Research Places Lebanon as the Most Profitable Nation from BTC Mining
A latest CoinGecko analysis has proven that, regardless of its financial challenges, Lebanon boasts the best situations for cryptocurrency lovers seeking to strike gold within the digital mines. Lebanon’s exceptional ascent in Bitcoin mining profitability will be attributed to its rock-bottom family electrical energy prices. With a median annual family energy value of simply $266.20, Lebanon provides an attractive surroundings for miners seeking to maximize their returns.
Ever questioned which international locations supply the very best profitability for #Bitcoin mining?
Our examine exhibits #Lebanon 🇱🇧 taking the highest spot as probably the most worthwhile nation to mine 1 $BTC, because of its low family electrical energy prices.
Learn the complete examine: https://t.co/J0zATdjsb1 pic.twitter.com/RvxyFOyUtz
— CoinGecko (@coingecko) September 7, 2023
The examine goes past Lebanon’s success story and delves into the broader world Bitcoin mining panorama. Whereas Lebanon shines as the highest performer, different international locations additionally present alternatives for miners to thrive.
Solely 65 international locations worldwide supply home energy costs low sufficient to make solo Bitcoin mining worthwhile. Eight of those international locations 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 probably 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 as a result of nation’s instability.
Consumption charge snap | Supply: CoinGecko
A Comparative Take a look at Bitcoin’s Vitality Consumption
As of press time, the common day by day worth of 1 BTC stood at $25,736. Consequently, the common value 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 state of affairs is notably completely 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 doable for solo miners to show a revenue. Nonetheless, there stays a big disparity in energy costs, starting from Lebanon’s low value of $266.20 to Japan’s excessive value 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. For example, 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 as a result of nation’s power deficit.