Electricity cost to mine 1 Bitcoin at home anywhere in the world

Main findings

• It costs a whopping $321,112 to mine one Bitcoin in Ireland, while in Iran miners only pay $1,324 – more than 240 times cheaper.
• A miner in Iran can mine over 42 Bitcoins at the same energy cost as it takes to mine 1 Bitcoin in Ireland.
• By 2024, the electricity used to mine one Bitcoin could power approximately 61 U.S. homes for a year.
• With the energy required to mine one Bitcoin, a Tesla Model 3 can circle the earth more than 86 times.
• The current Bitcoin price is $57,909.16, and U.S. miners face losses of approximately 50% per Bitcoin due to high energy costs.
• Asia leads the way in Bitcoin mining profits, with miners making money in more than 20 countries.
• The cost of mining Bitcoin in some European countries such as the UK or Germany is 5 times the value of the Bitcoin.
• Eight of the 49 countries where Bitcoin mining is profitable ban cryptocurrencies.

How much electricity will it take to mine 1 Bitcoin after the 2024 halving?

Mining a single Bitcoin (BTC) as an individual miner requires a huge amount of energy. On average, mining 1 BTC consumes approximately 6,400,000 kilowatt hours (kWh) of electricity. If attempted by a single miner, this task would likely take nearly 12 years Completed using approx. 44,444 kWh of electricity per month (Calculated from data in our method).

Look at it from this perspective:

• The electricity required to mine 1 Bitcoin can power 61 American homes for an entire year.
• The electricity required to mine 1 BTC can drive a Tesla Model 3 more than 86 times around the earth.

How much does it cost to mine 1 Bitcoin anywhere in the world? (household electricity bill)

The cost of mining 1 Bitcoin varies greatly depending on where the miner is located. Based on household electricity prices in the mining industry, the range comes from very profitable areas such as Iranwhere the cost to mine 1 Bitcoin $1,324.17to a place like this Irelandminers pay more than $321,112.30 USD Only one Bitcoin is produced.

The United States, despite being the largest Bitcoin mining center, is a tough place for individual miners. They face huge losses because of energy Each Bitcoin costs more than $107,000. In China, which bans cryptocurrencies, the theoretical cost is half that.

The current price of Bitcoin is $57,909.16, U.S. miners lose about 50% for every Bitcoin mined. This shows how important electricity costs are in determining whether mining is profitable.

The difference in cost is staggering. A miner in Iran could potentially mine over 42 Bitcoins at the same energy cost as it would take to mine 1 Bitcoin in Ireland. This huge gap in profitability is reshaping the global mining landscape.

Asia leads the way in mining Bitcoin profits while Europe faces sky-high costs

Asia continues to dominate Bitcoin mining profitability. More than 20 countries in Asia offer preferential conditions to miners. Even after the fourth halving, miners across Asia are still seeing high returns on investment.

On the other hand, miners in some European countries are facing high costs. In countries such as the UK and Germany, the cost of mining a single Bitcoin could be 5 times higher than its current value. This makes mining a losing option for many people in these areas.

The stark contrast between mining conditions in Asia and Europe is leading to changes in where mining operations are located. Miners are increasingly looking to set up offices in countries with lower energy costs to remain profitable.

8/49 Profitable Bitcoin Mining Countries Have Banned Cryptocurrencies

Interestingly, some of the most profitable countries for mining Bitcoin have imposed severe restrictions or outright bans on the cryptocurrency. 8 out of 49 countries where Bitcoin mining is profitable ban cryptocurrencies.

This creates a strange situation for miners in these countries. They can make a lot of money mining Bitcoin, but it’s illegal. This puts miners in a difficult position, having to choose between potential profits and compliance with the law.

Some of these countries may miss out on economic opportunities by banning cryptocurrencies while having ideal mining conditions. The situation highlights the complex relationship between profitability, regulation and the global spread of cryptocurrency mining.

Top 10 least profitable countries for Bitcoin mining

After the halving, energy consumption becomes a more important factor in determining profitability. In some countries, the cost of mining Bitcoin has increased significantly, making it a loss-making option for miners. Ireland is the least profitable country for Bitcoin mining, with electricity bills of $321,112.30 per Bitcoin.

Here are the 10 worst countries for mining 1 BTC profitably:

In these countries, the cost of mining one Bitcoin is much higher than the current price of Bitcoin. This means that miners in these areas lose money on every Bitcoin they mine unless they have access to electricity that is much cheaper than the average household electricity bill.

Top 10 most profitable countries for Bitcoin mining

On the other hand, some countries have achieved incredible profitability due to the low cost of electricity. Iran is the most profitable country for Bitcoin mining, with miners paying only $1,324.17 in electricity bills to produce one Bitcoin.

Here are the 10 most profitable countries to mine 1 Bitcoin:

methodology

The study looked at the cost of mining 1 Bitcoin (BTC) in 142 countries, measured in US dollars per kilowatt-hour (USD/kWh).

To calculate how much electricity it takes to mine 1 Bitcoin, we looked at 8 different mining machines with different hash rates. We calculated the average time it takes each machine to mine one Bitcoin, using Mining difficulty 89,471,664,776,971.00000000. This difficulty level will change every time 2,016 blocks Based on the number of active miners and their total computing power, CoinWarz Bitcoin Calculator.

Here are the eight mining models we looked at, along with their hashrate and power consumption:

We obtained electricity costs for 142 countries Global Gasoline Price Networkaccurate as of December 2023. We organize this data by country, region and sub-region.

Finally, we calculated the cost of mining one Bitcoin in each country by multiplying the average electricity usage by the cost of electricity in each country.