Photo: Allbreaknews.com
“The average cost of household electricity to mine 1 Bitcoin is $46,291.24, which is 35% higher than the average price of 1 BTC in september 2023 ($26,090.08).”
The report identified Italy as the most expensive country for domestic Bitcoin mining, with a cost of $208,560 per Bitcoin. Currently, the cost of mining one Bitcoin in Italy is equivalent to the value of approximately eight Bitcoins.
Next comes Austria, with costs of US$ 184,352 per BTC, and Belgium, with US$ 172,382.
Meanwhile, Lebanon's domestic electricity tariffs allow individual miners to generate one Bitcoin for just $266. Based on this data, the average cost is approximately 783 times lower than the cost of mining one Bitcoin in Italy.
Next comes Iran, with a production cost of $532 per Bitcoin. However, despite the fact that Iran legalized Bitcoin mining in 2019, the country has banned mining operations on several occasions due to the stress caused on its power grid during the winter.
On January 4, Cointelegraph reported that approximately 150,000 pieces of crypto mining equipment were seized by Iran's Organization for the Collection and Sale of State Property.
On August 19, Binance CEO Changpeng “CZ” Zhao posted a screenshot of data from the CoinGecko report on X (formerly Twitter), questioning his 8.6 million followers why people living in these countries with low electricity costs wouldn't mine Bitcoin.
“The report probably didn't take into account technical feasibility and other logistical issues. But if the data is true, there definitely seems to be some potential opportunities.”
CZ recognized as valid the comment of an X user who explained that many of these countries don't have enough electricity to make the most of low electricity costs.
“Most of these countries are facing a shortage of electricity and usually shut down their heavy industries in the summer or during peak hours,” said the user.
