The crypto winter which lasted for pretty much the whole duration of 2018 and then some in 2019 is finally over. The survivors are now licking their wounds and preparing for yet another crypto market consolidation, hoping that the next time such a recession occurs they will be ready.
However, there are some companies out there, that didn’t lose pretty much anything during the crypto winter. Sure, they weren’t profiting as much from mining Bitcoin anymore, but they were somehow still staying afloat without having to lay off staff or cut costs.
Which countries managed to provide such an environment for these companies? What type of laws did they have and how much did it cost to run a Bitcoin mining right there?
There are exactly three countries that provided such opportunities for large mining groups. Let’s see their crypto mining policies just to get a feel as to how they managed to survive.
Although the government of Iran is starting to be a bit sketchy towards cryptocurrencies, their previous national policies of not touching crypto miners but banning crypto trading were working out more or less alright.
It was extremely profitable for the crypto miners themselves as they didn’t disturb the authorities and the authorities stayed away from them as well.
During 2018, mining one Bitcoin was around $3,700 including all of the costs on electricity and staff in Iran.
Therefore, crypto mining companies there managed to stay afloat without having to cut too many costs or seize their operations completely. But how?
Well, there used to be (and still are) very nifty subsidies on energy consumption in Iran. The country’s Ministry of Energy would pay more than half of the actual payment for the amount consumed so that the population would have at least some kind of benefits in terms of finances.