As mentioned above, if you are mining the more lucrative coins (BTC, Eth), you need some serious hardware… seriously expensive that is.
Brazil’s new bill proposes a tax exemption on imports of computer hardware used to mine crypto. This would take a large burden off new companies looking to enter the mining space in Brazil and has some speculating that Brazil could soon challenge the US and China as the top mining spots in the world.
If the bill passes there is one caveat, all mining operations must prove that they are powering these computers with renewable energy sources. A quick Google search shows us that Brazil utilizes 83% renewable energy sources with the most prevalent being hydroelectric power. (Others include wind, biomass and solar)
While it’s possible this bill will die on the floor, regardless of the outcome, the fact that Brazil is got crypto on the brain has to be a good thing for crypto’s success worldwide. What say you?