A study by CoinGecko found that Italy is the most expensive country for cryptocurrency miners, requiring approximately $210,000 in electricity to produce one BTC. Other European countries such as Austria, Belgium, Denmark and Germany are also unprofitable regions.

- Bitcoin mining is profitable in only 62 of the 147 countries analyzed by CoinGecko.

- Despite the economic problems, Lebanon is the cheapest place for such activities.

- In Europe, high energy costs are due to a number of reasons, including the global rise in wholesale electricity prices following the COVID-19 pandemic and the crisis caused by the military conflict between Russia and Ukraine.

- Lebanon seems to be an ideal choice for cryptocurrency miners, as it only costs $266 to produce one Bitcoin. Iran, Syria, Ethiopia and Sudan occupy places from 2 to 5 in the list of the cheapest regions.