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Wednesday, June 29, 2022
Hawaii: Worst Place for Bitcoin Mining
By Selected News Articles @ 5:18 PM :: 2174 Views :: Hawaii Statistics, Cost of Living

The Cost to Mine Different Cryptocurrencies In Every Country

from 911Metallurgist.com, June, 2022

In June 2021, the People’s Bank of China officially banned all cryptocurrency mining, citing fears over pollution associated with energy use and the increased economic risk associated with speculative assets. China joins eight other countries – Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, and Bangladesh – who have banned all cryptocurrency.

Since the ban, crypto players have spread around the globe looking for new places to set up mining operations. Many fled to neighboring Kazakhstan – which has the 10th least expensive electricity of any country – causing the global share of all Bitcoins mined in the country to rise from 8.8% in May 2021 to 18.1% in July 2021. Many also fled to Texas, where abundant natural gas and a deregulated power grid provide some of the cheapest electricity in the world.

As the “great mining migration” continues, mining experts at 911 Metallurgist decided to find the cheapest and most expensive countries for mining cryptocurrency. To determine the cost to mine different cryptocurrencies around the world, we calculated the electricity requirements and cost of electricity for mining Bitcoin, Ethereum, and Dogecoin in 200 countries and all 50 states.

The Cost and Profitability of Mining Crypto Around the World 

The level of interest in cryptocurrencies varies greatly across the world. Demand helps to determine how much the coin itself is worth. That, and the ever-growing network of miners and users. From extracting Dogecoin for less than a nickel to splurging more than $1,000 on one Ethereum coin, which countries get the most crypto for their cash?

Filter the results in the tables below to uncover the cost VS profitability of mining Bitcoin, Ethereum, and Dogecoin in 200 countries and all 50 states. Profitability is calculated using live crypto values from Live Coin Watch.

As the electricity requirements for mining Bitcoin rise and more countries close their doors to cryptocurrency production, knowing the cost of mining Bitcoin around the world becomes more important than ever. The map below shows the cost of mining one Bitcoin in every country.

As exiled Bitcoin miners seek new homes to establish crypto mining operations, many of the countries with the lowest mining costs have become overwhelmed. In Kosovo, for example – where coal plants provide the 16th lowest electricity prices of any country – increased electricity demand associated with Bitcoin mining has led to multiple power outages at coal plants. In response, the country imposed a ban on Bitcoin mining. Similarly, Iran– home to the 14th lowest electricity prices in the world – imposed a temporary ban on Bitcoin mining after multiple cities suffered rolling blackouts. 

Bitcoin miners migrating from state to state consider several factors when deciding on a location to set up operations, including the regulatory environment, electricity prices, and the overall cost to mine cryptocurrency. Keep reading to find out the cost to mine one Bitcoin in every state.

The cost of mining Bitcoin varies heavily across the United States, causing certain states with cheap electricity – Texas, Oklahoma, and Kentucky – to emerge as major crypto hubs. But while the cost to mine Bitcoin in Georgia is roughly in line with the national average, the Peach State has emerged as the primary hub for crypto mining within the United States. 

According to estimates by cryptocurrency company Foundry, Georgia accounts for 34.2% of all Bitcoin mining activity in the country, by far the largest share of any state. The outsized mining activity is due to abundant nuclear and solar power as well as a crypto-friendly regulatory environment….

read … Full Report

03 Cost to Mine Cryptocurrencies US Map BitcoinClick here to see this image in full size

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