Experts identify the most cost-effective countries for solo bitcoin mining

There are only 65 countries in the world where profitable solo bitcoin mining is possible based on household electricity costs. CoinGecko researchers arrived at this выводу.

To mine 1 BTC, a solo miner requires on average 266,000 kWh and about seven years. Monthly electricity consumption will be around 143 kWh.

The average cost of electricity for mining 1 BTC at home is $46,291.24. The highest figure is in Europe—$85,767.84, while in Asia it is only $20,635.62.

In the latest region, profitable solo mining of digital gold is possible in 34 countries. Africa adds another 18 jurisdictions to this list, while Europe has only 5.

The Central Bank of Iraq banned the use of cryptocurrencies as early as 2017. Had it not done so, the country would have ranked ninth in this list.

In total, mining Bitcoin at home is unprofitable in 82 countries. The top ten jurisdictions with the highest costs for individual mining include nine European countries and the Cayman Islands.

Moreover, experts noted that electricity consumption for mining 1 BTC is not so out of line with other household appliances. In their view, this supports the view that Bitcoin is not as harmful to the environment as mainstream media claim.

In April, the crypto community criticized the New York Times article about mining. In Riot Platforms, called the publication \”a complete distortion and outright lies,\” a politically motivated attack on the industry.