A current CoinGecko analysis has proven that, regardless of its financial challenges, Lebanon boasts the perfect situations for cryptocurrency fans trying to strike gold within the digital mines. Lebanon’s outstanding ascent in Bitcoin mining profitability will be attributed to its rock-bottom family electrical energy prices. With a mean annual family energy price of simply $266.20, Lebanon presents an attractive setting for miners trying to maximize their returns.
Ever questioned which nations supply the very best profitability for #Bitcoin mining?
Our research reveals #Lebanon 🇱🇧 taking the highest spot as essentially the most worthwhile nation to mine 1 $BTC, due to its low family electrical energy prices.
Learn the complete research: https://t.co/J0zATdjsb1 pic.twitter.com/RvxyFOyUtz
— CoinGecko (@coingecko) September 7, 2023
The research goes past Lebanon’s success story and delves into the broader international Bitcoin mining panorama. Whereas Lebanon shines as the highest performer, different nations additionally present alternatives for miners to thrive.
Solely 65 nations worldwide supply home energy costs low sufficient to make solo Bitcoin mining worthwhile. Eight of those nations are situated within the Americas, primarily in South America and the Caribbean. Moreover, 18 nations in Africa and 34 in Asia present favorable situations for profitable single-country mining operations, with Asia contributing essentially the most.
9 of the highest ten nations the place Bitcoin mining stays economically viable on account of low family energy prices are in Asia and Africa. Iraq would have ranked seventh, however cryptocurrency transactions had been banned by the central financial institution in 2017, primarily because of the nation’s instability.
Consumption charge snap | Supply: CoinGecko
A Comparative Have a look at Bitcoin’s Power Consumption
As of press time, the common day by day worth of 1 BTC stood at $25,736. Consequently, the common price of electrical energy required to mine a single Bitcoin quantities to $46,291.24. Europe has the very best projected annual family energy prices, estimated at $85,767.84. This determine considerably surpasses power prices in different areas.
Nevertheless, the scenario is notably totally different for particular person miners in Asia, the place the price of mining one Bitcoin averages simply $20,635.62. The decrease power bills on this area make it potential for solo miners to show a revenue. Nonetheless, there stays a big disparity in energy costs, starting from Lebanon’s low price of $266.20 to Japan’s excessive price of $64,111.02.
It’s value noting that the constant mining of Bitcoin can pressure a nation’s energy grid and result in blackouts. As an illustration, Iran, which initially permitted Bitcoin mining in 2019, has intermittently banned authorized operations. That is primarily attributed to power shortages throughout excessive power consumption durations in the summertime and winter months. In 2021, Iceland’s nationwide energy utility, Landsvirkjun, declined service to new Bitcoin miners because of the nation’s power deficit.