Mining cryptocurrencies is not something that is within everyone’s reach, not only because they do not have the necessary equipment to mine cryptocurrencies, but also because electricity prices have risen sharply in most markets.
Kuwait is the cheapest country in the world to mine cryptocurrencies today
Added to this is the crisis that many cryptocurrencies are going through, which have seen their value drastically reduced in recent weeks. With this context situation, mining cryptocurrencies has become an activity that only a few can do profitably, and this also depends considerably on where you reside.
which are the countries where mining cryptocurrencies is still a profitable activity? To analyze this, 911 Metallurgist has carried out a study of the price of electricity, the associated costs… and has determined which are the most profitable countries when it comes to mining Bitcoin and two other major cryptocurrencies: Ethereum and Dogecoin.
According to this company, Kuwait is the most profitable country in the world for mining cryptocurrencies. There, mining one Bitcoin can bring a profit of $20,000, while mining Ethereum could bring $1,200 in revenue.
Algeria, Sudan, Yemen and Kyrgysztan complete the top5 countries where mining cryptocurrencies is most profitable. Also listed in the report are Ethiopia, Qatar, Angola, North Korea and Kazakhstan as countries where mining cryptocurrencies is currently cheapest.
However, on the other side of the cryptocurrency is Venezuela, where mining one Bitcoin costs up to 11 times the current Bitcoin price. In other words, it is not profitable at all to mine cryptocurrencies in this country.
In this table you can find the countries where mining cryptocurrencies is cheaper and more profitable, according to the study: