Worldwide Bitcoin Mining Costs

Bitcoin‘s appeal is worldwide. In the span of just a few years, it moved from a niche topic to a household name and constant media coverage. In 2017, its value soared to new heights before collapsing in January of the following year. This year has seen a significant spike in the value of bitcoin.

A lot of people want to know how bitcoin works. People are curious about mining, both for the technology involved and for the potential financial gain. It gets more difficult and more expensive as more people set up rigs and mine more coins.

Studying each state’s bitcoin mining costs was done by Crescent Electric Supply Company. When comparing the average cost of power in each state with data from three different mining operations, they discovered that costs vary widely from one location to the next.

This inquiry was widened by EliteFixtures.com. We grew our business across the globe. Based on government statistics, electricity company data, and/or world publications like IEA, EIA, OANDA, etc., we calculated the cost of mining one bitcoin in 115 countries. Avalon 6 and AntMiner S9 were the mining machines we used. We figured out how long it would take to mine one coin and how much power it would use. In early January 2018, the AntMiner S9 would consume 17,773.344 kilowatts and take 548.56 days to produce a currency using the current mining difficulty. The Avalon 6 would require 2194.22 days and use 55,294.344 kilowatts, while the S7 would require 1580.2 days and use 45,889.008 kilowatts.

Bitcoin mining expenses across the globe broken down by nation by EliteFixtures.com

At a staggering total of $26,170, the cost of mining a single coin in South Korea is by far the highest of any country. After that, Niue, Bahrain, the Solomon Islands, and the Cook Islands make up the top five places, in that order. On the other hand, Venezuela was the nation with the lowest cost of living at $531 per capita. The cost of their electricity is kept artificially low by a substantial subsidy provided by the government, which can be seen in the market rate. The remaining four of the world’s five nations with the lowest costs of living are as follows: Trinidad and Tobago, Uzbekistan, Ukraine, and Myanmar.

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At a cost of $4,758, the United States of America ranked 41st among the most affordable countries for mining. At $4,675, Russia, which is a significant mining hub, was just a tiny bit lower than the United States. At $3,172, China was the 17th least expensive country on the list.

According to the findings of EliteFixture’s investigation, the cost of mining Bitcoin can vary substantially depending on where in the globe one resides. Because of this, many miners choose to operate through a virtual private network. Naturally, the amount that it costs will have an effect on the amount of profit that you can make. Before beginning mining, it is definitely a good idea to check with your community’s utility company to find out the specific cost of the electricity you will need.