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HomeCryptoMining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko

Mining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko

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There’s a vital worldwide distinction in family electrical energy bills for particular person Bitcoin (BTC) miners. Whereas producing one Bitcoin in Italy prices $208,560, in Lebanon, it’s roughly 783 instances cheaper, in accordance with a latest report.

Printed on Aug. 17, CoinGecko’s report revealed that solely 65 nations are worthwhile for solo Bitcoin miners, primarily based solely on family electrical energy prices. Amongst these, 34 nations are in Asia, whereas Europe solely has 5. 

Nevertheless, solo Bitcoin miners discover themselves at odds with the worldwide common of family electrical energy prices:

“The typical family electrical energy value to mine 1 Bitcoin is $46,291.24, which is 35% larger than the typical each day worth of 1 BTC in July 2023 ($30,090.08).”

The report recognized Italy as the most expensive nation for family Bitcoin mining at $208,560 per Bitcoin. As of the time of publication, this means that the price of mining one Bitcoin in Italy is the equal to the worth of roughly eight Bitcoins.

This was adopted by Austria at $184,352, and Belgium at $172,382.

Essentially the most unprofitable nations to mine 1 BTC. Supply: CoinGecko

In the meantime, Lebanon’s family electrical energy charges permit particular person miners to generate one Bitcoin for simply $266. Primarily based on this information, that is roughly 783 instances cheaper than the associated fee to mine a Bitcoin in Italy, priced at $208,560.

Iran adopted, with a manufacturing value of $532 per Bitcoin. Nevertheless, regardless of Iran legalizing Bitcoin mining in 2019, the nation has since banned authorized operations on a number of events, citing stress on power grids throughout winter.

On Jan. 4, Cointelegraph reported that roughly 150,000 items of crypto mining tools was seized by Iran’s Group for Assortment and Sale of State-Owned Property (OCSSOP).

Associated: Bitcoin mining researchers declare new tech ups successful hash likelihood by 260%

On Aug. 19, Binance CEO Changpeng “CZ” Zhao posted a screenshot of this report’s information on X (previously Twitter), questioning his 8.6 million followers why people in these nations with low electrical energy would not mine Bitcoin.

Nevertheless, CZ remained skeptical and believes there could be extra components to consider. But, he steered it is price exploring additional:

“The report most likely didn’t take into account feasibility and different logistics. But when the information is true, there undoubtedly appears to be some potential alternatives.”

CZ acknowledged an X person who defined that many of those nations lack adequate electrical energy for them to take advantage of of a budget electrical energy prices.

“Most of those nations are going through a scarcity of electrical energy and normally flip off their heavy industries in the summertime or throughout peak hours” the X person acknowledged.

Journal: SEC seeks enchantment over Ripple, crypto costs plunge and EU debuts Bitcoin ETF: Hodler’s Digest, Aug. 13-19