Currently, Kuwait is the cheapest country to mine digital currencies like Bitcoin. As compared to other countries you don’t have to spend huge amounts on crypto mining. If you are thinking of mine Bitcoin then you can move to Kuwait and start your crypto without incurring much expense every month.
Kuwait has a relatively low cost of living which is why services are pretty cheaper as compared to other countries. Also, another reason for cheap electricity is that sunlight is abundant in Arabic countries like Kuwait. Hence, there is an abundance of solar energy that can be converted to electricity. Source
The article doesn’t mention a source but it looks like the conclusion might be based off a research paper published back in November that states:
Kuwait is the most affordable country to mine Bitcoin, with an electricity cost per Bitcoin of $880. Similarly to many other countries in the Middle East, Kuwait has almost limitless oil and gas reserves, and the government is also heavily subsidizing electricity prices.
I never got into bitcoin but I do see a lot of mining rigs going up for sale in the classifieds section all the time. If Kuwait is indeed one of the cheapest places to mine then that would explain why so many people try it out here but I’m having a hard time believing it can be $880 per Bitcoin, that seems super cheap.
15 replies on “Kuwait is the Cheapest Country to Mine Bitcoin”
It is cheap in homes compared to commercial apartments if the bill is not covered in the rent. However, the government has been trying to deal with this issue lately by confiscated mining rigs and cracking down on home owners who mine. It was on the news a while back.
As far as I know, the crackdown was on people who were hacking power lines and stealing electricity.
I remember it was against people who owned houses and set up every space with mining rigs while they lived elsewhere. No electricity siphoning was mentioned in the last raid I read about. The ministry of electricity, housing, Citra and other branches of government were working together to put a stop to it. They said they’ll prosecute them last I remember. Not sure what the charges will be but it’ll be an interesting case if it does move forward. Also, confiscating mining rigs at customs shows that they’re taking measures regardless of stealing electricity or not. Again, this is getting interesting in terms of where the country stands on this topic. China already banned crypto and introduced its own centralized? take on it. Kuwait had plans to do the same a few years back and nothing came of it afaik. Let’s see where this cracking down leads to.
China bans bitcoin every single year. Can’t wait for this 2022 ban this fall.
While we wait for the government to work on banning cryptocurrency, the rest of the GCC are moving to embrace it. Oh well nothing new here, move along.
GPUs so expensive in Kuwait (local market )!! Whether you are looking for a next-gen card or an older one, all of the cards that come into stock lately have inflated prices and limited availability. all credits goz to cryptominers…..
Mining Bitcoin is contributing to Kuwait becoming unlivable because of rising temperatures.
As electricity prices will never be raised to reasonable levels, it has now become possible to exploit Kuwait’s one resource in another way.
We already waste epic amounts of energy in the form of petrol, and water, now we can waste it as electricity as well to mine Bitcoin. Another use that will provide no benefit to the state whatsoever.
I come back to my point again: Want people not to exploit any resource? Increase prices and I don’t mean 5-10%. Make a big enough difference so people actually think before reducing the temperature on their AC thermostats by one degree or turning on another lightbulb. And something we can easily exploit (for free in the long run) is solar energy but due to its high initial investment, we tend to stick to oil-powered sources.
Big enough difference would be to remove the subsidy on electricity completely. The state is really loosing a lot of money when you think of all the subsidies they contribute to for people to live here in Kuwait. That is a compelling idea that needs to be looked into.
It should be banned in kuwait .
Bitcoin and Why Cryptocurrencies Will Fail | Wiktor Jaszczuk | TEDxYouth@2SLO
https://www.youtube.com/watch?v=aztemRtR3wc
LOL this dude is still stuck in 2013
You cannot penalize all the consumers just to align few of the abusers. Old meters have already been replaced in most of the areas. Pricing should be based on the usage. So the slab for essential usage per household is charged lower 5 fils per unit (or included in rent) but once you cross the slab kWh …say 3000 kWh per month you are charged exorbitantly. This will encourage energy savings and discourage energy abuse. A classic Carrot & a Stick solution.
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I honestly have been mining for the past year and a half and I believe Kuwait is suppose to embrace mining as there is no diversity in our economical income. We need to start educating our people on how to build passive income and whether you like it or not then change is coming. I would recommend reaching out to local stores that would forfill your needs better than purchasing from abroad reach out to local stores such as miningkw on instagram that was an account i got legit gpu rigs and asics rig from with no need to wait. Mining has been a life changer for me I would recommend everyone to look into it if they are diversifying their income