When you are going to be mining with Bitcoin hosting, you want to make sure you are being as efficient as possible, naturally. This means you want to have a powerful machine that has the capability to perform as many hashes as possible per second. However, you also want to be sure that you are not spending so much on the cost of running the machine that you are not making enough money through the Bitcoins that you earn to make up for the cost and provide a profit.
New Orleans, Louisiana
Some of the cheapest electrical rates will be found in the state of Louisiana, and you can find several datacenters in this city that could work well for your ASIC miners. Currently, the average commercial electricity in New Orleans is 8.2 cents per kWh, while the residential rages are 9.82 cents per kWh, and the industrial rates are 6.4 cents per kWh.
Baton Rouge, Louisiana
Because of the low costs of electricity in the state, you may also want to consider Baton Rouge. In fact, you will find that the rates for electricity are a bit cheaper here in most instances. The average commercial electricity rate is 8.25 cents per kWh, while the residential rates are 8.2 cents per kWh, and the industrial rates are about the same at 6.42 cents per kWh.
Boise, Idaho
Idaho is another state that tends to have some low power rates when compared with the rest of the country. On average, the commercial electricity rate in the city is just 6.21 cents per kWh. The residential rate is 8.55 cents per kWh and the industrial rates are only 5.43 cents per kWh.
Seattle, Washington
The state of Washington has some low energy rates, too, and Seattle is home to more than 40 datacenters. The cost of commercial electricity in the city is currently 6.8 cents per kWh, and the residential costs are 7.75 cents per kWh. The cost for industrial electricity is at 5.95 cents per kWh.
Spokane, Washington
While it has fewer datacenters, you will find that the electricity rates in this city are quite low, as well. In fact, they are even lower than Seattle. The current cost of residential electricity is 5.62 cents per kWh, the residential rates are 5.71 cents per kWh, and the industrial rates are 4.13 cents per kWh.
Little Rock, Arkansas
Rates in Arkansas tend to be low, as well, and there are several datacenters in Little Rock. The average commercial electricity rate in Little Rock is 7.73 cents per kWh. The residential rates are 9.65 cents per kWh, and the industrial rates are 6.3 cents per kWh.
The biggest costs when it comes to getting into bitcoin mining are going to be energy. The current value of a single bitcoin, at the time of this writing, is $8,936.90. Of course, this can change by the time you are going to be choosing the datacenters for your machines. Typically, based on the current prices of the above cities – which can vary – it will cost between $3,200 and $3,500 in energy costs for a single bitcoin.
When you determine how much the energy will cost, it can give you a better idea of how much you could potentially make with Bitcoin. Do not forget to factor in the cost of the machine, of course.
Choosing the Right Datacenter
Always take the time to examine the datacenters in the cities above, and check to see if the cost of energy may have dropped in other states and cities. Find the datacenters that can offer you the service and options you need, and that can keep down the overall costs of your energy. This is the best way to be sure you can make a profit with Bitcoin.