International Business Times conducted a study of 115 countries and identified those in which it is most profitable to engage in mining. Experts took the performance of AntMiner S7, S9 and Avalon 6 equipment as a basis. They also calculated the average cost of electricity required to mine one bitcoin.
Research has shown that the ideal place for mining is Latin America. To mine profitably, it is better to live in Venezuela. Mining 1 BTC will cost only $531. Cheap mining and beauty all around - what could be better?
Next behind Venezuela is Trinidad and Tobago. Here 1 bitcoin will cost $1190.
In third place, don’t be surprised, is Uzbekistan! Here, for 1 BTC you will need to pay $1,790.
The top ten also included Ukraine ($1,852), Kuwait ($1,983), Myanmar ($1,983), Belarus ($2,177), Kazakhstan ($2,835), Suriname and Egypt ($3,172).
But the leader in global crypto mining, China, turned out to be not so cheap. The cost of one coin here is $3175
The most expensive place to mine is in South Korea. For the extraction of 1 BTC you need to pay $26,170. It is not surprising that Korean exchanges are hacked - in this country it is easier to rob an exchange than to get cryptocurrency yourself. Very expensive.
Compared to Korea, mining in other countries is not so expensive.
But seriously, you will have to pay a lot in African and island countries. In the Solomon Islands, for example, it’s $16,209 per bitcoin.
Therefore, if you decide to make serious money mining cryptocurrency, choose a country in which it is profitable to do so.
You May Also Like
The new generation ASIC will hit the market this year
Another company plans to enter the ASIC miner market this year. Canadian company Squire Mining has raised almost $20 million to design, develop and test a new ASIC chip and Bitcoin mining rig. Squire also plans to create its own mining facilities.
Quebec will make money from miners
Quebec is lifting a moratorium on the registration of new mining operations, but changes cap rules and increases the cost of electricity for crypto mining.
