Bitcoin Miners Archives - Mineurs World

Mar, 2022

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Bitcoin in UAE

Where Can I Find a Bitcoin ATM in the UAE?

Bitcoin ATMs are a convenient way to buy and sell Bitcoin and other cryptocurrencies for cold hard cash. This method usually incurs relatively high (5-10%) fees, but that’s the price to be paid for the convenience of getting cash for your Bitcoin in less than half an hour.

Many ATM operators publish live prices for their machines, so you can see the exact rate you’ll get before even visiting the ATM.

Some will require you to complete identity verification, though for many this is as simple as confirming a phone number.

Our Bitcoin ATM locator lists just one Bitcoin ATM in the United Arab Emirates, located in the Rixos Premium Hotel in Dubai.

What Is the Price of Bitcoin in the UAE?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

Another good way to check the price of Bitcoin in the UAE is to go the your exchange of choice and check the price in your local currency that Bitcoin last sold for. The price of an asset is just this – the value of the compensation for which it was most recently exchanged. This price differs across markets, i.e. one exchange may have a slightly lower or higher price depending on varying barriers to entry and liquidity. So, the price that matters most is the one you can actually trade at.

See above for a list of the best Bitcoin exchanges in the UAE.

There are also a range of websites such as CoinMarketCap and Nomics that list the prices of hundreds of digital assets, drawn from a range of exchanges and averaged out.

Can I Buy Property With Bitcoin in the UAE?

Buying property with Bitcoin in the United Arab Emirates is definitely possible, though not the always the simplest way to go about investing in real estate.

In late 2019, real estate developer Ellington Properties announced that it would accept payment in Bitcoin for all of their listed porperties.

As a tech-driven and customer-focused company, we move with the market trends to meet the customer aspirations, especially in this era of digital financial engagement. Cryptocurrency is becoming an increasingly popular payment method. Enhancing the customer experience through an added payment choice, Bitcoin Suisse will serve as our preferred crypto brokerage provider that will further add to our international property transactions – and in turn, bring more value to Dubai’s economy.Paula WehbehHead of Business Strategy, Ellington Properties

Another Dubai-based developer – Knox Group – has sold out of the 400 units it offered to the market with the option of paying with Bitcoin (via the U.S. company BitPay).

Knox Group’s Aston Plaza residences.

But while purchasing property with Bitcoin through certain real estate firms may be as straightforward as possible, there are still restrictions to keep in mind.

The UAE still prohibits the use of cryptocurrencies as a method of payment or deposit. This means that you can’t exactly buy a house with Bitcoin, you must work with a third-party broker who will convert it to fiat currency before sending it to the seller.

It’s not quite yet the decentralized future many have imagined, but it’s a step in the right direction.

Can I Get a Bitcoin Debit Card in the UAE?

Bitcoin debit cards are a great way to turn your crypto gains into holidays, gifts, or just groceries. Bitcoin debit cards allow you to spend a range of cryptocurrencies (always Bitcoin, often Ethereum, and sometimes other altcoins) wherever Visa or MasterCard is accepted. You either pre-load a certain amount of Bitcoin onto the card and convert it to fiat currency manually, or this is done at the time of purchase.

Unfortunately, there are not many Bitcoin debit cards available to UAE residents.

	Available in the United Arab Emirates?
Bitpay	No
Cryptopay	No
MCO	No
Revolut	No
Uquid	Available to existing Uquid customers in the UAE
Wirex	Account available, but not the debit card

Uquid offers virtual and physical debit cards, both of which can be topped up with Bitcoin and linked to PayPal and other online payment services. Physical cards can be used for ATM withdrawals, while POS transactions are fee-free. Both are valid for three years.

No identity verification is required if you stay under $1000/£1000/€1000 limit over the lifetime of the card. Beyond that, you’ll need to provide identity verification and proof of address.

How Do I Cash Out Bitcoin in the UAE?

The easiest way to cash out of Bitcoin in the UAE is to use an exchange that supports withdrawals of your preferred fiat currency. BitOasis allows users located in the United Arab Emirates, Saudi Arabia, Kuwait, and Bahrain to withdraw AED to the bank account reigstered with the exchange.

