Bitcoin Mining Bosnia
Exploring New Opportunities
When a business contact in Dubai told me about a Bitcoin mine being built in Bosnia with potential access to energy in the hundreds of megawatts, I knew I had to go. Bosnia sounded exotic, and the only thing I knew about it was that there had been a major war there. It sounded dangerous but also like a great adventure, so I decided to head out in search and explore a new Bitcoin mining frontier. Getting to Bosnia is not easy since there aren't many flights, so I ended up flying to Split, Croatia, and renting a car to drive to Bosnia, which was an adventure in itself.
Once I arrived at my final destination, a small town in Bosnia, I could see and feel the stark contrast between bustling, touristy Croatia and the slow, economically depressed Bosnia. The town had buildings riddled with bullet holes from the war, supposedly left this way as a reminder. There were empty buildings, empty stores, and a large number of beggars for such a small town. It almost felt like stepping back into an old Soviet Russian town, especially since many of the stores did not accept credit cards. I was definitely an outsider and garnered many perplexed looks as I wandered around the local square. I knew there was almost no tourism here by the fact that there was no hotel to book, only one motel. I was definitely a little on edge being in this town, not knowing a soul and being the only foreigner around.
The following day, I met with my Bosnian contact, and all my apprehensions about being alone in Bosnia were quickly dispelled after experiencing incredible Bosnian hospitality. We began our tour buy visiting a Bitcoin mining test facility, which is the first mine of its kind constructed in the region. The pilot program can host around 100 Bitcoin miners, but the warehouse is 30k square feet with access to plenty of energy, which will allow room for future expansion.
We also toured large warehouses in the area where we could potentially host large scale mining operations. There is an abundance of industrial space in the area since there were many factories in the region before the break out of the Bosnian war and many of these warehouses seem like they were abandoned in the middle of the night with computer equipment left behind almost like a time capsule dating back to the 1990’s.
Bosnia has all the ingredients to potentially be a major Bitcoin mining hub in Eastern Europe. It possesses a significant amount of sustainable hydroelectric energy, which can be tapped into for Bitcoin mining. The local governments in Bosnia are supportive of Bitcoin mining because they understand the economic prosperity and jobs that will follow if mines are established in the region. Government sentiment is crucial in the mining industry because mining is capital-intensive and a long-term investment. Investors want a partner, not an adversary, in the government.
Another benefit of Bosnia is that it’s not in the European Union and will not be subject to draconian environmental laws and potential Bitcoin mining bans, which I forecast will be coming in the future once politicians understand what a threat Bitcoin is to their monopolies on currency.
For those interested in hosting machines in Bosnia, I will list the electricity prices on BitcoinCapitalist.io and send out another newsletter as soon as we finalize the contracts. If you are interested in investing in infrastructure at this site through Bitcoin mining containers, please book a meeting time to discuss further.
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