Cheapest Country To Mine Bitcoin, Indonesia In?

According to studies, you need to spend an average household electricity cost of $46,291 or Rp707.74 million to mine 1 bitcoin (BTC). However, there are some countries in this hemisphere that offer cheaper rates.

This can be seen from the differences in household electricity rates between countries. The cheaper the price, the more profitable your crypto coin mining process will be.

Europe is the country with the highest average household electricity costs, estimated at $85,767.84. In contrast, the Asia region offers the lowest average fees for individual miners, namely US$20,635 per 1 Bitcoin.

"This region is the only region where average household electricity costs make mining profitable for single miners," said the report, quoted on Thursday, (24/8/2023).

According to research carried out by Coingecko.com, globally, only 65 countries provide benefits for individual mining. Europe includes five such countries, while the Americas, primarily in South America and the Caribbean, offers opportunities in eight countries.

Then Africa has 18 countries, and Asia stands out as the largest contributor, namely 34 countries. Meanwhile, electricity costs are most expensive in Europe, with nine out of 10 countries on the list.

The following table explains which countries are the most profitable versus the most profitable for mining bitcoin: