According to CoinGecko’s latest report, Bitcoin mining costs vary around the world.
According to a CoinGecko report dated August 17, Bitcoin mining costs vary significantly around the world. According to the report, when evaluated according to household electricity costs, Italy stands out as one of the most expensive countries for Bitcoin mining, while Lebanon is quite cheap in this regard.
CoinGecko report reveals the change in Bitcoin mining prices worldwide
According to the CoinGecko report, the average cost of household electricity for Bitcoin miners is $46,291.24 worldwide. This is 35 higher than the average daily price of 1 BTC in July 2023. Italy stands out as the most expensive country to mine at home at $208,560 per Bitcoin. At the same time, the cost of mining one Bitcoin in Italy is about 8 Bitcoins. It is followed by Austria with $184,352 and Belgium with $172,382.
Why wouldn't they? 🤷♂️😂 pic.twitter.com/cD1TSgOZzx
— CZ 🔶 BNB (@cz_binance) August 19, 2023
On the other hand, low electricity prices in Lebanon allow individual miners to generate a Bitcoin of up to just $266. In this case, the cost of mining a Bitcoin in Lebanon is about 783 times cheaper than mining a Bitcoin in Italy. Iran ranks third with a production cost of $532 per Bitcoin.
According to the report, several factors should be considered as to why low-cost Bitcoin mining is not done in countries with low electricity costs. Because most of these countries are experiencing energy shortages and can divert energy to industrial plants that concentrate energy during the summer months or during peak hours. Despite this, the report suggests that the potential of Bitcoin mining in countries with low electricity costs is worth examining.
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