complete are now done in 10 minutes in a mobile app. The open and transparent cadastral system prevents conscientious civil servants from manipulating property rights, and the machinations of the unscrupulous are now easy to trace. Main Pros: Positive business climate (6th in Doing Business rankings). Tax benefits. Absence of corruption (not sure) Availability of insurance firms for the crypto industry. Open dialogue with tax and government authorities. Free industrial zones. Legality of mining and circulation of cryptocurrencies (holly true) Cheap electricity (0,6 cents per 1 Kilowatt). In Georgia you can officially sell cryptocurrencies through bank accounts and exchanges and have no problems with the law, because everything is legal. BUT The picturesque highland region of Svaneti has become a cryptocurrency yard, leading to a chronic shortage of electricity. Mountain dwellers are not the only ones in Georgia who use electricity subsidies for cryptocurrency mining: unexpectedly, mining farms also appeared in monasteries.

100% agree. The risk of ASIC vs. GPU mining seems to be the same, while the historical return is much higher for GPUs. The only question is what the profitability will be after ETH 2.0. My guess is it'll be similar to the 2019-2020 bear market, with a 20% ROI every year. High power prices aren't such a problem. IMO, the worst aspect of ASIC mining is the hardware failure rate, which can be anywhere from 5% to 40%. The average seems to be 10%/year these days. Video cards are an order of magnitude less, even for old ones.

Hello I'm from the UK and was actually planning to move to Spain and mine Bitcoin. Have you considered installing solar panels and mining from your own electricity? I do plan to visit Georgia and see a few miners out there before I start building, I know someone who mines with immersion tanks which is something I would need to do in a hot country like Spain. Good luck! Fritz

I don't recommend immersion unless your farm will be large or you have experience. The machines run less efficiently at high clock speeds. Since we're in a bear market, you probably want to underclock instead of overclock. I would just copy what Whitstone does in the hot Texas climate, which is to build a big evaporative cooling wall. Immersion cooling really only makes sense during a gold rush like 2021.

Agree with this as well. No need for immersion. Focus on getting cool (pre cooled air) in and exhaust out. You will do just fine.

We've been mining in Georgia for nearly a year now, and so far so good.  The conditions are favourable for miners - both from electricity prices and regulations.   Caution is needed for where you purchase your miners from - best to use a reputable dealer with a good track record.  Economies of scale often mean you can get better prices by purchasing through mining companies, who have good relationships with reliable dealers.   Good luck in your endeavors.   mim.farm

What you maybe also need to consider in countries like georgia is that maybe the power is way cheaper than in spain, but you will have additional expenses for securing the miners and also for traveling there if you have a problem. Also if for example the miners get stolen, which i think is in georgia is way more likely than elsewhere, there would not be a good support of the police to help you in your case.