How much cost to mine a Bitcoin?

How much cost to mine a Bitcoin?

The idea of downloading an algorithm and connecting a computer to the network to make money is a very attractive one. But mining cryptocurrency is not as simple as it seems. Individual miners have been removed from the market by mining specialists, who own dozens of processors and consume a lot of electricity.

Any production activity involves certain costs – and in the case of cryptocurrency, besides the initial investment in hardware, the problem is the electricity consumption. The price of electricity varies greatly worldwide, which means that mining is more profitable in some countries than others.

A lighting company, Elite Fixtures, conducted a study on mining costs in 115 countries, based on the average price of electricity. More specifically, they calculated how much electricity is required for mining a single bithole based on the results of 3 of the most popular mining installations – AntMiner S7, AntMiner S9 and Avalon 6.

Electricity costs have been calculated on the basis of data provided by governments and electricity companies.

So, according to this study, the biggest mining profit can be obtained in Venezuela, at about $ 530 per bitcoin (and if we consider that the bitcoin price has again passed the $ 10,000 threshold, the profit is considerable) .

The lowest profit is gained in South Korea, where the cost of a bitcoin reaches over $ 25,000 (I do not think we will see Korean miners too soon).
Romania is somewhere in the middle in this top spot (51th place as profitability in 115 countries) at a cost of about $ 5,700 per bitcoin. Our neighbors are somewhat better: Ukraine is on the 5th place (about 1900 $), Serbia is 13th with a cost of 3100 $, in Bulgaria the cost reaches $ 4360, and Moldova and Russia compete with costs of about 4600 $.

China, the country where the largest mining facilities are located, costs about $ 3200 / bithoin, similar to Saudi Arabia, India and Egypt. In the United States, the mining cost of a bitcoin is $ 4700 (which still represents a 50% profit taking into account the current price).

If you are planning to invest in a mining installation, electricity costs are not the only things to consider – there are many countries that have been prone to strict regulation of this area of activity (such as China), and others that are much more permissive (like Japan, but at production costs of $ 8700 / bitcoin is not profitable).

More info about bithole mink or other cryptomonades you find here.

Considering the negative publicity about the energy consumption of farms, there are a lot of investors who are focusing on the use of renewable energy, which costs less and is less dangerous for the environment.

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