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The average global household electricity cost to mine 1 Bitcoin currently is around $46k, yet it costs just $266 in electricity costs to mine 1 Bitcoin in Lebanon.

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by COINS NEWS 90 Views

The average global household electricity cost to mine 1 Bitcoin currently is around $46k, yet it costs just $266 in electricity costs to mine 1 Bitcoin in Lebanon.

So for a solo Bitcoin miner, it is needed around 260k kWh of electricity to mine one full Bitcoin. According to coingecko's research from data taken from globalpetrolprices research, average electricity cost around the world would be $46.2k USD for this amount of electricity used. Meaning that with current prices of Bitcoin being between 25-30k USD it is absolutely unprofitable for big majority of the world to mine.

Map of global household electricity costs

However, it is interesting how largely profitable considering the electricity costs Bitcoin mining could be, even for solo miners in few dozen countries. Lebanon would be by far the most profitable Bitcoin mining country in the world with price to mine one full Bitcoin just $266. The only one other country where mining a single Bitcoin would cost you less than $1k in electricity prices is Iran with $532, which is then followed by Syria ($1330), Ethiopia ($1596) and Sudan ($2128).

On the other spectrum, where you would probably go bankrupt trying to mine a whole Bitcoin are mostly European Union countries where electricity costs are evidently through the roof. You would need to spend more than $150k in electricity costs in 7 European countries to mine a full Bitcoin (Italy, Austria, Belgium, Denmark, Germany, Ireland and Lithuania). In Italy you would need to spend $208k in electricity costs to mine one bitcoin meaning that with current Bitcoin prices, you would be losing around $182k per mined Bitcoin as a solo miner. But who knows maybe you would get lucky and somehow win the block reward of 6.25 Bitcoins as a solo miner just like one individual did few days ago, so that way you'd only lose around $20k for that mined Bitcoin.

submitted by /u/mbdtf95
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