CryptosHeadlines.com - The Leading Crypto Research Network

In their recent report, CoinGecko unveiled the money needed per country to create a single Bitcoin.

Ad. Participate in Trigoz Airdrop & Get $50 worth of OZ Tokens Free Join Now

The report from CoinGecko shows the big differences in how much money it costs to use household electricity to mine 1 Bitcoin all around the world.

It says that if you’re mining on your own, you would need about 266,000 kilowatt-hours (kWh) of electricity to make 1 Bitcoin. This would take around seven years.

The report also says that the average cost for electricity at home to make 1 Bitcoin is about $46,291. That’s 35% more than the average daily price of a Bitcoin ($30,090.08) in July 2023.

But the cost changes a lot depending on where you are. In Europe, it’s the highest at around $85,767.84, while in Asia, it’s the lowest at about $20,635.62.

The report tells us that only 65 countries are good for mining 1 Bitcoin on your own, based only on the cost of electricity at home. Most of these countries are in Asia and Africa, where electricity costs less. But there are nine countries where you can’t mine, trade, or use cryptocurrencies, and 42 countries have some rules about using them.

Here’s a list of the countries where it costs the most for electricity to make 1 Bitcoin:

1. Italy – $208,560.33
2. Austria – $184,352.44
3. Belgium – $172,381.50
4. Denmark – $166,795.06
5. Germany – $163,336.79
6. Ireland – $159,612.50
7. Lithuania – $152,163.92
8. Netherlands – $137,798.79
9. United Kingdom – $130,616.23
10. Cayman Islands – $128,222.04.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #CoinGecko