Report: Mining Cost by Country

January 31, 2018

International Business Times calculated the cost of bitcoin mining in 115 countries all over the world and compiled a list of them to determine which countries are the best and which are the worst for miners. Calculations are based on the average electricity rate per country. 

As you can see in this list, Venezuela is the country with the cheapest bitcoin mining, Venezuelan miners have to spend only $531 to mine 1 BTC. Next on the list is Trinidad and Tobago with $1,190. Uzbekistan closes the top-3 with $1,788 to mine 1 bitcoin.

In 91 countries out of 115 the mining cost is less than $10,000, which is the current price of 1 bitcoin. So, mining is a profitable activity in these countries. For instance, miners from Russia, the United States, India, and most of European countries can profit on mining bitcoin.

As for countries with the most expensive mining, South Korea is the worst country for it, as the mining cost here is $26,170, which means that if you reckless enough to mine BTC in South Korea, you will suffer 260% losses. Also, most of the countries from Oceania are also not good for this type of activity, as the mining cost in these countries differs from $10,700 to $16,000 for 1 BTC. 


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