Bitcoin Volatility Index
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Independent Reserve is one of the most popular exchanges in both New Zealand and Australia. Based in Sydney, Independent Reserve is a pro-regulation exchange that believes in trust and transparency.
They're one of the most trusted Bitcoin exchanges in New Zealand, using encrypted and geo-dispersed data centers to protect your coins.
Coinbase and Coinmama are two more popular exchanges in Australia. Despite being based in the USA and Israel, respectively, they've grown to become two of the most used exchanges worldwide, including New Zealand.
Buying Bitcoin in New Zealand is relatively easy thanks to popular exchanges like Independent Reserve, Coinbase and Coinmama.
Most people buy Bitcoin with centralized exchanges. Typically this process begins by verifying your identity (as centralized exchanges are subject to government regulation), creating your wallet on the exchange, adding a fiat payment method and buying Bitcoin.
New Zealand is among one of the most lenient countries in terms of Bitcoin regulation.
Back in August of 2019, they passed a law allowing companies to pay their employees in Bitcoin, the first of its kind worldwide. The law went into effect in September of 2019.
New Zealand's decision to allow Bitcoin salary payments is another step in the right direction for Bitcoin regulation, acknowledging that real people do want Bitcoin paychecks.
Bitcoin mining profitability isn't what it once was, and mining in New Zealand is far from a good idea if you want to turn a profit.
Electricity cost is mostly responsible for Bitcoin mining profitability, and like Australia, it's far too expensive in New Zealand.
The average cost of electricity in New Zealand is between NZD 0.26 and 0.41, depending on your provider and location. Even the former number is considerably higher than prices in the US, where electricity is still too expensive for profitable mining.
Even the best Bitcoin mining hardware available from Bitmain, the Antminer S19, isn't profitable in New Zealand. The S19 has an impressive 110 TH/s but draws a whopping 3250 watts from the wall.
According to our Bitcoin mining profitability calculator, with the lower NZD 0.26 power cost, you'd be losing nearly AUD 4,000 per year. And if you're on the upper end of the spectrum, expect to lose more than AUD 8000 per year.
What's the bottom line?
Unless you want to mine Bitcoin for fun or as a hobby, it's not a good idea to mine Bitcoin in New Zealand.
You can check the Bitcoin price in gold, by clicking here.