Cryptocurrency started more than a decade ago, and ever since, it's taken a few hits and misses. However, for the most part, it's the new normal for Gen X as they dabble in financial dealings and future planning.
Forget stocks and gold; people moved towards investing in cryptocurrency solely based on its appreciation over the years. From a few dollars, its worth skyrocketed to thousands, and it's only upwards from here!
But, digital money isn't a real thing in most parts of the world. Some countries like China have even placed a ban on crypto mining. While it's already daunting to invest a large sum of money in an intangible good, it's even harder to navigate the accessibility of the asset.
Even though the cryptocurrency is a lucrative investment, it's crucial to know where you'll be able to mine the coin. Cryptocurrency is secured on a blockchain to ensure that the virtual money remains secure, but it also means that you can't just access it wherever and whenever – you need to mine it.
Mining cryptocurrency isn't as easy as it may sound. You need supercomputers, air-conditioning for the equipment, high power levels, and not to forget, loads of money for this, too! You can't set up shop in your basement; there's a proper protocol for crypto mining now, with people taking it up as a full-time profession.
Though, most countries aren't crypto-friendly. For example, they don't accept crypto as a form of payment, you won't find any banks that deal in it, and you won't be able to mine it either!
These are just a few reasons why you want to ensure that the country you're using as a Segway for crypto is reliable, safe, and feasible for your situation. Keeping these factors in mind, let's take a look at some tried and tested countries for crypto mining.
If you want to learn more about the drawbacks of crypto mining and how to safely work your way around it, reach out to us for a consultation.
The USA is number one on our list solely because it's the last man standing after China backed out from the crypto race! Although, USA's low electricity prices and renewable energy sources are a pretty tempting offer that one can't resist.
Despite loopholes in policy and regulation, a few states in America are a hot hub for cheap electricity and crypto mining. It's a safe bet, considering the number of US citizens actively investing and promoting the asset.
Notorious for its geothermal energy plants and renewable energy, Iceland is a hot contender for an investment country. Iceland's efficient energy structure set in place provides cheap and accessible power across the region.
Affordability, mixed with the country's cool climate, serves as the ideal location to set up shop for crypto mining. Especially after an influx of miners looking towards Iceland for mining, it's likely that the popularity of crypto will only increase over time.
Another European country with cheap electricity and lax laws is Georgia. Their police and tax laws are encouraging enough that you could up and move to invest in cryptocurrency. Plus, Georgia's got its very own home-grown mining farm, BitFury.
It's a peaceful country with good weather where you'll stay happy, and so will your crypto investment! Although it's important to note that mining comes with a few drawbacks, like the banking system's incompatibility with cryptocurrency.
Another strong contender is Canada, especially after setting up hydroelectric plants in Quebec – an attraction for miners! Canada is turning into a haven for all the people rejected from mining crypto back in their home country.
Surprisingly, many people opt to mine in Canada, given the uncertainty of their assets back home. It's a safe country with reasonable regulations and an abundance of miners, so it's a healthy investment environment.
Although there is a lot of instability around cryptocurrency in Venezuela, we're still including it on our list because of extremely low energy prices. It's a hot favorite for miners since they get the cheapest rates for double the work!
Given the financial unrest in the country, many citizens are moving towards investing in crypto. Even the government is hopping on the trend after launching their currency called Petro, which instills faith in miners that the country won't be launching an anti-crypto campaign anytime soon.
Managing your cryptocurrency can be challenging, especially with mining, investing, trading, and still staying sane! It's also tricky territory for beginners who don't have previous experience in the field or aren't well-versed with the crypto language.
There's always a doubt lurking in every investor's mind – what if things go wrong? Even after a decade, it's still a new and uncommon concept that many people hesitate to invest in. People are sensitive to every little development or news related to cryptocurrency.
Sometimes the cryptocurrency price dips might throw some people off, but it's not so bad in reality! The lowered numbers are actually a blessing in disguise for investors who are lying in the wake of an opportunity. It's the ideal time to buy and get into the market at a lower cost and then wait for the prices to rocket again.
While all these factors are part and parcel of the investment game, a helping hand is always a good idea. Hiring our services can help you save time and the hassle of learning each nitty-gritty detail about cryptocurrency. We can easily cover all the technical work while keeping you updated, of course!
Our team will care for all your needs, from investing at the right time, keeping track of your crypto currency, and mining it. Whether you want to learn more about cryptocurrency, curate an investment plan according to your situation or get a free consultation, we're here for you!
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