Where is the cheapest and most expensive place to mine bitcoins …
Where is the cheapest and most expensive place to mine bitcoins in the world?
The profitability of your business will directly depend on where you place your Bitcoin mining facilities. The Bitcoinist portal analyzed the data provided by Elite Fixtures, and marked on the map the countries where it is most expensive and cheapest to mine cryptocurrency.
The cost of electricity around the world depends on a number of factors, including government subsidies and the availability of natural resources. The same factors affect the profitability of a bitcoin mining business, since a large amount of electricity is spent in the process of mining a cryptocurrency. So, the Bitmain Antminer S9 miner consumes 1350 W during operation – the same as a hairdryer at maximum power.
The Oceania region, which includes the cluster of islands in the central and western parts of the Pacific Ocean, turned out to be the most disadvantageous for mining cryptocurrency – here mining one bitcoin will cost $ 12,203, followed by South America with $ 7,150, Europe with $ 6,695, Asia with $ 6,378, Medium East at $ 6,249, North America at $ 5,456 and Africa at $ 4,626.
The average cost of mining one bitcoin in the world is $ 7,295. In Russia, this value is $ 2,620 lower and amounts to $ 4,675.
The most expensive bitcoin mining is in South Korea – $ 26,170 for 1 BTC. Bloomberg reported last year that rising electricity tariffs in this country have caused some families to pay more than entire factories..
It is most profitable to mine bitcoins in Venezuela. Here, mining 1 BTC will cost you $ 531. A South American state that heavily subsidizes the electricity sector turned out to be the only state in the world where the cost of mining one bitcoin is expressed in three-digit numbers.
The high cost of electricity is often seen as one of the obstacles to building a successful mining business for Bitcoin and other cryptocurrencies. The Russian Ministry of Natural Resources has recently proposed using green energy for these purposes. However, with bitcoin prices above $ 11,000, this type of activity is still very profitable in many countries around the world..
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