A new report by CoinGecko has revealed the significant differences in household electricity costs required to mine 1 Bitcoin (BTC) worldwide.
The report estimates that as a stand-alone miner, mining a single Bitcoin requires an average of 266,000 kilowatt-hours (kWh) of electricity, which will take about seven years.
The report also shows that the average cost of household electricity to mine a Bitcoin is $46,291, which is 35% higher than the average daily price of one BTC ($30,090.08) in July 2023.
However, this cost differs significantly depending on the region and country; Europe has the highest average cost at $85,767.84, while Asia has the lowest average cost at $20,635.62.
According to the report, only 65 countries offer profitability in terms of solo mining for 1 Bitcoin based solely on household electricity costs.
These countries are mostly located in Asia and Africa, where electricity prices are lower than in other regions. The report also states that nine countries have completely banned the mining, trading and use of cryptocurrencies, and 42 countries have imposed implicit restrictions regulating the use of cryptocurrencies.
The countries with the highest electricity cost to produce 1 BTC are listed as follows:
- 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
- Cayman Islands $128,222.04
The countries with the lowest electricity cost to produce 1 BTC are as follows:
- Lebanon $266.02
- Iran $532.04
- Syria 1330.1 dollars
- Ethiopia $1596.12
- Sudan $2,128.17
- Libya 2660.21 dollars
- Kyrgyzstan $2660.21
- Angola $3724.29
- Zimbabwe $3990.31
- Bhutan $4256.33
While the cost of electricity required to produce 1 BTC in Turkey is recorded as approximately 22,000 dollars, in the USA a cost of 46,280 dollars is required according to CoinGecko data.
*Not investment advice.
