Bitcoin is one of the best cryptocurrencies to mine at home. Mainly because it is a cryptoasset within everyone’s reach and, according to many experts, it is the best asset of 2023. However, mining the famous token created by Satoshi Nakamoto can only be profitable if you live in some of the best countries to mine Bitcoin.
The places where mining Bitcoin is most profitable are in Asia and Africa.
Mining Bitcoins requires huge amounts of electrical power. Therefore, producing this currency in places where electricity service is expensive can result in more losses than gains. That is why, in this article, we will tell you which are still the best countries to mine Bitcoin today.
Countries where it is most profitable to mine Bitcoins.
According to a study conducted by the CoinGeko platform in August 2023, there are 65 nations where solo mining Bitcoins is most profitable. This is a data that has been possible to determine taking into account, mainly, the cost of electricity service, in addition to other variables.
Of those 65 countries, just over 50% are Asian, while only five belong to the European continent. Below, we will show you the ten nations that top the list of places where mining Bitcoins is most profitable. It has been elaborated taking into account the amount that must be paid for the electricity needed to mine 1 BTC, whose average price in August 2023 remains around $30,000:
– Lebanon ($266)
– Iran ($532)
– Syria ($1,330)
– Ethiopia ($1,596)
– Sudan ($2,128)
– Libya ($2,660)
– Kyrgyzstan ($2,660).
– Zimbabwe ($3,724)
– Bhutan ($4,256)
As can be seen, although many Asian countries are known for affordable electric utilities, there is also a strong presence of African nations in this top 10. However, the prize goes to the Lebanese Republic, where mining one Bitcoin requires only US$266.02.
Likewise, the Islamic Republic of Iran should also be highlighted, where cryptocurrency mining is legal and where, in addition, some years ago it was announced that they would sell their surplus energy to mine Bitcoins.
The countries where it is most expensive to mine cryptocurrencies.
Based on the same study, it has been possible to determine that 9 of the 10 countries where it is least profitable to mine Bitcoin are in Europe. Moreover, the worst place of all for a miner is Italy, since in the transalpine nation it takes the equivalent of 8 BTC to be able to mine one, i.e. a total of $208,560 in electricity alone:
– Italy ($208,560)
– Austria ($184,362)
– Belgium ($172,381)
– Denmark ($166,795)
– Germany ($163,336)
– Ireland ($159,612)
– Lithuania ($152,163)
– Netherlands ($137,798)
– United Kingdom ($130,616)
– Cayman Islands ($128,222)