How much does it cost to mine one bitcoin in different countries of the world?

Estimated production cost bitcoin around the world using prices and relative costs as of March 23, 2022 (full resolution image can be viewed here). Source: Visual Capitalist

It takes 1,449 kilowatt-hours (kWh) of energy to mine one bitcoin. This is the same amount that the average American household consumes in about 13 years.

Given the large amount of energy required to mine bitcoins, it can be expensive, but the exact prices fluctuate depending on the location and the cost of electricity in the area.

In the 198 countries analyzed by VisualCapitalist, the average cost of mining one bitcoin as of July 15, 2022 was $35,404.03, which is significantly more than its then cost of $20,900. It is important to note that fluctuations in electricity prices and the number of miners in the network constantly changing the amount of electricity required for mining and the final cost of mining one bitcoin.

Below are the top 10 countries with the lowest mining cost per bitcoin as of July 15 (middle column), as well as the potential profit after mining costs (right column).

Venezuela ranks first in the ranking of the most expensive countries to mine bitcoins: here it costs a whopping $246,530.74 apiece, which means that this business is deeply unprofitable. On the opposite end of the spectrum, the cheapest place to mine is Kuwait.

Mining one bitcoin in Kuwait costs $1,393.95, which means that miners can make a profit of $19,469.74 from each digital coin. This Middle Eastern country has the cheapest electricity in the world: one kilowatt-hour costs an average of only 3 cents. For comparison, the average cost per kWh in North America is 21 cents.

Prepared by ProFinance.ru by materials VisualCapitalist

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