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The diverse landscape of electricity pricing across the globe affects the profitability of Bitcoin mining for solo operators, as unveiled in a study by CoinGecko on August 17. The stark contrasts became evident when it was noted that generating a single Bitcoin in Italy would set a miner back by $208,560. Conversely, in Lebanon, a miner would spend a mere $266 for the same achievement.
The study gives a comprehensive overview of 65 nations where Bitcoin mining remains profitable based solely on domestic electricity rates. Asia dominates this list, boasting 34 countries, whereas Europe trails with a mere five.
To put things into perspective, the typical cost of mining a Bitcoin with household electricity amounts to $46,291.24. This figure stands 35% above the average Bitcoin price as of July 2023, which was $30,090.08. Italy emerges as the country where Bitcoin mining hits the pocket hardest, with each coin's creation cost being nearly equivalent to the value of eight Bitcoins. Austria and Belgium aren't far behind, with mining costs standing at $184,352 and $172,382, respectively.
Lebanon, in stark contrast, offers the most economical rates. Generating a Bitcoin in Lebanon is about 783 times more affordable than in Italy. Not far behind Lebanon, Iran also offers competitive rates with a Bitcoin's production cost pegged at $532. Notably, even though Iran recognized Bitcoin mining as a legal activity in 2019, it has intermittently clamped down on operations, mainly due to electricity grid overloads during colder months. Early this year, Iran's OCSSOP confiscated a massive haul of around 150,000 crypto mining devices.
Adding to the conversation on Aug. 19, Binance's CEO, Changpeng Zhao, shared CoinGecko's findings on X, emphasizing the low electricity costs in several nations. While Zhao agreed that low energy costs might present an attractive prospect for miners, he voiced concerns over the study's depth, noting other potential variables at play. Echoing these concerns, an X user pointed out that several nations with competitive electricity rates grapple with power shortages. As a result, industries often go offline, especially during summer or high-demand periods.
