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Home » The report reveals the most profitable countries mining Bitcoin domestically

The report reveals the most profitable countries mining Bitcoin domestically

Important facts:
  • The cost of mining bitcoin in Lebanon is $266,000, the document said.

  • In Latin America, Argentina and Venezuela have the lowest costs.

When it comes to Bitcoin mining, there are certain countries in the world that allow for maximum profitability. In this sense, Lebanon, Iran, Syria, Ethiopia and Sudan occupy the top 5 countries where it is most convenient to mine bitcoin, measured by the cost of electricity for domestic installations in each of these countries.

after a report by CoinGecko, Libya, Kyrgyzstan, Angola, Zimbabwe and Bhutan complete the top 10 list. The document details that the cost of mining one unit of bitcoin (BTC) ranges from $266 in Lebanon to $4,256 in the case of Bhutan.

The calculation is made taking into account the power consumption, a fundamental variable in bitcoin mining. In this context, it is explained in detail that a miner needs 266,000 kWh to mine one bitcoin. It would be a seven-year process that would require a cost of 143 kWh per month due to the increased competitiveness of the industry. “This monthly electricity consumption is about one-sixth of what a typical household in the United States will consume in 2021,” contextualizes the report, authored by journalist Winifred Amase.

On this basis, It is explained that the average cost of mining one bitcoin is $46,291. According to the CriptoNoticias price index, this value is 70% higher than the Bitcoin price at the time of writing this article.

The most profitable countries for mining bitcoin and the cost per cryptocurrency in dollars in each of them. Spring: CoinGecko.

In Europe, the report said electricity prices are higher, bringing the cost of producing one bitcoin to $85,767. On the other hand, Low electricity costs in Asia push the average to $20,635 per bitcoin.

In addition to electricity and its costs, it is pointed out that other factors can have an influence, such as the miner’s hash rate, the difficulty of mining on the Bitcoin network and whether or not one participates in a mining pool.

The most expensive countries for bitcoin mining

The report not only shows which countries are best for mining bitcoin, but also explains which countries represent the opposite extreme.

The countries of Europe are generally the least profitable countries for bitcoin mining. Source: CoinGecko.

At the top of this list is Italy with a price of $208,560 per bitcoin. Austria, Belgium, Denmark, Germany, Ireland, Lithuania, the Netherlands, the United Kingdom and the Cayman Islands follow.

And what is happening in Latin America?

Finally, Among the Latin American countries, Argentina seems to be the most profitable, with a cost of approximately $9,000 per bitcoin. Venezuela ($12,000), Paraguay ($14,630), Ecuador ($25,500) and Brazil ($45,490) follow on the list of the most profitable countries.

Cost of mining a bitcoin worldwide. Spring: CoinGecko.

Among the continents, Asia is considered the most profitable for bitcoin mining34 countries offer good opportunities for this industry. There are now 18 countries in Africa with good conditions for individual miners, while 8 countries in South America and the Caribbean and 5 countries in Europe have such conditions.

The funny thing is that both Asia and Africa are regions where several countries have banned bitcoin mining on their territory. Countries that have taken measures of this type include Bangladesh, China, Iraq, Nepal, Qatar, Algeria, Egypt, Morocco and Tunisia.

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