According to the latest report from CoinGecko, the cost of bitcoin mining varies around the world.
According to a CoinGecko report dated August 17, the cost of bitcoin mining varies greatly around the world. According to the report, Italy came out as one of the most expensive countries for bitcoin mining when evaluated according to the cost of household electricity, while Lebanon is significantly cheaper in this regard.
CoinGecko Report Reveals Variations in Bitcoin Mining Prices Around the World
According to a CoinGecko report, the average cost of household electricity for bitcoin miners worldwide is $46,291.24. This is 35 more than the average daily price of 1 BTC in July 2023. At $208,560 per bitcoin, Italy is the most expensive country to mine at home. At the same time, the cost of mining one bitcoin in Italy is about 8 bitcoins. It is followed by Austria with $184,352 and Belgium with $172,382.
On the other hand, low electricity prices in Lebanon allow individual miners to generate only up to $266 worth of bitcoin. In this case, the cost of bitcoin mining in Lebanon is approximately 783 times cheaper than bitcoin mining in Italy. Iran is in third place with a production cost of $532 per bitcoin.
According to the report, several factors have to be considered as to why low-cost bitcoin mining does not take place in countries with low electricity costs. Because most of these countries are facing energy shortage and can divert energy to industrial plants which concentrate energy during summer or peak hours. Nevertheless, the report suggests that the potential for bitcoin mining in countries with low electricity costs is worth investigating.