- Bitcoin mining in Italy is eight times more expensive than buying from the market.
- Lebanon and Iran are among the countries where Bitcoin mining is the cheapest.
- The cost of Bitcoin mining in Turkey is half that of the United States, at $22,000.
The cryptocurrency sector is experiencing a wild period with many cryptocurrencies undergoing severe drops. Despite this, there are still numerous ways to make significant profits in the sector, and mining is one of them in certain countries.
Bitcoin Mining Research
A recent report by CoinGecko, which scrutinizes 65 countries, particularly examines the revenues of Bitcoin miners. The study, which is based solely on domestic electricity costs, includes 34 countries from Asia and 5 from Europe. The significant shift experienced by those solely engaged in Bitcoin mining is certainly noteworthy.
According to the information shared, the average cost of electricity needed to mine 1 BTC in these countries is about 35% more expensive than the price of 1 BTC as of July, which was $30,000. This implies that those who want to mine BTC from home will definitely spend more money. Italy stands out as the most expensive country in this regard. The electricity cost required to mine 1 BTC in Italy exceeds $208,560.
Those who choose to buy BTC from the market instead of paying the fee for mining in Italy and using the electricity there could buy 8 BTC for the same price. This is followed by Austria with $184,000 and Belgium with $172,000.
Cost of Bitcoin Mining in Turkey
The most interesting data comes from Lebanon. Apparently, the electricity cost required to mine 1 BTC in Lebanon is limited to just $266. According to this data, the cost of mining BTC in Lebanon is 783 times cheaper than in Italy. Iran became the second most affordable country for mining 1 BTC with a fee of $532. However, Iran has taken action to prevent this and has officially declared war on mining facilities in the country.
It appears that the cost of mining 1 BTC in Turkey is approximately $22,000. In the United States, this is over $46,000. As can be seen, mining BTC on such a small scale can even result in a loss in some countries.
Conclusion
While the cryptocurrency sector is experiencing a volatile period, opportunities for profit still exist, particularly in the area of mining. However, the cost of mining varies greatly from country to country, with some like Italy being significantly more expensive than others. Therefore, potential miners need to carefully consider the costs involved before deciding to mine.
