Analysts name the cheapest country for bitcoin mining

Using information on the cost of electricity in the world, analysts from the US Energy Information Administration, Cable.co.uk, and 911metallurgist estimated how much it would cost to mine 1 BTC in different countries.

According to the study, 1,449 kilowatt-hours (kWh) of energy are required to mine 1 bitcoin — while one average American family consumes about 893 kWh per month. In 198 countries, the price of BTC mining amounted to $ 35,404, which is more than the cost of the flagship cryptocurrency at the time of writing(bitcoin is trading for $ 22,926).

According to analysts, the cheapest country for bitcoin mining is Kuwait, where the cost of mining 1 BTC is $ 1393. Accordingly, miners can now make a profit of $ 21,533.

Also, the most expensive country for bitcoin mining, where the production of 1 BTC is $ 246,530, is Venezuela. Interestingly, even despite such a high cost of mining, there is a demand for cryptocurrency mining in this country and underground mining farms have been recorded, just like in Ukraine. For example, in July, the Security Service of Ukraine (SBU) reported the liquidation of an underground crypto farm that stole electricity in the frontline areas of eastern Ukraine — miners were «consuming» hundreds of thousands of hryvnias worth of electricity every month.