- 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.
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.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
