Costs of Household Electricity to Mine 1 Bitcoin at Home- Worldwide

Costs of Household Electricity to Mine 1 Bitcoin at Home- Worldwide

There is a considerable global difference in household power costs for individual Bitcoin BTC. According to a recent estimate, whereas generating one Bitcoin in Italy costs $208,560, it is nearly 783 times cheaper in Lebanon.

According to a CoinGecko research published on August 17, just 65 nations are economical for lone Bitcoin miners based only on household power expenses.

Asia contains 34 of these countries, whereas Europe has only five. According to the survey, Italy is the most expensive country for home Bitcoin mining, costing $208,560 per Bitcoin. At the time of writing, this implies that the cost of mining one Bitcoin in Italy is similar to the value of eight Bitcoins. Meanwhile, private miners in Lebanon may earn one Bitcoin for $266 using home power prices. According to these statistics, this is around 783 times less expensive than mining a Bitcoin in Italy.

A Single Bitcoin Energy Cost:

A single Bitcoin (BTC) requires an average of 266,000 kilowatt-hours (kWh) of power to mine. This procedure would take around seven years to complete, requiring roughly 143 kWh of energy every month. In context, this monthly power consumption is around one-sixth of what a typical US family consumed in 2021.

The average home electricity cost to mine one Bitcoin is $46,291.24, 35% more expensive than the average daily price of one Bitcoin in July 2023 ($30,090.08). Regional disparities in home electricity prices are enormous, with Europe having the highest average household electricity cost, estimated at $85,767.84.

65 nations worldwide are profitable for solo mining a single Bitcoin using household power expenditures. Five of these countries are in Europe, while the Americas, particularly in South America and the Caribbean, provide chances in eight countries. With 18 nations, Africa appears as a noteworthy area, while Asia emerges as the most major contributor, holding 34 countries with the potential for successful solo mining operations.

Although low power rates in some nations promise profit, continuous Bitcoin mining might overload the grid and cause blackouts. This was the situation in Iran, which legalized Bitcoin mining in 2019 but has often stopped legal activities. It is unprofitable to mine Bitcoin in 82 countries, with the top ten most costly being Italy, Austria, Belgium, Denmark, Germany, Ireland, Lithuania, the Netherlands, the United Kingdom, and the Cayman Islands.

About The Author

Faryal Khan

I'm Faryal Khan. I'm a student of 3rd year DPT in a private medical college in Lahore. I write blogs, website material, captions, e-books, and product descriptions. I'm quite interested in medical writing and other related topics. In addition to being a writer, I love to assist my patients as physiotherapist and improve their lifestyle and way of living.

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