How does mining work? Users send bitcoins from one place to the next. However, unless someone recorded each of these transactions, nobody can really make sure who paid, how much, at what time. what enables to record every transaction in a given period, are blockchains.The work of the miners is to confirm those transactions and write them in the ledger, a chain of blocks.A few mining heavens:
Venezuela is becoming a mining pool, the cost of mining a bitcoin is approximately $530. Considering that the price of the average market currency is around $10,700, a miner makes approximately $10,100 dollars for each bitcoin mined in Venezuela, a huge gain. The reason for this is because the high inflation rate causes electricity to be very cheap.
Trinidad and Tobago one of the best places to mine bitcoins. The cost of electricity in Trinidad & Tobago is steady, at around $0.05 per kWh. Mining a bitcoin in Trinidad is cheap the cost is $1,190 per Bitcoin. As far as it is known, not many miners are willing to go in the Caribbean and start mining there; therefore, those who do mine there find it to be very cheap.
Uzbekistan Is going to be a cryptocurrency mining center, given the country’s cheap electricity. Uzbekistan got the third place in being the cheapest place to mine bitcoin. It costs almost $1,800 to mine a single bitcoin in this nation, compared to Venezuela and Trinidad where the mining costs amount to $530 and $1,190 respectively. It has not been long since the agents of the Central Bank of the Republic of Uzbekistan alluded to cryptocurrencies as an instrument for terrorism financing and money laundering.
Iceland: With its 100% renewable vitality, perma-cool temperatures, and information cable associations to both sides of the Atlantic is a ‘sweet-spot’ area for companies to base their power-consuming and heat-producing machines. Iceland mines each Bitcoin for less than $1,000.
So far, Venezuela is the cheapest place to mine Bitcoin; the profit is almost 97%, which is amazing for any business in the world.