The abovementioned Bitcoin debit cards allow you to withdraw cash from any ATM. If you’re able to get your hands on a Uquid debit card, this may be the easiest way to convert your Bitcoin into cash.

Bitcoin ATMs are another way to exchange your BTC for fiat currency. There is one Bitcoin ATM in the United Arab Emirates, located in Dubai.

LocalBitcoins and other P2P exchanges are another option.

Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you’ll minimize any potential problems.

As selling Bitcoin for fiat currency is generally considered a taxable event, you’ll want to make sure you comply with local regulations regarding taxation of capital gains. Check out our guide to the best cryptocurrency tax software to help you maximize your profits.

BuyIng Crypto And Bitcoin in the USA

Popular Exchanges to Buy Crypto & Bitcoin in the USA
POPULAReToroBUY NOWat eToro’s Secure SiteFeesVaries by crypto/spreadAccount Minimum$10PromotionNone
- Start trading fast; high limits
- Easy way for newcomers to get bitcoins
- Your capital is at risk.
CoinbaseBUY NOWat Coinbase’s Secure SiteFees0% – 0.50%Account MinimumNonePromotionEarn $5
- US based crypto & Bitcoin exchange
- Best way to buy crypto in the US
- Instantly connect bank account and buy
Coinbase ProBUY NOWat Coinbase’s Secure SiteFees0% – 0.50%Account MinimumNonePromotionEarn $5
- Some of the lowest fees available
- Good for buying large amounts of crypto
- Based in the USA

Chapter 1

Top Cryptocurrency & Bitcoin Exchanges in America

Coinbase

Coinbase is probably the fastest and easiest way to buy bitcoins in the USA.

If you need bitcoins fast, then buying with a debit card is a good option. Coinbase charges 3.99% fees for debit card purchases but you can get your coins instantly.

Another payment option for US customers is using a connected bank account. The fees are less for this method–1.49%–but your coins are only delivered after five days.

Get up to $36 in free crypto when you signup using Coinbase Earn.PROS

High liquidity and buying limits
Easy way for newcomers to get bitcoins
“Instant Buy” option available with debit card

CONS

Purchases made with bank transfer can take up to 5 days to complete
Coinbase may track how and where you spend your bitcoins

Ease of UseEasyPrivacyLowSpeedAverageFeesAverageReputationTrustedLimits High

Coinbase Pro

Coinbase’s exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.PROS

Some of the lowest fees available for US and EU customers
Possible to buy bitcoins for 0% fees

CONS

User interface is confusing for first time buyers

Ease of UseHardPrivacyLowSpeedAverageFeesLowReputationTrustedLimits High

Gemini

Gemini is a New York-based Bitcoin exchange, open to residents of the United States, UK, Canada, Hong Kong, Japan, Singapore and South Korea. Deposits can be made via wire transfer, SEPA or ACH transfer.

Get $20 of free BTC after trading $100 or more within 30 days.PROS

Trustworthy and regulated exchange
Instant deposit lets you buy coins quickly (but not withdraw them)
Some of the lowest fees in the US and Canada

CONS

Somewhat confusing to use for new buyers
Not yet available in all US states

Ease of UseHardPrivacyLowSpeedSlowFeesLowReputationTrustedLimitsHigh

Bitcoin IRA

Bitcoin IRA offers a tax-advantaged way to invest in Bitcoin and Ethereum using your 401k or other retirement savings.

Bitcoin IRA is a US licensed IRA custodian, so you know your crypto or Bitcoin IRA is in full compliance with the Federal Government.PROS

Tax Advantaged Bitcoin Savings
Easy to set up account

CONS

Cannot custody the Bitcoin yourself

Ease of UseAveragePrivacyLowSpeedFastFeesLowReputationTrustedLimitsHigh

Swan Bitcoin

Swan Bitcoin is a dollar cost averaging Bitcoin exchange, where users can set up recurring Bitcoin purchases to be drafted from their bank account or credit card every month or week.

