The five most profitable countries to mine Bitcoin according to the cost of electricity for home installations in each one are Lebanon, Iran, Syria, Ethiopia and Sudanaccording to the report of CoinGecko. In turn, they complete the top 10 profitable countries: Libya, Kyrgyzstan, Angola, Zimbabwe and bhutan.
Within these 10 countries the cost of mining a unit of bitcoins (BTC) goes from US$266, in the case of Lebanonau$s4.256, in bhutan.
Bitcoin: what is the average cost of mining a cryptocurrency
To know the cost of mining a cryptocurrency, the electrical consumtiona fundamental variable in the bitcoin mining, which is 266,000 kWh to mine. In this way, it would be a seven-year process, which would require a cost of 143 kWh per monthdue to the increase in the competitiveness of the industry.
“This monthly electricity consumption is approximately one sixth of what a typical household in the United States consumed in 2021,” contextualizes the journalist Winifred Loveauthor of the report.
On this basis, it is explained that The average cost to mine a bitcoin is $46,291.. This figure is 70% above the price of bitcoins at the time of writing this article, according to the CriptoNoticias price index.
Bitcoin: what is the average cost of mining a cryptocurrency in Europe
In Europe, according to the report, electricity prices are higher, bringing this production cost for one bitcoin to $85,767. By contrast, low electricity costs in Asia bring the average to $20,635 per cryptocurrency.
In addition to electricity and its cost, it is noted that other factors may play a role, such as the hashrate of the miner, the difficulty of mining in the Bitcoin network and if you choose to participate in a mining pool or not.
Bitcoin: which are the most expensive countries to mine
Among the most expensive countries to mine cryptocurrencies are Italy, with a cost of $208,560 per bitcoin, followed by Austria, Belgium, Denmark, Germany, Ireland, Lithuania, the Netherlands, the United Kingdom, and the Cayman Islands.
Bitcoin: what is the average cost of mining a cryptocurrency in Latin America
Finally, with respect to the countries of Latin America, Argentina It appears as the most profitable, with a cost of approximately US$9,000 per bitcoin. They follow him in the list of the most profitable Venezuela ($12,000), Paraguayan ($14,630), Ecuador ($25,500) and Brazil ($45,490).
between the continents, Asia It ranks as the most profitable for Bitcoin mining, with 34 countries providing good opportunities for this industry. Africameanwhile, has 18 countries in a good position for individual miners, while South America and the Caribbean present such conditions for 8 countries and Europe does so for 5 nations.
The curious thing is that so much Asia as Africa They are regions with several countries that have banned Bitcoin mining in their territory. The list of countries that have taken measures of this type includes Bangladesh, China, Iraq, Nepal, Qatar, Algeria, Egypt, Morocco and Tunisia.
Source: Ambito
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