Wilmington, DE, Nov. 25, 2020 (GLOBE NEWSWIRE) -- HASHR8 Inc. – the Bitcoin mining and media company behind the mining platform Compass – is launching a global index to quantify the attractiveness of various regions for Bitcoin mining. HASHR8’s Bitcoin Mining Index will be a collection of reports that analyze the country-level viability of conditions for Bitcoin mining around the world. Each report will explore electricity costs, energy mix, regulatory risks, and capital expenditure.
“HASHR8 is committed to disseminating accurate and educational mining content to the world,” states HASHR8 CEO Whit Gibbs. “I am confident that our Index will save Bitcoin miners time and money by informing better decisions.”
Bitcoin miners must consider multiple factors when deciding where to establish mining operations. The general assumption is that "cheap power" is the all-important metric, however many ancillary conditions bear importance. Is a region politically-stable? Are there favorable policies towards bitcoin and cryptocurrency? Is power sustainable throughout the year? What assurances are there that millions of dollars of mining equipment won't disappear overnight or be subject to government seizures? HASHR8's Bitcoin Mining Index explores the many questions and concerns Bitcoin miners have when considering their new facility location, and presents the actionable insights necessary to inform proper decisions.
“Miners lack a reliable resource that provides accurate information when considering various regions to establish operations.” states HASHR8 Director of Research John Lee Quigley. “Through our Bitcoin Mining Index, we aim to help Bitcoin miners weigh the pros and cons of prospective regions.”
The inaugural release of HASHR8’s Bitcoin Mining Index details the conditions for Bitcoin miners in Russia. Russia ranks among the leading hashrate contributors worldwide. A federal law introduced in Russia this year legitimized Bitcoin mining as an official economic activity and clarified how Bitcoin miners must operate within the region. Russia’s Siberian region offers extremely competitive electricity rates to Bitcoin miners with rates equivalent to $0.02 to $0.025 per kWh commonly secured. Russia shares a border with Mainland China but imported equipment is subject to VAT. Bitcoin ASIC hardware imported from Mainland China is subject to a 20% VAT. Many miners reduce this VAT by indirectly importing through Kazakhstan which incurs a 12% VAT.
Read the full report: The State of Bitcoin Mining in Russia
HASHR8 is a modern mining company focused on democratizing bitcoin mining while providing actionable insights through research and media. Founded in 2019, HASHR8 gained credibility through their trustworthy content and candid interviews with the leading professionals in the industry, leading Forbes to name them one of the Top 10 Cryptocurrency Podcasts of 2020.
Their core product, Compass, will empower bitcoin miners to buy and host hardware with ease. Compass opens bitcoin mining to funds, institutions, hobbyists, hodlers, and believers. For the first time in a long time, everyone can mine bitcoin with low-cost power at the best facilities in the world.
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HASHR8 RESEARCH HASHR8 Assesses The World Of Bitcoin Mining With Launch Of Index Reports