There’s a important worldwide distinction in family electrical energy bills for particular person Bitcoin (BTC) miners. Whereas producing one Bitcoin in Italy prices $208,500, in Lebanon, it’s roughly 783 occasions cheaper, in accordance with a latest report.
Revealed on Aug. 17, CoinGecko’s report revealed that solely 65 nations are worthwhile for solo Bitcoin miners, based mostly solely on family electrical energy prices. Amongst these, 34 nations are in Asia, whereas Europe solely has 5.
Nonetheless, solo Bitcoin miners discover themselves at odds with the worldwide common of family electrical energy prices.
“The typical family electrical energy price to mine one Bitcoin is $46,291.24, which is 35% greater than the common each day value of 1 BTC in July 2023 ($30,090.08),” the report said.
The report recognized Italy as the most expensive nation for family Bitcoin manufacturing at $208,560.33 per Bitcoin. This was adopted by Austria at $184,352.44 and Belgium at $172,381.50.
In the meantime, Lebanon’s family electrical energy charges enable particular person miners to generate one Bitcoin for simply $266.02. In response to this knowledge, that is roughly 783 occasions cheaper than the associated fee to mine a Bitcoin in Italy, priced at $208,560.33.
Iran adopted, with a manufacturing price of $532.04 per Bitcoin. Nonetheless, regardless of Iran legalizing Bitcoin mining in 2019, the nation has since banned authorized operations on a number of events, citing stress on vitality grids throughout winter.
On Jan. 4, Cointelegraph reported that roughly 150,000 items of crypto mining tools was seized by Iran’s Group for Assortment and Sale of State-Owned Property (OCSSOP).
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On Aug. 19, Binance CEO Changpeng “CZ” Zhao posted a screenshot of this report’s knowledge on X (previously Twitter), questioning his 8.6 million followers why people in these nations with low electrical energy would not mine Bitcoin.
Why would not they? ♂️ pic.twitter.com/cD1TSgOZzx
— CZ Binance (@cz_binance) August 19, 2023
Nonetheless, CZ remained skeptical and believes there is likely to be extra elements to consider. But, he instructed it is value exploring additional:
“The report most likely didn’t think about feasibility and different logistics. But when the information is true, there positively appears to be some potential alternatives.”
CZ acknowledged an X person who defined that many of those nations lack adequate electrical energy for them to take advantage of of a budget electrical energy prices.
“Most of those nations are dealing with a scarcity of electrical energy and often flip off their heavy industries in the summertime or throughout peak hours” the X person said.