Get $10 in free BTC when you make your first purchase.PROS

Easy to set up
Automated dollar cost averaging
Very low fees

CONS

First purchase takes awhile
No way to sell on platform

Ease of UseHardPrivacyLowSpeedFastFeesLowReputationTrustedLimitsHigh

LibertyX

LibertyX is an American service which makes buying bitcoins with cash simple. First, use LibertyX’s app to locate a store near you that sells LibertyX codes. Next, enter your LibertyX code to the app, along with your Bitcoin address and you’ll receive your bitcoins very soon after.

If you connect a Facebook account to your LibertyX app, your first $1,000 of purchases are fee-free. Otherwise all purchases cost 1.5% + $3 in fees.PROS

Easy and fast way to buy bitcoins with cash
Low 1.5% (plus store fee) rate for cash purchase method
Daily $1000 limit is fairly high for a convenience service

CONS

Participating stores add their own variable fee
Some verification is required which lowers the expected privacy level of cash purchase
Attaching your Facebook account further degrades privacy

Ease of UseAveragePrivacyAverageSpeedAverageFeesAverageReputationTrustedLimitsAverage

Bitcoin ATMs

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they’re also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.PROS

Our map makes it super easy to find a Bitcoin ATM near you

CONS

Bitcoin ATMs often have 5-10% fees per purchase

Bitcoin Mining in China

China was the undisputed world leader in Bitcoin mining until July 2021, when the Chinese government banned all mining operations in the country.

Chinese mining pools had control more than 60% of the Bitcoin network’s collective hashrate.

Not only did China manufacture most of the world’s mining equipment, but massive mining farms were located there to take advantage of extremely cheap electricity prices.

Estimated Hashing Power by Country

Here was the estimated mining hash power breakdown by country in July 2021 according to University of Cambridge Centre for Alternative Finance:China – 65%USA – 7%Russia – 7%Kazakhstan – 6%Malaysia – 4%Iran – 4%Canada – 1%Germany – 0.6%Norway – 0.5%

Other interesting stats are:

The UK has a very small share of mining (0.1% GB, and 0.03%)
The EU countries only own about 3.5% of all mining hash rate

As you can see, China was dominating Bitcoin mining by a very wide margin.

But why?

In this article, we are going to explain why China is such a mining powerhouse in Bitcoin and other cryptocurrencies. The answers may surprise you.

–

Chapter 1

Cheap Electricity

Electricity cost is the most important factor for a profitable mining operation. As mining difficulty increases, the least efficient miners are forced to shut down first.

Electricity in China is extremely cheap compared to most other countries. Chinese electricity in industrial regions is either supplied by hydro-electric facilities or subsidized by the state.

China’s cheap electricity keeps Chinese miners at peak efficiency and allows them to outlast their foreign competitors. cost of electricity by country

A very large portion (if not the majority) of Bitcoin’s energy comes from China, and most notably in “green” powered areas like Sichuan and Xinjiang where renewable sources like hydroelectric, solar, and geothermal are common. chinese mining map Map showing percentage of total Bitcoin mining in each province mining provinces in china Here is an alternative view of that data if you aren’t familiar with China’s geography

In many cases, the energy produced by these wind farms and dams is higher than the local grid can take. This means that they are producing energy that would otherwise not be used by anyone since the local grid, which takes energy and distributes it across distances, cannot hold it.

Take Sichuan, for example:

Total hydropower reached more than 75 GW in 2017, greater than the total in most Asian countries. It was also more than double the capacity of the province’s power grid, meaning lots of wasted power.David Stanway, ReutersOne of Sichuan’s many hydroelectric dams

How to Find the Best Bitcoin Miner

There are some important factors to look at when determining which Bitcoin mining ASIC to buy:

Hash rate – How many hashes per second can the Bitcoin miner make? More hashes cost more, which is why efficiency is crucial.

