Crypto Mining

Island Treats

Member
Sep 5, 2003
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I have a question and some thoughts regarding investing in Solar and Wind Turbines in the DR. I have been a Crypto investor for sometime. I am now contemplating taking the next step by actually mining Cryptcurrency. Since a huge cost of mining is the extortionate electricity cost due to the process. Would it be cost effective to take advantage of the natural environment that the DR offers? By acquiring the land and setting up Solar Panels or Wind Turbines, I would be able to reduce the cost margins in the processing.
What are your thoughts on this subject? What would be the pros and cons in venturing out in the DR?
,
 

Bob Boyd

Member
Feb 3, 2004
251
12
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The cost of electricity will force you to look elsewhere. The more you use, the higher the cost of the KH.
 

beeza

Silver
Nov 2, 2006
3,257
407
83
Certainly worth looking into. And even more so as Bitcoin mining has been in the news recently and dropped by Elon Musk over the continued use of fossil fuels in China for mining.

And now that China has banned crypto mining, miners will be looking for alternative locations. And why not a location with a huge amount of sunshine to harvest.
 
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beeza

Silver
Nov 2, 2006
3,257
407
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The cost of electricity will force you to look elsewhere. The more you use, the higher the cost of the KH.
Agreed, the cost and reliability of the grid would not be conducive to crypto mining. But if you make up a completely off grid set-up using wind and solar, that would be worth it. Although initial investment will be huge.
 

Island Treats

Member
Sep 5, 2003
179
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Do the math, it is expensive to mine:

Miner Daily
Expensive? Yes! Going off the grid? Yes! $26,000 to mine one bitcoin in South Korea to $530 in Venezuela. No fossil fuel need to apply in the DR!
Trust me its doable with less money and ingenuity if applied correctly. I just think this would make a fantastic industry for the DR. But of course politics would spoil the whole thing.
 

MariaRubia

Well-known member
Jun 25, 2019
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Expensive? Yes! Going off the grid? Yes! $26,000 to mine one bitcoin in South Korea to $530 in Venezuela. No fossil fuel need to apply in the DR!
Trust me its doable with less money and ingenuity if applied correctly. I just think this would make a fantastic industry for the DR. But of course politics would spoil the whole thing.

If anyone is interested, here's a story of a guy who lost US$ 20,000 trying to do this.

 
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Island Treats

Member
Sep 5, 2003
179
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SOSUALIVING.COM
If anyone is interested, here's a story of a guy who lost US$ 20,000 trying to do this.

Excellent insight into the aspects of the crypto setup. Also entertaining on his personal business model of his home and land setups.
Harnessing the abundant energy is the most important aspect of the deal. Of course mileage may vary on the land acquisitions and equipment.
 

USA DOC

Bronze
Feb 20, 2016
2,832
534
113
I have a question and some thoughts regarding investing in Solar and Wind Turbines in the DR. I have been a Crypto investor for sometime. I am now contemplating taking the next step by actually mining Cryptcurrency. Since a huge cost of mining is the extortionate electricity cost due to the process. Would it be cost effective to take advantage of the natural environment that the DR offers? By acquiring the land and setting up Solar Panels or Wind Turbines, I would be able to reduce the cost margins in the processing.
What are your thoughts on this subject? What would be the pros and cons in venturing out in the DR?
,
Investing in anything in the DR can be risky business........
 

windeguy

Platinum
Jul 10, 2004
36,308
2,721
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Technically you could mine 24/7–365 days. Rain or sunshine…as long as you have the energy.
I realize you could , but then you would need sufficient storage batteries is you were solar/wind powered.

Or use the grid at night or when solar/wind are not sufficient which seems to get us into the very expensive power issue here.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,399
952
113
Yep and bit coin mining on any scale would require a container load of them.

And that is where I was going with my questions.

Please read the link I posted, the energy consumption is that of a small city to mine crypto.
Why not just trade it?
 
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windeguy

Platinum
Jul 10, 2004
36,308
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Please read the link I posted, the energy consumption is that of a small city to mine crypto.
Why not just trade it?
Indeed, that is where I was going with it.

I saw a documentary on the massive amounts of power used because of the huge number of computers in racks needed.

Practical in the DR? I doubt it, but I could be mistaken.
 

windeguy

Platinum
Jul 10, 2004
36,308
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So , lots of solar panels, lots of batteries, lots of inverter chargers, lots of computers and whatever AC cooled buildings you need along with watchmen to guard them 24/7.

Lots of money to be made? I have no idea other than it seems very risky to do that here.

10.86 RD per kWh if you need grid power to supplement all that "free" energy.
 

JD Jones

Moderator - Covid 19 in DR & North Coast
Jan 7, 2016
4,533
2,158
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I know squat about Bitcoin. Supposedly there is one set amount that doesn't increase or decrease. So what's to mine?

Why does one do incredibly complex computer equations to mine bitcoin if all of it is spoken for already
 

Tamborista

hasta la tambora
Apr 4, 2005
11,399
952
113
I know squat about Bitcoin. Supposedly there is one set amount that doesn't increase or decrease. So what's to mine?

Why does one do incredibly complex computer equations to mine bitcoin if all of it is spoken for already
18,744,093.75
Total BTC in Existence

2,255,906.3
Bitcoins Left to Be Mined

89.258%
% of Bitcoins Issued