There’s a vital worldwide distinction in family electrical energy bills for particular person Bitcoin (BTC) miners. Whereas producing one Bitcoin in Italy prices $208,500, in Lebanon, it’s roughly 783 occasions cheaper, in response to a latest report.
Printed on Aug. 17, CoinGecko’s report revealed that only 65 countries are profitable for solo Bitcoin miners, based solely on household electricity costs. Among these, 34 countries are in Asia, while Europe only has five.
However, solo Bitcoin miners find themselves at odds with the worldwide average of household electricity costs.
“The average household electricity cost to mine one Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08),” the report stated.
The report identified Italy as the costliest country for household Bitcoin mining at $208,560.33 per Bitcoin. As of the time of publication, this indicates that the cost of mining one Bitcoin in Italy is the equivalent to the value of approximately eight Bitcoins.
This was followed by Austria at $184,352.44, and Belgium at $172,381.50.
Meanwhile, Lebanon’s household electricity rates allow individual miners to generate one Bitcoin for just $266.02. According to this data, this is approximately 783 times cheaper than the cost to mine a Bitcoin in Italy, priced at $208,560.33.
Iran followed, with a production cost of $532.04 per Bitcoin. However, despite Iran legalizing Bitcoin mining in 2019, the country has since banned legal operations on several occasions, citing stress on energy grids during winter.
On Jan. 4, Cointelegraph reported that approximately 150,000 pieces of crypto mining equipment was seized by Iran’s Organization for Collection and Sale of State-Owned Property (OCSSOP).
Related: Bitcoin mining researchers claim new tech ups winning hash chance by 260%
On Aug. 19, Binance CEO Changpeng “CZ” Zhao posted a screenshot of this report’s data on X (formerly Twitter), questioning his 8.6 million followers why individuals in these countries with low electricity wouldn’t mine Bitcoin.
Why wouldn’t they? ♂️ pic.twitter.com/cD1TSgOZzx
— CZ Binance (@cz_binance) August 19, 2023
Nevertheless, CZ remained skeptical and believes there is likely to be extra elements to consider. But, he prompt it is value exploring additional:
“The report most likely didn’t think about feasibility and different logistics. But when the info is true, there positively appears to be some potential alternatives.”
CZ acknowledged an X person who defined that many of those nations lack enough electrical energy for them to benefit from a budget electrical energy prices.
“Most of those nations are dealing with a scarcity of electrical energy and often flip off their heavy industries in the summertime or throughout peak hours” the X person acknowledged.
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