Efficiency – You’ll want to buy the most efficient bitcoin mining hardware possible. Right now, this is the Halong Mining Dragonmint T1. Since miners use a large amount of electricity, you want to buy one that converts the most amount of electricity into bitcoins.

Price – How much does the bitcoin miner cost? Cheap mining hardware will mine less bitcoins, which is why efficiency and electricity usage are important. The fastest and more efficient mining hardware is going to cost more.

Don’t try to buy a miner based on only price or only hash rate. The best ASIC miner is the most efficient bitcoin miner. Aim for value.

QUICK TIP

You can also mine litecoin with Bitcoin mining machines, but it’s usually just best to buy litecoin from an exchange.

Bitcoin Miners for Sale on eBay or Amazon

If you’re a hobby miner who wants to buy a couple rigs for your house, eBay and Amazon both have some decent deals on mining hardware.

Used Bitcoin Mining Hardware for Sale

Both new and used bitcoin mining rigs and ASICs are available on eBay. One may want to buy used ASIC mining hardware on eBay because you can get better prices.ASICs for sale on Ebay

eBay’s customer protection ensures you’ll get a working product. Other bundled equipment may be included with your purchase depending on the seller.

We recommend purchasing the Dragonmint or the Antminer S9.

Hardware Profitability

You can use a bitcoin mining profitability calculator to determine your estimated cost of return on your mining hardware.

Reminder

Don’t forget to think about your tax obligation on the coins you buy or mine. There are some great tax software suites to make it easy! For instance, we have a great guide on how that software works to pay taxes on Coinbase buys.

Be sure to take electricity costs into account. Most mining hardware appears profitable until electricity costs are accounted for.

The best way to determine actual profitability is to figure out your electricity cost per hash. That is really what will make or break your operation.

Most Efficient Bitcoin Miners

While good Bitcoin mining hardware needs to have a high hash rate, efficiency is just as important.

An efficient Bitcoin miner means that you pay less in electricity costs per hash.

To improve your efficiency, there are also companies that will let you order hardware from their warehouse and run the miners for you.

You could also cloud mine bitcoins, though these deals are usually scams. Both options are also a lot less fun than running your hardware!

Bitcoin Mining Hardware Companies

Bitmain – Bitmain makes the AntMiner line of Bitcoin miners. Bitmain is based in Beijing, China and also operates a mining pool.

MicroBT – MicroBT is another Chinese ASIC miner manufacturer, based out of Shenzhen. Their WhatsMiner series is a major competitor to Bitmain’s AntMiner line.

Canaan – Canaan put the very first commercial Bitcoin ASIC miner to market. In addition to making Bitcoin mining machines, Canaan also has a suite of blockchain tools and business solutions.

Bitcoin Mining Equipment

In addition to a Bitcoin mining ASIC, you’ll need some other Bitcoin mining equipment:

Power Supply – Bitcoin rigs need special power supplies to funnel and use electricity efficiently.

Cooling Fans – Bitcoin hardware can easily overheat and stop working. Buy a sufficient amount of cooling fans to keep your hardware working.

Backup generators – You may want generators as a backup in case your main source of electricity goes down.

You can find Bitcoin mining equipment for sale on eBay.

Bitcoin Mining Without Hardware?

It’s still technically possible to mine bitcoins without dedicated mining hardware.

However, you’ll earn less than one penny per month. Mining bitcoins on your computer will do more damage to your computer and won’t earn a profit.

So, it’s not worth it unless you’re just interested to see how the mining process works. You’re best bet is to buy dedicated hardware like the Antminer S19.

ASICs’ Impact on Cryptocurrency

Bitcoin is based on blockchain technology, a decentralized platform which takes power away from a central authority and gives it to the average person. Sensitive information is stored on the blockchain rather than large data centers, and is cryptographically secured. A vast amount of people, known as miners, all work together to validate the network, instead of just one person or government.

In the beginning, CPUs were used to solve cryptographic hash functions, until miners discovered that GPUs were far better equipped for mining. As block difficulty increased, miners turned primarily to GPUs.

Some GPUs were made solely for mining Bitcoin.

