Key Findings
Mining 1 Bitcoin in Eire prices as much as $321,112, whereas in Iran, miners pay simply $1,324 – Over 240 instances cheaper.A miner in Iran may mine over 42 Bitcoins for a similar power price required to mine only one Bitcoin in Eire.The electrical energy used to mine a single Bitcoin in 2024 may energy about 61 U.S. properties for a 12 months.With the power it takes to mine only one Bitcoin, a Tesla Mannequin 3 may go across the Earth greater than 86 instances.With the present Bitcoin worth at $57,909.16, U.S. miners face a few 50% loss per Bitcoin as a consequence of excessive power prices.Asia leads in Bitcoin mining revenue, with greater than 20 nations the place miners earn a living.Mining Bitcoin in some European nations just like the UK or Germany prices 5 instances greater than the Bitcoin is price.8 out of 49 nations the place Bitcoin mining is worthwhile have banned cryptocurrencies.
How A lot Electrical energy is Wanted to Mine 1 Bitcoin After 2024 Halving?
Mining a single Bitcoin (BTC) as a person miner requires a considerable quantity of power. On common, mining 1 BTC consumes round 6,400,000 kilowatt-hours (kWh) of electrical energy. If tried by a solo miner, this process may take almost 12 years to complete, utilizing roughly 44,444 kWh of energy every month (calculations based mostly on knowledge in our methodology).
To place this into perspective:
The electrical energy wanted to mine 1 Bitcoin may energy 61 U.S. properties for an entire 12 months.The electrical energy wanted to mine 1 BTC may energy a Tesla Mannequin 3 to go across the Earth greater than 86 instances.
How A lot Does it Price to Mine 1 Bitcoin Across the World? (Family Electrical energy Prices)
The price of mining 1 Bitcoin varies rather a lot relying on the place miners are positioned. Primarily based on family electrical energy charges for mining, the vary goes from very worthwhile areas like Iran, the place mining 1 Bitcoin prices $1,324.17, to locations like Eire, the place miners are paying over $321,112.30 to supply only one Bitcoin.
The U.S., regardless of being the most important Bitcoin mining hub, is a troublesome place for solo miners. They face massive losses as a result of power prices are over $107,000 per Bitcoin. In China, the place cryptocurrency is banned, the theoretical price is simply half of that.
With the present Bitcoin worth at $57,909.16, U.S. miners are shedding about 50% on every Bitcoin they mine. This reveals how vital electrical energy prices are in figuring out whether or not mining is worthwhile.
The distinction in prices is hanging. A miner in Iran may doubtlessly mine over 42 Bitcoins for a similar power price required to mine only one Bitcoin in Eire. This enormous hole in profitability is reshaping the worldwide mining panorama.
Asia Leads the Manner in Mining Bitcoin Earnings, Whereas Europe Faces Sky-Excessive Prices
Asia continues to dominate the profitability panorama for Bitcoin mining. Greater than 20 nations in Asia provide favorable situations for miners. Even after the 4th halving, miners throughout Asia are nonetheless seeing excessive returns on their investments.
Then again, miners in some European nations are fighting very excessive prices. In nations just like the UK and Germany, the fee to mine a single Bitcoin may be as much as 5 instances larger than its present worth. This makes mining a shedding proposition for a lot of in these areas.
The stark distinction between Asian and European mining situations is inflicting a shift in the place mining operations are positioned. Miners are more and more seeking to arrange in nations with decrease power prices to remain worthwhile.
8/49 Worthwhile Bitcoin Mining Nations Have Banned Cryptocurrencies
Apparently, a number of the most worthwhile nations for mining Bitcoin have put heavy restrictions or outright bans on cryptocurrency. 8 out of the 49 nations the place Bitcoin mining is worthwhile have banned crypto.
This creates a wierd state of affairs for miners in these nations. They might make some huge cash mining Bitcoin, but it surely’s in opposition to the legislation. This leaves miners in a troublesome spot, having to decide on between potential income and following the legislation.
