Mining a single bitcoin requires approximately 1,449 kilowatt hours (kWh) of energy. This represents the amount of energy consumed by an average American household in 13 years! This means that bitcoin (BTC) mining consumes a lot. It can then be very expensive to get started in the sector. But, you should know that the exact price of the operation varies depending on the region where it takes place.
Most Expensive and Cheapest Places to Mining Bitcoin (BTC)
According to a chart from 911 Metallurgist based on relative prices and costs as of March 23, 2022, bitcoin mining costs an average of $35,404.03 across 198 countries. We see that this amount is higher than the value of bitcoin, currently estimated at around $22,900. Note that the cost of mining BTC fluctuates constantly depending on the number of miners on the Bitcoin (BTC) network and the cost of electricity in the region.
That said, the 911 Metallurgist chart indicates that the Venezuela is the most expensive place to mine bitcoins. In fact, it takes about $246,530.74 to mine a single BTC in this South American country. Due to very high energy costs, bitcoin (BTC) mining is far from profitable in this region.
By the way, the cheapest place to mine BTC is Kuwait. In this country, mining a single bitcoin costs only $1,393.95. With the current price of BTC, miners will be able to earn at least $19,000 mining bitcoin in Kuwait. It turns out that in this Middle Eastern country, electricity costs about 3 cents per kilowatt hour.
The cost of mining bitcoin (BTC) varies greatly from country to country. While it is estimated at $1,393.95 in Kuwait, it is $246,530.74 in Venezuela. That said, members of the crypto community believe that mining BTC is worth it, regardless of the cost.
Source : Zerohedge
Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Tremplin.io!