The report from 911 Metallurgist, an energy operations consulting firm, provides insightful data on the state of bitcoinofethereum and dogecoin around the world.
Listing the full cost of electricity to mine BTC, ETH, and DOGE, the report shows which countries mining makes money in and which countries it is a money pit. Kuwait takes first place in the ranking because mining a bitcoin there costs only $1.394.
Countries in Africa and the Middle East conducive to mining
The 911 Metallurgist report takes into account two data, the cost of electricity in a given country and the price of bitcoin, which has reached a support of $20,000 since last May. The top ten countries on the list are all located in the Middle East and Africa. In first place, we have Kuwait which has one of the cheapest electricity in the world, followed by Algeria ($4,181 per bitcoin mined) and Sudan ($4,781). Placed last on the list, producing one BTC in Venezuela would cost an exorbitant bill of $246,530.74.
A few European countries fall below the $21,000 mark, such as Sweden, the Baltic countries and Romania. On the other hand, it is no longer profitable to mine bitcoin at present in France, because a single token will cost you more than $27,000 in production cost.
The United States, one of the largest bitcoin miners in the world, remains average, albeit with huge swings by state. Mining one BTC will cost you $16,000 in Texas, and over $35,000 in California. Again, everything is related to the cost of electricity which is radically different depending on the region of the country.
Ethereum and dogecoin, still profitable crypto-currencies
While bitcoin still uses the Proof Of Work which determines its value, ethereum and dogecoin have gone through less expensive mining processes (the Proof of Stake), which definitely tips the scales if you want to mine these crypto-assets.
The global average cost of producing an Ethereum is set at $150, which remains profitable for an asset whose price has been capping at $1,000 since May. Dogecoin imposes a much lower cost, directly related to the fall in its value since its April 2021 peak when a DOGE reached $0.25 thanks to the support of billionaire Elon Musk.
The report includes other geographic and economic factors, including mentioning China’s crypto ban that has led to overconsumption of electricity in neighboring Kyrgyzstan, and Kosovo, which is taking advantage of political instability to mine electricity. electricity at very low prices.
Source : Cryptoslate, 911 Metallurgist
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