According to the report, Europe is home to nine of the 10 least profitable countries for Bitcoin mining, based on household electricity costs.
A significant worldwide contrast exists in household electricity expenses for individual Bitcoin (BTC) miners. While producing one Bitcoin in Italy costs $208,560, in Lebanon, it’s roughly 783 times cheaper, according to a recent report.
Published on Aug. 17, the report from CoinGecko revealed that only 65 countries are profitable for solo Bitcoin miners, based solely on household electricity costs. Among these, 34 countries are in Asia, while Europe only has five.
However, solo Bitcoin miners find themselves at odds with the worldwide average of household electricity costs:
Why wouldn't they? 🤷♂️😂 pic.twitter.com/cD1TSgOZzx
— CZ 🔶 BNB (@cz_binance) August 19, 2023
However, CZ remained skeptical and believes there might be more factors to consider. Yet, he suggested it’s worth exploring further:
“The report probably didn’t consider feasibility and other logistics. But if the data is true, there definitely seems to be some potential opportunities.”
CZ acknowledged an X user who explained that many of these countries lack sufficient electricity for them to make the most of the cheap electricity costs.
“Most of these countries are facing a shortage of electricity and usually turn off their heavy industries in the summer or during peak hours,” the X user stated.