There is a wide variation in the electricity costs of individual Bitcoin (BTC) miner households globally. According to a recent report, producing one bitcoin in Italy costs $208,500, while Lebanon is about 783 times cheaper.
Published August 17, CoinGecko’s report It revealed that there are only 65 countries where individual Bitcoin miners are profitable based solely on household electricity bills. Of these, 34 are hers in Asia, but only 5 of them are in Europe.
However, private Bitcoin miners find it inconsistent with the global average household electricity bill.
“The average household electricity bill to mine 1 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 states.
The report identified Italy as the most expensive country for home bitcoin mining at $208,560.33 per bitcoin. At the time of publication, this indicates that in Italy the cost of mining 1 bitcoin is equivalent to about 8 bitcoins worth.
Austria followed with $184,352.44 and Belgium with $172,381.50.
Meanwhile, Lebanon’s household electricity bill allows individual miners to generate 1 bitcoin for just $266.02. Based on this data, this would be about 783 times cheaper than the cost of mining Bitcoin in Italy (price $208,560.33).
Iran followed, with a production cost of $532.04 per Bitcoin. However, despite Iran legalizing bitcoin mining in 2019, it has banned legal operations several times since. He cited the stress on energy grids in winter as the reason.
On January 4, Cointelegraph reported that about 150,000 cryptocurrency mining rigs had been seized by Iran’s Organization for the Collection and Sale of State-Owned Assets (OCSSOP).
Related: Bitcoin Mining Researcher Claims New Technology Gains 260% Hash Chance
On August 19th, Binance CEO Changpeng “CZ” Zhao posted a screenshot of the report’s data on X (formerly Twitter), telling his 8.6 million followers that individuals in these countries with low power questioned why they don’t mine bitcoin.
Why not? ♂️ pic.twitter.com/cD1TSgOZzx
— CZ Binance (@cz_binance) August 19, 2023
But CZ remains skeptical and wonders if there are other factors to consider. Still, he suggested it’s worth investigating further.
“The feasibility and other logistics probably weren’t considered in this report. But if the data is true, there are definitely some potential opportunities.”
CZ acknowledged X users who explained that many of these countries lacked enough electricity to take full advantage of the low electricity tariffs.
“Most of these countries are facing power shortages and typically shut down heavy industry during summer or peak hours,” said an X-user.
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