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In this article, how much is the production cost of one BTC in different countries? And the impact of the electricity crisis on the Bitcoin mining pole will be discussed.
In the world of Bitcoin mining and digital currencies, the cost of producing and mining these currencies is one of the things that play a key role in determining the profitability of miners and the development of this industry. Also, energy and electricity issues are also very important in this area. In this article, how much is the production cost of one BTC in different countries? And the impact of the electricity crisis on the Bitcoin mining pole will be discussed.
Recent reports from the CoinGecko site show that the cost of producing one bitcoin for individual miners in different countries is different. In this report, the cost of household electricity consumption to produce one bitcoin is analyzed. For example, Iran is the second cheapest country after Lebanon in this list. This report shows that the cost of producing one bitcoin by an independent miner in Iran is about 266,000 kilowatt hours of electricity, which takes about seven years.
According to this report, the average cost of household electricity to produce one bitcoin in the world is about $46,291. This cost is 35% higher than the average daily price of one bitcoin ($30,090 at the time of publication) in July 2023.
How much does it cost to produce a BTC in different countries?
In this report, very significant differences in the production costs of a bitcoin can be seen in different countries. For example, European countries such as Italy and Austria with high average electricity costs are among the most expensive countries to produce Bitcoin. In contrast, Asian countries such as Iran and Lebanon with lower electricity costs are the cheapest areas to generate Bitcoin.
1- Italy $208,560
2- Austria $184,352
3- Belgium $172,381
4- Denmark $166,795
5- Germany $163,336
6- Ireland $159,612
7- Lithuania $152,163
8- The Netherlands $137,798
9- United Kingdom $130,616
10- Cayman Islands $128,222
1- Lebanon 266 dollars
2- Iran 532 dollars
3- Syria $1,330
4- Ethiopia $1,596
5- Sudan $2,128
6- Libya $2,660
7- Kyrgyzstan $2,660
8- Angola $3,724
9- Zimbabwe $3,990
10- Bhutan $4,256
Impact of electricity crisis on bitcoin mining pole
Mining Bitcoin and other digital currencies requires high power. The state of Texas in the United States is known as one of the poles of Bitcoin mining. But in critical times, such as price changes and power shortages, it will have serious effects on the mining industry and consequently on the Bitcoin hash rate.
In December 2022, due to a winter storm, Bitcoin’s hash rate dropped drastically and about 35% of the computing power of the Bitcoin network was lost. This event shows the strong impact of changes in electricity supply on the mining industry.
During critical times such as rising electricity rates and energy shortages, Bitcoin miners in Texas face serious problems. Because Texas is known as one of the main Bitcoin mining centers and miners need high power for their operations.
The cost of producing a bitcoin in different countries differs greatly according to the cost of household electricity. Countries with lower electricity costs are more profitable for Bitcoin mining. But power crises at Bitcoin mining poles can have significant impacts on hash rate and network performance.
