Key Findings
Mining 1 Bitcoin in Eire prices as much as $321,112, whereas in Iran, miners pay simply $1,324 – Over 240 occasions cheaper.A miner in Iran might mine over 42 Bitcoins for a similar vitality value required to mine only one Bitcoin in Eire.The electrical energy used to mine a single Bitcoin in 2024 might energy about 61 U.S. houses for a 12 months.With the vitality it takes to mine only one Bitcoin, a Tesla Mannequin 3 might go across the Earth greater than 86 occasions.With the present Bitcoin value at $57,909.16, U.S. miners face a few 50% loss per Bitcoin as a result of excessive vitality prices.Asia leads in Bitcoin mining revenue, with greater than 20 international locations the place miners earn cash.Mining Bitcoin in some European international locations just like the UK or Germany prices 5 occasions greater than the Bitcoin is price.8 out of 49 international locations 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 vitality. On common, mining 1 BTC consumes round 6,400,000 kilowatt-hours (kWh) of electrical energy. If tried by a solo miner, this job might take almost 12 years to complete, utilizing roughly 44,444 kWh of energy every month (calculations primarily based on knowledge in our methodology).
To place this into perspective:
The electrical energy wanted to mine 1 Bitcoin might energy 61 U.S. houses for an entire 12 months.The electrical energy wanted to mine 1 BTC might energy a Tesla Mannequin 3 to go across the Earth greater than 86 occasions.
How A lot Does it Price to Mine 1 Bitcoin Across the World? (Family Electrical energy Prices)
The price of mining 1 Bitcoin varies so much relying on the place miners are situated. Based mostly 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 provide only one Bitcoin.
The U.S., regardless of being the biggest Bitcoin mining hub, is a troublesome place for solo miners. They face large losses as a result of vitality prices are over $107,000 per Bitcoin. In China, the place cryptocurrency is banned, the theoretical value is simply half of that.
With the present Bitcoin value at $57,909.16, U.S. miners are dropping about 50% on every Bitcoin they mine. This reveals how necessary electrical energy prices are in figuring out whether or not mining is worthwhile.
The distinction in prices is placing. A miner in Iran might probably mine over 42 Bitcoins for a similar vitality value required to mine only one Bitcoin in Eire. This enormous hole in profitability is reshaping the worldwide mining panorama.
Asia Leads the Method in Mining Bitcoin Earnings, Whereas Europe Faces Sky-Excessive Prices
Asia continues to dominate the profitability panorama for Bitcoin mining. Greater than 20 international locations in Asia supply favorable circumstances for miners. Even after the 4th halving, miners throughout Asia are nonetheless seeing excessive returns on their investments.
Alternatively, miners in some European international locations are combating very excessive prices. In international locations just like the UK and Germany, the price to mine a single Bitcoin will be as much as 5 occasions greater than its present worth. This makes mining a dropping proposition for a lot of in these areas.
The stark distinction between Asian and European mining circumstances is inflicting a shift in the place mining operations are situated. Miners are more and more trying to arrange in international locations with decrease vitality prices to remain worthwhile.
8/49 Worthwhile Bitcoin Mining Nations Have Banned Cryptocurrencies
Apparently, among the most worthwhile international locations for mining Bitcoin have put heavy restrictions or outright bans on cryptocurrency. 8 out of the 49 international locations the place Bitcoin mining is worthwhile have banned crypto.
This creates an odd state of affairs for miners in these international locations. They may make some huge cash mining Bitcoin, however it’s in opposition to the regulation. This leaves miners in a troublesome spot, having to decide on between potential income and following the regulation.
A few of these international locations may be lacking out on financial alternatives by banning crypto whereas having preferrred circumstances for mining. This example highlights the complicated relationship between profitability, regulation, and the worldwide unfold of cryptocurrency mining.
Prime 10 Least Worthwhile International locations for Bitcoin Mining
After the halving, vitality consumption has change into an much more critical think about figuring out profitability. In some international locations, the price of mining Bitcoin has elevated considerably, making it a dropping proposition for miners. Eire is the least worthwhile nation for Bitcoin mining, with an electrical energy value of $321,112.30 per Bitcoin.
Listed below are the highest 10 least worthwhile international locations 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 international locations, the price to mine one Bitcoin is way greater than the present value of Bitcoin. This implies miners in these areas are dropping cash with each Bitcoin they mine except they’ve entry to less expensive electrical energy than the typical family fee.
Prime 10 Most Worthwhile International locations for Bitcoin Mining
Alternatively, some international locations are seeing unimaginable profitability because of low electrical energy prices. Iran is probably the most worthwhile nation for Bitcoin mining, with miners paying simply $1,324.17 in electrical energy to provide one Bitcoin.
Listed below are the highest 10 most worthwhile international locations 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 research checked out the price of mining one Bitcoin (BTC) in 142 international locations, 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 issue of 89,471,664,776,971.00000000. This issue stage adjustments each 2,016 blocks mined, relying on what number of miners are energetic and their whole hash energy, in accordance with 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 received electrical energy prices for 142 international locations 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 value to calculate how a lot it prices to mine one Bitcoin in every nation.
