A major worldwide distinction exists in family electrical energy bills for particular person Bitcoin (BTC) miners. Whereas producing one Bitcoin in Italy prices $208,560, in Lebanon, it’s roughly 783 instances cheaper, in response to a current report.
Revealed on Aug. 17, the report from CoinGecko revealed that solely 65 nations are worthwhile for solo Bitcoin miners, primarily based 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 1 Bitcoin is $46,291.24, which is 35% larger 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. On the time of publication, this implies the price of mining one Bitcoin in Italy is equal to the worth of roughly eight Bitcoin.
This was adopted by Austria at $184,352 and Belgium at $172,382.
In the meantime, Lebanon’s family electrical energy charges enable particular person miners to generate one Bitcoin for simply $266. Primarily based on this information, this is roughly 783 instances cheaper than the price to mine a Bitcoin in Italy.
Iran adopted, with a manufacturing price of $532 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 energy grids throughout winter.
On Jan. 4, Cointelegraph reported that roughly 150,000 items of crypto mining tools have been seized by Iran’s Group for Assortment and Sale of State-Owned Property.
Associated: 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.
Why would not they? ♂️ pic.twitter.com/cD1TSgOZzx
— CZ Binance (@cz_binance) August 19, 2023
Nonetheless, CZ remained skeptical and believes there may be extra components to think about. But, he steered it’s price exploring additional:
“The report most likely didn’t contemplate 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 make the most of a budget electrical energy prices.
“Most of those nations are going through a scarcity of electrical energy and normally flip off their heavy industries in the summer season or throughout peak hours,” the X person acknowledged.
Journal: (*1*)