A few of these nations is likely to be lacking out on financial alternatives by banning crypto whereas having perfect situations for mining. This case highlights the complicated relationship between profitability, regulation, and the worldwide unfold of cryptocurrency mining.
Prime 10 Least Worthwhile Nations for Bitcoin Mining
After the halving, power consumption has turn into an much more severe consider figuring out profitability. In some nations, the price of mining Bitcoin has elevated considerably, making it a shedding proposition for miners. Eire is the least worthwhile nation for Bitcoin mining, with an electrical energy price of $321,112.30 per Bitcoin.
Listed below are the highest 10 least worthwhile nations to mine 1 BTC:
Rating
Nation
Electrical energy Price to Mine 1 BTC (USD)
1
Eire
$321,112.30
2
Belgium
$280,062.89
3
Bahamas
$280,724.98
4
UK
$271,455.76
5
Germany
$269,469.50
6
Cayman Islands
$268,807.41
7
Denmark
$258,214.01
8
Switzerland
$236,365.14
9
Czech Republic
$228,420.09
10
Cyprus
$227,095.91
In these nations, the fee to mine one Bitcoin is far larger than the present worth of Bitcoin. This implies miners in these areas are shedding cash with each Bitcoin they mine except they’ve entry to less expensive electrical energy than the typical family fee.
Prime 10 Most Worthwhile Nations for Bitcoin Mining
Then again, some nations are seeing unbelievable profitability due to low electrical energy prices. Iran is essentially the most worthwhile nation for Bitcoin mining, with miners paying simply $1,324.17 in electrical energy to supply one Bitcoin.
Listed below are the highest 10 most worthwhile nations to mine 1 BTC:
Rating
Nation
Electrical energy Price to Mine 1 BTC (USD)
1
Iran
$1,324.17
2
Ethiopia
$1,986.26
3
Sudan
$3,972.52
4
Syria
$3,972.52
5
Cuba
$3,972.52
6
Libya
$5,296.70
7
Angola
$8,607.13
8
Kyrgyzstan
$8,607.13
9
Nigeria
$9,269.22
10
Bhutan
$9,931.31
Methodology
This examine checked out the price of mining one Bitcoin (BTC) in 142 nations, utilizing USD per kilowatt-hour (USD/kWh) because the measure.
To determine how a lot electrical energy it takes to mine 1 Bitcoin, we checked out 8 completely different mining machines with completely different hash charges. We calculated the typical time it took to mine one Bitcoin with every machine, utilizing a mining problem of 89,471,664,776,971.00000000. This problem stage modifications each 2,016 blocks mined, relying on what number of miners are lively and their whole hash energy, in response to the CoinWarz Bitcoin calculator.
Listed below are the eight mining fashions we checked out, with their hash charges and energy use:
Mining Mannequin
Hashrate (TH/s)
Energy Consumption (kW)
Hours to Mine 1 Bitcoin
KWh per Bitcoin
MicroBT Whatsminer M63s hydro 390T
390
7.215
87,584.70
6,319,236.152
MicroBT Whatsminer M63s hydro 366T
366
7.283
93,327.96
6,797,075.306
MicroBT Whatsminer M63s hydro 360T
360
7.215
94,883.43
6,845,839.165
Bitmain Antminer S21 Hydro 335
335
5.36
101,964.28
5,465,285.321
MicroBT Whatsminer M63 hydro 334T
334
7.283
102,269.56
7,448,292.102
MicroBT WhatsMiner M66s hydro 298T
298
5.513
114,624.27
6,319,236.152
MicroBT WhatsMiner M66 hydro 280T
280
5.572
121,992.98
6,797,448.618
MicroBT WhatsMiner M66S 270T
270
5.513
126,511.23
6,974,564.346
We acquired electrical energy prices for 142 nations from globalpetrolprices.com, correct as of December 2023. We organized this knowledge by nation, area, and sub-region.
Lastly, we multiplied the typical electrical energy consumption by every nation’s electrical energy price to calculate how a lot it prices to mine one Bitcoin in every nation.
