Cheapest Country To Mine Bitcoin, Indonesia In?
According to studies, you need to spend an average household electricity cost of $46,291 or Rp707.74 million to mine 1 bitcoin (BTC). However, there are some countries in this hemisphere that offer cheaper rates
This can be seen from the difference in household electricity tariffs between countries. The cheaper the price, the more profitable your crypto coin mining process will be.
Europe became the country with the highest average household electricity cost, estimated at $85,767.84. In contrast, the Asian region offers the lowest average fee for individual miners, at us$20,635 per 1 Bitcoin.
"This region is the only region where average household electricity costs make mining profitable for single miners," said the report, quoted on Thursday (24/8/2023).
According to research conducted Coingecko.com, globally, only 65 countries provide profits for individual mining. Europe includes five of these countries, while America, especially in South America and the Caribbean, offers opportunities in eight countries.
Africa has 18 countries, and Asia stands out as the most contributor with 34 countries. Meanwhile, the most expensive electricity costs are in Europe, with nine out of 10 countries on the list.
The following table explains which countries are the most profitable versus the most crippled for mining bitcoin:
Cheapest Countries To Mine Bitcoin
Electricity price countries to mine 1 BTC (US$)
Lebanon 266.02
Iran 532.04
Syria 1.330,1
Ethiopia 1.596,12
Sudan 2.128,17
Libya 2.660,21
Kyrgyzstan 2.660,21
Angola 3.724,29
Zimbabwe 3.990,31
Bhutan 4.256,33
The Most Expensive Countries To Mine Bitcoin
Electricity price countries to mine 1 BTC (US$)
Italy 208.560,33
Austria 184.352,44
Belgium 172.381,50
Denmark 166.795, 06
Germany 163,336.79
Ireland 159.612,50
Lithuania 152.163, 92
Netherlands 137.798,79
United Kingdom 130.616,23
Caymand Island 128.222, 04