A recent report from CoinGecko has highlighted the significant variations in home electricity costs for Bitcoin miners worldwide. The report reveals that mining a BTC in Lebanon is remarkably cheap compared to other countries, costing about 783 times less than in Italy.
Europe appears to be home to nine out of the ten least profitable countries for Bitcoin mining, largely due to high household electricity costs. In contrast, Asia has 34 countries where mining is profitable based solely on household electricity costs, while Europe only has five.
The report also states that the average household electricity cost for mining 1 BTC is $46,291.24, which is 35% higher than the average daily price of 1 BTC ($30,090.08) in July 2023.
Italy emerges as the most expensive country for home Bitcoin mining, with a cost of $208,560 per Bitcoin. Austria and Belgium follow closely behind with costs of $184,352 and $172,382 respectively.
On the other hand, Lebanon offers an attractive proposition for individual miners due to its low household electricity charges. Miners in Lebanon can produce one Bitcoin for only $266, making it an ideal place for Bitcoin mining. This cost is about 783 times cheaper than Italy’s cost.
Iran also offers a relatively low production cost of $532 per BTC, but the country has intermittently banned mining activities due to the strain on the power grid during winter months.
Binance CEO Changpeng Zhao, or CZ, has emphasized the opportunities that countries with low electricity costs can offer for Bitcoin mining. However, he acknowledges that further research is needed to explore the feasibility and logistics of mining in these countries.
It’s worth noting that some of these low-cost countries, although attractive for mining, may struggle with electricity shortages. User X in a discussion points out that many of these countries often restrict heavy industries during summer months or peak hours.
In conclusion, the CoinGecko report highlights the significant variations in home electricity costs for Bitcoin miners worldwide. While Europe is home to the least profitable mining countries, Asia offers more opportunities for profitable mining based on household electricity costs. Lebanon stands out as the most cost-effective country for Bitcoin mining, while Italy tops the list as the most expensive. However, further research is needed to determine the feasibility and logistics of mining in these low-cost countries..
#Surprising #Result #Country #Bitcoin #Mining #Cheapest
Europe appears to be home to nine out of the ten least profitable countries for Bitcoin mining, largely due to high household electricity costs. In contrast, Asia has 34 countries where mining is profitable based solely on household electricity costs, while Europe only has five.
The report also states that the average household electricity cost for mining 1 BTC is $46,291.24, which is 35% higher than the average daily price of 1 BTC ($30,090.08) in July 2023.
Italy emerges as the most expensive country for home Bitcoin mining, with a cost of $208,560 per Bitcoin. Austria and Belgium follow closely behind with costs of $184,352 and $172,382 respectively.
On the other hand, Lebanon offers an attractive proposition for individual miners due to its low household electricity charges. Miners in Lebanon can produce one Bitcoin for only $266, making it an ideal place for Bitcoin mining. This cost is about 783 times cheaper than Italy’s cost.
Iran also offers a relatively low production cost of $532 per BTC, but the country has intermittently banned mining activities due to the strain on the power grid during winter months.
Binance CEO Changpeng Zhao, or CZ, has emphasized the opportunities that countries with low electricity costs can offer for Bitcoin mining. However, he acknowledges that further research is needed to explore the feasibility and logistics of mining in these countries.
It’s worth noting that some of these low-cost countries, although attractive for mining, may struggle with electricity shortages. User X in a discussion points out that many of these countries often restrict heavy industries during summer months or peak hours.
In conclusion, the CoinGecko report highlights the significant variations in home electricity costs for Bitcoin miners worldwide. While Europe is home to the least profitable mining countries, Asia offers more opportunities for profitable mining based on household electricity costs. Lebanon stands out as the most cost-effective country for Bitcoin mining, while Italy tops the list as the most expensive. However, further research is needed to determine the feasibility and logistics of mining in these low-cost countries..
#Surprising #Result #Country #Bitcoin #Mining #Cheapest