Eventually, technology was developed solely for mining, known as ASICs, or Application Specific Integrated Circuits. Their hashrates are significantly higher than anything GPUs are capable of.

With stellar performance comes a high price tag – the best ASIC chips will run you a few thousand dollars each. Upon creation, Bitcoin blocks were confirmed by the average person using their desktop – once ASICs hit the market, things changed.

How?

ASICs rendered GPUs useless. ASIC developers, including Bitmain, granted early access to large mining cartels rather than the average person.Photos from inside a Chinese Bitcoin mining operation

Thousands of ASICs all mine simultaneously in a mining farm (large warehouse). Evidently, most people can’t afford even one or two of ASICs so thousands of them would be out of the question.

When ASICs hit the market, the blockchain’s validation process became more centralized as more and more hashing power was consolidated into a handful of mining companies, rather than being spread out amongst many miners. Unfortunately, Bitcoin is no longer as decentralized as it was once intended to be.

–

Successor to the Throne

Bitmain Antminer S19 Series

PROS

Market-leading hashrate at up to 115 TH/s, and efficient at ~30 Joules per TH/s
Reasonably priced at $440 new (plus shipping)
Popular miner with plentiful guides and parts available

CONS

Out of stock at Bitmain and tricky to find elsewhere
Very high power consumption of 3250W
Very noisy at 81.4 dB

What is an ASIC Bitcoin Miner?

Since it’s now impossible to profitably mine Bitcoin with a standard computer or laptop, you’ll need specialized hardware called ASICs.

Here’s what an ASIC miner looks like up close:

The Dragonmint 16T miner.

Originally, Bitcoin’s creator intended for Bitcoin to be mined on CPUs (like your laptop or desktop computer). However, Bitcoin miners discovered they could get more hashing power from graphic cards. Graphic cards were then surpassed by ASICs (Application Specific Integrated Circuits).

Think of a Bitcoin ASIC as specialized Bitcoin mining computers, Bitcoin mining machines, or “bitcoin generators”.

Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with low-cost electricity.

Don’t Get Confused

There is Bitcoin mining hardware, which mines bitcoins.

There are also Bitcoin hardware wallets like the Ledger Nano X, which secure bitcoins.

Check Profitability

You can use our calculator below to check the mining hardware above. Input your expected electricity price and the hash rate of the miner for an estimate.Hash Rate:
GH/s TH/s Bitcoin Price ($):
Power consumption (watts):
Cost per KW/h in $:
0
Profit / day$0
Mined per day0 BTC
Mined per day$0
Electricity costs per day0
Profit / month$0
Mined per month0 BTC
Mined per month$0
Electricity costs / month0
Profit / year$0
Mined per year0 BTC
Mined per year$0
Electricity costs / year

Profitability Factors

The Bitcoin price and the total network hash rate are the two main factors that will affect your profitability.

Our calculator is more accurate than most others because ours assumes the 0.4527678% daily increase in network hash rate. This has been the average daily increase over the past 6 months.

Most other calculators do NOT include this metric which makes mining appear way more profitable than it actually is.

The Bitcoin Price

Bitcoin mining is a booming industry with an estimated 1,000,000 unique individuals mining bitcoins. The major driver of this increase is the rising price of Bitcoin.

The Bitcoin price increased in 2021 from around $30,000 on January 2021 to around $46,000 on January 2022. There were many times over the year that the price exceeded $50,000 even reaching a high of about $67,000. Try messing with the calculator using different prices.

Know your Competition

It may seem easy to just spin up a miner.

But you NEED to take a look at just how serious mining is.

The video below offers an inside look at what was one of China’s largest mines.

Bitcoin Mining Hardware

Bitcoin mining as a hobby can be fun and even profitable if you have cheap electricity and get the best and most efficient Bitcoin mining hardware.

Bitcoin mining is competitive. Until recently, it’s not been ideal for the average person to mine since China’s cheap electricity has allowed it to dominate the mining market. But that has changed since China outlawed mining in their country. Even with this recent change, if you want bitcoins then you are better off buying bitcoins.