Electricity cost to mine 1 Bitcoin at home anywhere in the world

Important findings

• It prices a whopping $321,112 to mine one Bitcoin in Eire, whereas in Iran miners solely pay $1,324 – greater than 240 instances cheaper.
• A miner in Iran can mine over 42 Bitcoins on the identical power value because it takes to mine 1 Bitcoin in Eire.
• By 2024, the electrical energy used to mine one Bitcoin might energy roughly 61 U.S. houses for a 12 months.
• With the power required to mine one Bitcoin, a Tesla Mannequin 3 can circle the earth greater than 86 instances.
• The present Bitcoin value is $57,909.16, and U.S. miners face losses of roughly 50% per Bitcoin as a result of excessive power prices.
• Asia leads the way in which in Bitcoin mining income, with miners earning money in additional than 20 international locations.
• The price of mining Bitcoin in some European international locations such because the UK or Germany is 5 instances the worth of the Bitcoin.
• Eight of the 49 international locations the place Bitcoin mining is worthwhile ban cryptocurrencies.

How a lot electrical energy will it take to mine 1 Bitcoin after the 2024 halving?

Mining a single Bitcoin (BTC) as a person miner requires an enormous quantity of power. On common, mining 1 BTC consumes roughly 6,400,000 kilowatt hours (kWh) of electrical energy. If tried by a single miner, this job would possible take practically 12 years Accomplished utilizing approx. 44,444 kWh of electrical energy monthly (Calculated from information in our technique).

Have a look at it from this attitude:

• The electrical energy required to mine 1 Bitcoin can energy 61 American houses for a whole 12 months.
• The electrical energy required to mine 1 BTC can drive a Tesla Mannequin 3 greater than 86 instances across the earth.

How a lot does it value to mine 1 Bitcoin anyplace on this planet? (family electrical energy invoice)

The price of mining 1 Bitcoin varies drastically relying on the place the miner is positioned. Primarily based on family electrical energy costs within the mining trade, the vary comes from very worthwhile areas similar to Iranthe place the associated fee to mine 1 Bitcoin $1,324.17to a spot like this Eireminers pay greater than $321,112.30 USD Just one Bitcoin is produced.

America, regardless of being the most important Bitcoin mining heart, is a troublesome place for particular person miners. They face large losses as a result of power Every Bitcoin prices greater than $107,000. In China, which bans cryptocurrencies, the theoretical value is half that.

The present value of Bitcoin is $57,909.16, U.S. miners lose about 50% for each Bitcoin mined. This reveals how necessary electrical energy prices are in figuring out whether or not mining is worthwhile.

The distinction in value is staggering. A miner in Iran might probably mine over 42 Bitcoins on the identical power value as it might take to mine 1 Bitcoin in Eire. This large hole in profitability is reshaping the worldwide mining panorama.

Asia leads the way in which in mining Bitcoin income whereas Europe faces sky-high prices

Asia continues to dominate Bitcoin mining profitability. Greater than 20 international locations in Asia provide preferential situations to miners. Even after the fourth halving, miners throughout Asia are nonetheless seeing excessive returns on funding.

However, miners in some European international locations are going through excessive prices. In international locations such because the UK and Germany, the price of mining a single Bitcoin might be 5 instances increased than its present worth. This makes mining a dropping choice for many individuals in these areas.

The stark distinction between mining situations in Asia and Europe is resulting in modifications in the place mining operations are positioned. Miners are more and more trying to arrange places of work in international locations with decrease power prices to stay worthwhile.

8/49 Worthwhile Bitcoin Mining International locations Have Banned Cryptocurrencies

Apparently, a few of the most worthwhile international locations for mining Bitcoin have imposed extreme restrictions or outright bans on the cryptocurrency. 8 out of 49 international locations the place Bitcoin mining is worthwhile ban cryptocurrencies.

This creates an odd state of affairs for miners in these international locations. They will make some huge cash mining Bitcoin, nevertheless it’s unlawful. This places miners in a troublesome place, having to decide on between potential income and compliance with the regulation.

A few of these international locations might miss out on financial alternatives by banning cryptocurrencies whereas having preferrred mining situations. The state of affairs highlights the complicated relationship between profitability, regulation and the worldwide unfold of cryptocurrency mining.

High 10 least worthwhile international locations for Bitcoin mining

After the halving, power consumption turns into a extra necessary think about figuring out profitability. In some international locations, the price of mining Bitcoin has elevated considerably, making it a loss-making choice for miners. Eire is the least worthwhile nation for Bitcoin mining, with electrical energy payments of $321,112.30 per Bitcoin.

Listed here are the ten worst international locations for mining 1 BTC profitably:

In these international locations, the price of mining one Bitcoin is way increased than the present value of Bitcoin. Which means miners in these areas lose cash on each Bitcoin they mine except they’ve entry to electrical energy that’s less expensive than the typical family electrical energy invoice.

High 10 most worthwhile international locations for Bitcoin mining

However, some international locations have achieved unimaginable profitability because of the low value of electrical energy. Iran is probably the most worthwhile nation for Bitcoin mining, with miners paying solely $1,324.17 in electrical energy payments to provide one Bitcoin.

Listed here are the ten most worthwhile international locations to mine 1 Bitcoin:

methodology

The research checked out the price of mining 1 Bitcoin (BTC) in 142 international locations, measured in US {dollars} per kilowatt-hour (USD/kWh).

To calculate 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 takes every machine to mine one Bitcoin, utilizing Mining problem 89,471,664,776,971.00000000. The issue will change each time 2,016 blocks Primarily based on the variety of lively miners and their whole computing energy, CoinWarz Bitcoin Calculator.

Listed here are the eight mining fashions we checked out, together with their hashrate and energy consumption:

We obtained electrical energy prices for 142 international locations World Gasoline Value Communitywhich is strictly or December 2023. We arrange this information by nation, area and sub-region.

Lastly, we calculated the price of mining one Bitcoin in every nation by multiplying the typical electrical energy utilization by the price of electrical energy in every nation.