- Significant global disparity exists in household electricity costs for individual Bitcoin miners.
- Only 65 countries are profitable for solo Bitcoin mining based on household electricity.
- Italy emerges as the costliest, while Lebanon offers the cheapest Bitcoin mining rates.
The world of Bitcoin mining presents a stark contrast in costs, with countries like Italy requiring a whopping $208,560 to produce a single Bitcoin, while Lebanon stands at the other extreme, costing a mere $266. CoinGecko’s recent report, released on Aug. 17, highlights this disparity, noting that only 65 nations make the cut for profitable Bitcoin mining when considering household electricity expenses.
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Asia dominates this list with 34 countries, leaving Europe trailing with just five. The global average cost to mine one Bitcoin is $46,291.24, a figure that’s 35% higher than Bitcoin’s average daily price in July 2023, which was $30,090.08.
Italy’s exorbitant mining cost means that the expense of producing one Bitcoin is equivalent to the value of about eight Bitcoins. Austria and Belgium follow Italy in this high-cost bracket. In stark contrast, Lebanon offers a cost advantage that’s approximately 783 times cheaper than Italy. Iran, despite its fluctuating stance on Bitcoin mining, offers a competitive rate of $532 per Bitcoin.
As the crypto landscape evolves, the future of Bitcoin and its mining process remains promising. Technological advancements and renewable energy sources might further democratize the mining process, making it accessible and profitable for many more across the globe.
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