New message from CoinGecko is devoted to the cost of mining the cryptocurrency Bitcoin in various countries around the world, under domestic conditions. This is understandably a very variable figure, as a lot depends on the specific price of electricity in a given household, but also on the specific mining hardware. According to the result of the report, it is the worst country for Bitcoin mining Italywhere the extraction of one BTC costs in electricity to 208.56 thousand USD. Since one BTC is worth approx 26.2 thousand USD, it is a completely disadvantageous matter. Basically, to earn 1 BTC, you need to consume 8 BTC worth of electricity, so such a user would be in the red by 7 Bitcoins. Very productive. According to the report, roughly 266 MWh of electricity is needed for one Bitcoin.
In the worst Top 10, there are essentially almost only European countries, followed by Austria (184.4 thousand USD) and Belgium (172.4 thousand USD), then there are Denmark, Germany, Ireland, Lithuania, the Netherlands, Great Britain and the top ten is rounded off by non-European country, Cayman Islands with the amount of 128.2 thousand USD for mining 1 BTC. Even here, the ratio is still insane 1:5. The worldwide average for mining one Bitcoin is 46.29 thousand USD.
The interesting thing is that in Asia this average is 20.64 thousand USD, so mining there would already pay off. The problem is that the extraction of one BTC corresponds to the consumption of an ordinary household for higher units of years where the consumption is extremely high (e.g. in the USA with the use of air conditioners, possibly even charging an electric car), in our country we would even be talking about higher tens of years. After all, if the mining hardware had a consumption of, for example, 1 kW (1000 W), for 266 MWh it would be necessary for it to be in operation for 266 thousand hours, which is 11 thousand days, or 30 years. With an Antminer S19 XP Hydro with a consumption of 5.3 kW, it would be 40.3 thousand hours (4.6 years) and he would manage it with 214 MWh.
Globally, domestic mining (and that’s not counting the price of hardware) is only profitable in 65 countries in the world. In Europe, there are only 5 such countries, South America and the Caribbean add another 8, in Africa it is already 18 and there are most of them in Asia, there are 34 countries. According to the report, it is the cheapest Lebanon, where it is reportedly only $266 USD to mine one BTC. There, according to the report, 1 kWh came to 0.001 USD (0.1 cent, i.e. 0.02 CZK) per kWh. The problem is that some sources talk about electricity prices in dollars, others in cents, so we get a 100-fold difference for Lebanon. E.g. on GlobalPetrolPrices is quoted as $0.001 for Lebanon but Reuters they are talking about 10 cents, which is 0.1 USD.
On the page Electricity of Lebanon (EDL) however, we see a price of 35 LBP ($0.0023) per kWh for the first 100 kWh, then it rises to 55, 80, 120 and finally more than 200 LBP per kWh ($0.013) after exceeding 500 kWh of monthly consumption. Thus, even with the lowest tariff, we are at more than 2 times the price from the report, and with larger mining we are talking about 13 times. Which changes the result quite a bit. So although the report says $266 for Lebanon, in reality it would be more like $3400 due to the increase in price for consumption above 100kWh (and especially after exceeding 500kWh). You need 266 MWh, i.e. 266,000 kWh, so the limit would be exceeded every month. According to the report, it can be mined very cheaply in Iran ($532 USD) and Syria ($1330 USD).
2023-08-21 03:50:39
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