2023-08-20 14:31:31
Key facts:
The cost of mining a bitcoin in Lebanon is USD 266,000, the document says.
In Latin America, Argentina and Venezuela have the lowest costs.
If it is about mining Bitcoin, there are certain countries in the world that allow maximum profitability. In this sense, Lebanon, Iran, Syria, Ethiopia and Sudan occupy the Top 5 of the countries where it is most convenient to mine Bitcoin according to the cost of electricity for home installations in each one.
according to a report by CoinGecko, Libya, Kyrgyzstan, Angola, Zimbabwe and Bhutan complete the top 10 list. In the document, it is detailed that the cost of mining a unit of bitcoin (BTC) ranges from USD 266, in the case of Lebanon, to USD 4,256, in the case of Bhutan.
The calculation is made taking into account the consumption of electricity, a fundamental variable in Bitcoin mining. In this regard, it is detailed that a miner needs 266,000 kWh to mine a bitcoin. It would be a seven-year process, which would require a cost of 143 kWh per month, due to the increased competitiveness of the industry. “This monthly electricity consumption is approximately one sixth of what a typical household in the United States consumed in 2021,” contextualizes the report, authored by journalist Winifred Amase.
On that basis, it is explained that the average cost to mine a bitcoin is USD 46,291. This figure is 70% above the bitcoin price at the time of writing this article, according to the CriptoNoticias price index.
The most profitable countries to mine Bitcoin and the cost per cryptocurrency in dollars in each of them. Fountain: CoinGecko.
In Europe, the report indicates, electricity prices are higher, bringing this production cost for one bitcoin to $85,767. On the contrary, low electricity costs in Asia push the average to $20,635 per bitcoin.
In addition to electricity and its cost, it is noted that other factors may influence, such as the miner’s hashrate, the difficulty of mining on the Bitcoin network and whether or not to participate in a mining pool.
The most expensive countries to mine Bitcoin
Just as the report points out which are the countries where it is best to mine Bitcoin, it also explains which are at the opposite extreme.
The countries of Europe are, in general, the least profitable to mine Bitcoin. Source: CoinGecko.
This list is headed by Italy, with a cost of USD 208,560 per bitcoin. They are followed by Austria, Belgium, Denmark, Germany, Ireland, Lithuania, the Netherlands, the United Kingdom and the Cayman Islands.
And what happens in Latin America?
Finally, Regarding the countries of Latin America, Argentina appears as the most profitable, with a cost of USD 9,000 per bitcoin, approximately. They are followed on the list of the most profitable by Venezuela (USD 12,000), Paraguay (USD 14,630), Ecuador (USD 25,500) and Brazil (USD 45,490).
Cost of mining a bitcoin around the world. Fountain: CoinGecko.
Among the continents, Asia ranks as the most profitable for Bitcoin mining, with 34 countries providing good opportunities for this industry. Africa, meanwhile, has 18 countries in a good position for individual miners, while South America and the Caribbean present such conditions for 8 countries and Europe does so for 5 nations.
The funny thing is that both Asia and Africa are regions with several countries that have banned Bitcoin mining in their territory. The list of countries that have taken measures of this type includes Bangladesh, China, Iraq, Nepal, Qatar, Algeria, Egypt, Morocco and Tunisia.
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