Bitcoin mining price determines the cost of mining Bitcoin at a particular location in the world. Different places across the world have different prices for so many services rendered, those are found essential for mining Bitcoin. Cost of electricity is a very important price factor for determining Bitcoin mining price.
The cost of electricity differs from place to place, from country to country, in this world, Evidently, where the cost of electricity is less, the Bitcoin mining price will also be less.
Unfortunately, the prices of electricity and computing power, needed for mining Bitcoin, is showing a rapid upward trend, along with the rise in price of Bitcoin. Solo mining of Bitcoin has become now a very expensive affair. Bitcoin is now mined by collective mining or big scale mining operations, which includes running of multiple Bitcoin mining rigs.
Bitcoin Mining Price varies differently in different locations in the world
The Bitcoin mining price shows a dramatic variation from country to country, mainly for the effective cost of electricity in that particular country. It affects the cost of mining one Bitcoin, based on the Bitcoin mining difficulty level of January 2018.
Countries such as Trinidad and Tobago, Kuwait, Belarus, and Bangladesh still show some prospects of profitability in Bitcoin mining, as a Bitcoin mined in these countries costs around $ 1,190, as the lowest. Whereas, in countries such as Belgium, Cook Island, South Korea or Marshall Island are the grave yards for Bitcoin miners, as a single Bitcoin to be mined there costs as much as $ 26,170.
Countries such as United States and United Kingdom give some relief in Bitcoin mining price, as cost of mining single Bitcoin amounts to around $ 8,402. China, now hub of the mining crypto currency, has a costing of mining single Bitcoin of $ 3,172.
Bitcoin mining through HashGains- the leading Cryptocurrency mining company-
The Bitcoin mining price is controlled to a large extent by HashGains, the leading and a large-scale mining operation company. HashGains derives its source of energy from renewable energy, thereby, cutting down the cost of energy considerably.
Bitcoin Cloud Mining- a process of Bitcoin mining.
Bitcoin Cloud mining is a process of mining Bitcoin. Bitcoin Cloud mining, also known as Bitcoin Cloud Hashing, utilises the services of a data centre, which is located remotely. This Bitcoin Cloud mining is done with shared power for processing.
Bitcoin Cloud mining enables the Bitcoin miners to mine Bitcoin without procuring, maintaining and managing the Bitcoin mining hardware. The mining service provider companies house and maintain the Bitcoin or other crypto currencies mining rigs, in a facility. The aspiring Bitcoin miner just needs to register herself/himself with the mining service providing company, to start mining Bitcoin. These Bitcoin miners also need to purchase mining contracts or shares, from the mining company, to start mining Bitcoin.
The Bitcoin miner purchases hashing power from the data centre, in the form of Gigahash per second or GH/s. The Bitcoin miner can purchase her/his desired amount of hashing power from the data centre, for the entire period of the contract. There are such Cloud mining service providing companies, who allow their customers to trade their purchased hashing power, with other miners.
Cloud mining data centres are located in areas where the cost of electricity is cheaper, making the Bitcoin mining price affordable for the miners.
How Bitcoin Cloud Mining is beneficial to Bitcoin miners?
- Bitcoin Cloud Mining provides the miner freedom from the torture of suffering from excess heat.
- Bitcoin Cloud Mining is a silent mining process, as there is no constantly humming noise of mining rigs fans.
- Bitcoin Cloud Mining exempts the miners from paying the electricity bills for mining.
- The Bitcoin Cloud Miner does not have to face the fuss of selling her/his mining rig, if she/he gives up the idea of Bitcoin or crypto coin mining.
- Bitcoin Cloud Mining frees the miner from the problems of ventilations with hot equipment.
- The Bitcoin Cloud miner needs not worry about delay in delivery of her/his mining rig, by the supplier of mining hardware.
HashGains, the leading Cloud mining service provider company, provides the best Bitcoin Cloud mining service, Cloud mining pool contracts to the miners, to help the miners to Cloud mine Bitcoins, in the most easy way.