A recent CoinGecko report, published on August 17, has shed light on the substantial global disparities in household electricity expenses associated with individual Bitcoin (BTC) mining.
The report highlighted a remarkable contrast between Italy and Lebanon, where the cost of producing a single Bitcoin differs significantly.
According to the findings, mining one Bitcoin in Italy comes at a staggering cost of $208,560.
This is in stark contrast to Lebanon, where the expense is approximately 783 times lower, allowing miners there to generate a Bitcoin for just $266.
The study underscored that only 65 countries present a profitable landscape for solo Bitcoin miners, primarily based on household electricity costs.
Within this group, Asia accounts for 34 countries, while Europe contributes a mere five.
However, miners operating solo face a challenge as the global average for household electricity costs sits at $46,291.24 for mining one Bitcoin.
This figure is notably 35% higher than the average daily price of one Bitcoin in July 2023, which was $30,090.08.
The report identified Italy as the most expensive country for household Bitcoin mining, with a cost per Bitcoin of $208,560.
Austria followed at $184,352, and Belgium at $172,382.
READ MORE: Tether Discontinues Bitcoin Omni Layer Version Due to Waning Interest
Conversely, Lebanon’s affordability shines through in its household electricity rates, allowing for a strikingly low cost of $266 to mine one Bitcoin.
This dramatic variance underlines the immense difference in operational costs between countries.
Iran comes next on the list, with a production cost of $532 per Bitcoin.
Despite legalizing Bitcoin mining in 2019, the country has intermittently prohibited mining due to concerns over energy grid strain during winter.
Binance CEO Changpeng “CZ” Zhao engaged with the report’s data on social media, questioning why individuals in countries with lower electricity costs wouldn’t engage in Bitcoin mining.
However, he acknowledged the potential complexities involved and suggested that feasibility and logistics might not have been fully considered in the report.
CZ also pointed out that some of these low-cost electricity countries experience shortages, often necessitating power reductions in heavy industries during peak hours or the summer months.
This context reveals that while electricity costs are a significant factor, other variables also play into the viability of Bitcoin mining operations across different nations.
Other Stories:
Bitcoin Hovers Near 2-Month Lows Amidst Extensive Liquidations and Market Uncertainty
Shiba Inu’s Shibarium Network Restarts Block Production After Temporary Pause
Former US President Donald Trump’s Ethereum Wallet Surges to $2.8 Million
