Mining Bitcoin on Household Electricity Most Profitable in Asia, Study Finds

Despite important variations successful energy rates and regulations, the Asian portion arsenic a full has the lowest mean outgo of bitcoin mining for solo miners, caller probe shows. At the aforesaid time, the surge of vigor prices owed to Covid, heatwaves, and the warfare successful Ukraine render bitcoin mining mostly unprofitable passim Europe.

Mining 1 Bitcoin Would Cost $266 successful Lebanon, an Italian Miner Would Pay Over $208,000

A solo miner would request an mean of 266,000 kilowatt-hours (kWh) of energy to mint a azygous bitcoin and the process would instrumentality astir 7 years to complete, requiring a monthly energy depletion of astir 143 kWh, researchers person estimated.

While admitting that the days are gone erstwhile bitcoin (BTC) could beryllium mined with minimal powerfulness and connected a desktop computer, they person analyzed household energy costs crossed the globe to contiguous prospects for solo miners operating wrong a decentralized network.

According to the study produced by the crypto plus aggregation portal Coingecko, the mean outgo of the household energy needed to excavation 1 bitcoin is $46,291.24, which was 35% higher than the mean regular terms of BTC successful July 2023, oregon $30,090.08.

However, the determination differences successful household energy costs astir the satellite are significant. With an mean outgo of $20,635.62 per bitcoin, Asia “stands arsenic the sole territory wherever the mean household energy costs marque mining profitable for a solo miner,” the authors constituent out.

They besides item the important disparity betwixt the countries successful the region, wherever Lebanon has the lowest energy outgo of $266.20 and Japan has the highest, astatine $64,111.02. Nevertheless, fractional of the apical 10 countries wherever bitcoin mining is astir profitable are Asian.

Europe With Highest Average Cost of Household Electricity for Mining

Only 65 countries presently contiguous profitability for solo mining based connected household energy costs alone. Just 5 of them are successful Europe, which has the highest mean outgo of household electricity, astatine $85,767.84. Nine of the apical 10 astir unprofitable countries for solo miners are successful that region, with the energy outgo to mint 1 BTC successful Italy reaching $208,560.33.

Various factors person contributed to the summation of household powerfulness rates connected the Old Continent, including the spike successful wholesale energy prices amid the Covid-19 pandemic, increasing demand, heatwaves, and Russia’s penetration of Ukraine which affected earthy state deliveries for a fig of EU subordinate states.

The researchers besides stress that the hourly magnitude of energy utilized successful the mining of 1 BTC, 4.6 kWh, is not arsenic disparate arsenic 1 mightiness deliberation erstwhile compared to the depletion of different household appliances specified arsenic an electrical kettle, with 3.5 kWh, oregon a apparel dryer that burns an mean of 5 kWh. Also, the monthly energy required to mint a azygous bitcoin is astir one-sixth of what a emblematic household successful the U.S. consumed successful 2021.

What are your thoughts connected the findings successful the Coingecko study? Share them successful the comments conception below.