Bitcoin is already a worldwide phenomenon. Almost every person knows about it even from the most remote corners of the globe. Most of all people are interested in how Bitcoin works. In particular, the process of mining – how it works, how much it costs and how much you can earn on it.
Earlier, the company Crescent Electric Supply Company conducted a study on the cost of mining Bitcoin in each state of the United States. Using the average of the three miners and the average cost of electricity in each state, they came up with quite interesting results, which showed that the costs can vary greatly depending on where you live.
Let’s go further and consider the costs of mining one bitcoin in 115 different countries. The basis will be information on average electricity tariffs in accordance with government data, utility company data and world reports from the IEA, EIA, OANDA, etc. Equipment used: AntMiner S9, AntMiner S7 and Avalon 6.
In the analytical edition, Elite Fixtures have calculated how many days it will take to get one coin and how much energy it will take. Given the complexity of Bitcoin mining, at the time of completion of the survey in early January 2018, the following indicators were obtained:
AntMiner S9 needs 17,773,344 kilowatts and 548.56 days for the production of one coin. AntMiner S7 -45,889.008 kilowatts and 1580.2 days, and Avalon 6 requires 55,294,344 kilowatts and 2,194.22 days.
Below is a map of the world, divided into the cost zones for Bitcoin mining:
Based on the average tariffs for electricity, we would definitely not mince Bitcoin in South Korea. There the cost price of the coin is $ 26 170! The island country in Pacific Niue took the second place with an honorable figure of $ 17,566.
As we have already mentioned the cost of production in the US varies according to the state. The average for the country is $ 4758, but for example, in Louisiana, the mining of a Bitcoin will cost you $ 3224. In Russia, prepare to pay public services $ 4675, and in Belarus – $ 2177.
And where is the cheapest place on Earth for mining? Have not guessed yet? We will not pull with the answer – this is Venezuela! Having spent only $ 531 on electricity, you will become the lucky owner of one bitcoin. The reason for such low tariffs is that the power supply in this country is subsidized by the government.
What position did Ukraine take on this list? Our country is in the top 5 most inexpensive places for mining:
The most expensive mining in:
- South Korea – $ 26,170;
- Niue – $ 17,566;
- Bahrain – $ 16,773;
- Solomon Islands – $ 16,209;
- The Cook Islands – $ 15,861.
The cheapest mining in:
- Venezuela – $ 531;
- Trinidad and Tobago – $ 1190;
- Uzbekistan – $ 1,788;
- Ukraine – $ 1,852;
- Myanmar – $ 1983.
Your attention is a list of 115 countries. There are plenty to choose from!