2026-01-04 23:21:54

A Bitcoin mining market in a Middle Eastern country is playing out a surreal drama — legitimate industries are insignificant, while underground mining is growing wildly.

According to industry analysis, the officially recognized mining capacity is only 5 megawatts, but underground mines consume up to 2 gigawatts, a gap of 400 times. What is hidden behind this number? Ultimately, it’s a money issue.

The country has long faced international sanctions, with domestic inflation consistently above 30%, and the local fiat currency has depreciated significantly. People’s money is shrinking. In this context, Bitcoin mining has become a viable option — especially since local electricity prices are ridiculously cheap. Residents pay only $0.005 to $0.01 per kilowatt-hour, meaning the cost to mine one Bitcoin can be kept around $1,300. With Bitcoin once reaching $100,000, the profit margin is enormous.

Miners are also clever. They cram mining rigs into homes, warehouses, offices, and even some religious sites, then bypass meters through various means. Data shows that approximately 427,000 mining machines are operating nationwide, with 95% of them operating illegally. These illegal devices consume electricity equivalent to 10 million barrels of crude oil annually, nearly 4% of the country’s oil exports.

The problem is: such large-scale underground mining is a disaster for the power grid. During peak electricity usage times, illegal mining can consume 2,000 megawatts of power in a single day, equivalent to the annual electricity consumption of a city of 100,000 people. The strain on the grid increases sharply, and the risk of blackouts follows.

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GasFeeDodger

· 01-04 23:51

Damn, the electricity cost difference is outrageous... No wonder everyone is mining across the internet, who doesn't want to make a quick buck? Mining costs $1300 to sell for $100,000? I should open a mining farm in that country, the return rate is insane. Wait, 95% are black households? Then the national power grid will collapse sooner or later, and the whole country will take turns with power outages. This is probably why Web3 is so wild in developing countries—sanctions + inflation = RMB self-rescue guide. 42,700 mining machines saving so much on electricity costs, no wonder the government can't control it. Who would give up such an easy profit? What if the power grid has issues? By the way, how many people in this country are actually using electricity... This operation is indeed brilliant. People hide in residential buildings, warehouses, churches, everywhere—completely unstoppable.

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PaperHandSister

· 01-04 23:51

Damn, mining one coin costs $1300, who can withstand this profit... No wonder everyone is mining --- A 400x difference, this is the survival wisdom under sanctions, Bitcoin has really become a hedging tool --- 427,000 black mining machines, the power grid will collapse sooner or later, this situation is too crazy --- Electricity price at $0.01 per kWh? I would go bankrupt immediately, no wonder people are all mining --- Mining in religious sites, that imagination is also incredible haha --- With a 30% inflation rate, fiat currency is useless, I have to mine some Bitcoin to save myself --- 2000 MW per day, how many cities can that power? The power grid really can't handle it --- I just want to know how those methods of bypassing the electric meter work, so impressive --- Sanctions + inflation + cheap electricity, these three conditions combined directly give rise to an underground mining empire

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CodeZeroBasis

· 01-04 23:49

Whoa, a 400x difference? Isn't that just blatant "I mine my own, and you don't care"? The electricity cost is ridiculously cheap, only about $1300 per Bitcoin... No wonder everyone is a miner, if it were me, I’d mine too. 95% of illegal mining machines are hidden in religious venues? Ha, that’s brilliant—really leaving no place untouched. This is bad; if it continues, the power grid will collapse, and ordinary people will likely face power outages again. Sanctions + inflation + fiat devaluation—no wonder people are risking it all; the survival pressure is real. 2000 MW a day, equivalent to the annual electricity consumption of a city with 100,000 people? That data is just too outrageous. Bypassing the electric meter—this move is really impressive; miners are coming up with all kinds of tricks. Wait, is this country real, or just a hypothetical scenario? The global economy feels more and more surreal. Basically: the authorities can't control it, ordinary people can't survive, and Bitcoin becomes a lifeline. Using nearly 10 million barrels of crude oil for mining? How many people have paid the price for this?

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PebbleHander

· 01-04 23:42

Damn, 95% unregistered accounts? These guys are really daring, even daring to bypass the electricity meter... --- Sanctions + inflation, the crypto world has truly become these people's lifeline --- $1300 to mine one coin? I need to calculate my electricity costs... --- 42,700 mining machines hiding in residential buildings, the power grid is constantly on the brink of failure, hilarious --- This is why they say Bitcoin is the ultimate weapon against inflation, here’s the real-world version --- The power grid is about to collapse, yet they keep mining—truly fearless spirit --- Cheap electricity combined with desperate fiat currency, this recipe is unbeatable --- Basically, it’s still a matter of wealth disparity; ordinary people have no way out but to mine illegally --- Religious sites have all fallen? That’s a bit outrageous

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NightAirdropper

· 01-04 23:27

A 400x gap? That's unbelievable. Underground miners really go to great lengths. --- It's strange that they still can't mine with such cheap electricity. --- Daring to install mining rigs in religious sites? Fine, I really respect that. --- In countries with over 30% inflation, Bitcoin mining has indeed become a lifeline. --- 42,700 mining machines with 95% illegal status—what an incredible operational margin. --- Wait, can this power consumption really cause a blackout in a city of 100,000 people? That would truly be a social issue. --- A cost of 1,300 yuan for a 100,000 yuan price—this profit... I can't even find words. --- Underground miners installing rigs in religious sites—if that's true, it's truly wild. --- International sanctions plus high inflation. If I were there, I'd find a way too. --- Daring to bypass electricity meter measurements—these people are really clever.

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