Research: the most beneficial mining is in Venezuela


According to the International Business Times, the production of bitcoin is most cost-effective in Venezuela, while South Korea proved to be the least favorable country in this respect.

The publication compiled a list of 115 countries, which indicate the average cost of electricity in US dollars, required for extraction of 1 BTC. For calculation, the average performance of the most popular mining devices – AntMiner S7 and S9, as well as Avalon 6 – was used.

Data on electricity prices were provided by the International Energy Agency, utilities and public services of various countries.

As can be seen from the above data, the cost of electricity for the extraction of one bitcoin in Venezuela will cost approximately $ 531.

Among the post-Soviet countries, the smallest average costs of extracting one bitcoin in:

– Uzbekistan ($ 1788);

– Ukraine ($ 1852);

– Belarus ($ 2,177).

Among the major Asian countries, the lowest electricity prices were in India ($ 3,274) and China ($ 3,172).

The United States ranks 41st in this rating ($ 4,760), where the cost of electricity for bitcoin mining is half that of, for example, in the UK. In Canada, this figure is $ 3,965, and in Iceland and Sweden – $ 4,746.

The most expensive is to extract “digital gold” in South Korea ($ 26,170). On average in Russia, the production of one bitcoin will cost $ 4675.

Relatively expensive electricity in the Pacific island countries and the Caribbean, where the cost of mining averages about $ 11,000 per bitcoin.

Recall, the other day the head of the International Monetary Fund, Christine Lagarde, called the mining “an evil for the energy sector.”

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