Globally, household electricity bills for individual Bitcoin (BTC) miners vary significantly. According to a recent report, while it costs $208,560 to produce a bitcoin in Italy, it is roughly 783 times cheaper in Lebanon.
CoinGecko launched on August 17th Report It was revealed that only 65 countries have independent Bitcoin miners making a profit based on household electricity costs alone. Among them, there are 34 countries in Asia, while only 5 in Europe.
However, individual Bitcoin miners find themselves at odds with the average global household electricity cost:
“The average household electricity bill to mine 1 Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC ($30,090.08) in July 2023.”
The report ranks Italy as the country with the highest cost of home bitcoin mining at $208,560 per bitcoin. At press time, this suggests that the cost of mining 1 bitcoin in Italy is equivalent to about 8 bitcoins worth.
This is followed by Austria ($184,352) and Belgium ($172,382).
Meanwhile, Lebanon’s household electricity tariffs allow individual miners to generate one bitcoin for as little as $266. According to this data, this is about 783 times cheaper than the cost of mining Bitcoin in Italy ($208,560).
Iran comes next with a production cost of $532 per bitcoin. However, while Iran legalized bitcoin mining in 2019, the country has banned legal operations several times since, The reason is that the power grid is under pressure in winter.
On Jan. 4, Cointelegraph reported that Iran’s Organization for the Seizure and Sale of State Property (OCSSOP) had seized approximately 150,000 pieces of cryptocurrency mining equipment.
related: Bitcoin Mining Researcher Claims New Technique Increases Chances of Winning Hash Power by 260%
On August 19, Binance CEO Changpeng Zhao posted a screenshot of the report’s data on X (formerly Twitter), questioning his 8.6 million fans why people in these power-poor countries would not mine Bitcoin.
Why don’t they? ♂️ pic.twitter.com/cD1TSgOZzx
— CZ Binance (@cz_binance) August 19, 2023
Still, CZ remains skeptical and thinks there may be more factors to consider. However, he suggests it’s worth exploring further:
“The report may not have considered feasibility and other logistics. But if the data is true, then there definitely seems to be some underlying opportunity.”
CZ acknowledged that one X user explained that many countries lack enough power to take full advantage of cheap electricity rates.
“Most of these countries face power shortages, often shutting down heavy industry during the summer or during peak hours,” said user X.
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