Mining 1 BTC in Lebanon is 783 times cheaper than in Italy, exposing significant worldwide gaps in household electricity costs
According to Cointelegraph, a recent report by CoinGecko reveals that the cost of mining 1 Bitcoin varies greatly between countries, with Italy topping the list at $208,560 per Bitcoin, making it the costliest for household mining. In contrast, Lebanon's rates are 783 times cheaper, with a production cost of only $266 per Bitcoin. The report found that only 65 countries are currently profitable for solo Bitcoin miners.
The majority of profitable countries for household Bitcoin mining are in Asia (34), while Europe has only five. The average household electricity cost to mine 1 Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08).
Binance CEO Changpeng Zhao questioned why individuals in countries with low electricity costs wouldn't mine Bitcoin, but acknowledged there might be additional factors to consider, such as feasibility and logistical challenges.
