Mining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko

nestorsauer8 20. August 2023 0

There is a big worldwide distinction in family electrical energy bills for particular person Bitcoin (BTC) miners. While producing one Bitcoin in Italy prices $208,560, in Lebanon, it’s roughly 783 instances cheaper, based on a latest report.

Published on Aug. 17, CoinGecko’s report revealed that solely 65 nations are worthwhile for solo Bitcoin miners, primarily based solely on family electrical energy prices. Among these, 34 nations are in Asia, whereas Europe solely has 5. 

However, solo Bitcoin miners discover themselves at odds with the worldwide common of family electrical energy prices:

“The common family electrical energy value to mine 1 Bitcoin is $46,291.24, which is 35% increased than the typical day by day worth of 1 BTC in July 2023 ($30,090.08).”

The report recognized Italy as the most costly nation for family Bitcoin mining at $208,560 per Bitcoin. As of the time of publication, this means that the price of mining one Bitcoin in Italy is the equal to the worth of roughly eight Bitcoins.

This was adopted by Austria at $184,352, and Belgium at $172,382.

The most unprofitable nations to mine 1 BTC. Source: CoinGecko

Meanwhile, Lebanon’s family electrical energy charges permit particular person miners to generate one Bitcoin for simply $266. Based on this information, this is roughly 783 instances cheaper than the associated fee to mine a Bitcoin in Italy, priced at $208,560.

Iran adopted, with a manufacturing value of $532 per Bitcoin. However, regardless of Iran legalizing Bitcoin mining in 2019, the nation has since banned authorized operations on a number of events, citing stress on energy grids throughout winter.

On Jan. 4, Cointelegraph reported that roughly 150,000 items of crypto mining tools was seized by Iran’s Organization for Collection and Sale of State-Owned Property (OCSSOP).

Related: Bitcoin mining researchers claim new tech ups winning hash chance by 260%

On Aug. 19, Binance CEO Changpeng “CZ” Zhao posted a screenshot of this report’s information on X (previously Twitter), questioning his 8.6 million followers why people in these nations with low electrical energy wouldn’t mine Bitcoin.

However, CZ remained skeptical and believes there may be extra elements to consider. Yet, he prompt it is price exploring additional:

“The report probably didn’t consider feasibility and other logistics. But if the data is true, there definitely seems to be some potential opportunities.”

CZ acknowledged an X person who defined that many of those nations lack ample electrical energy for them to make the most of a budget electrical energy prices.

“Most of these countries are facing a shortage of electricity and usually turn off their heavy industries in the summer or during peak hours” the X person acknowledged.

Magazine: (*1*)