A recent CoinGecko research report reveals that Italy is the most expensive country for cryptocurrency mining, with electricity costs of $210,000 required to produce one BTC. Other European countries, including Austria, Belgium, Denmark, and Germany, also rank as highly unprofitable regions for mining activities. In contrast, Lebanon is the cheapest destination for mining, despite its economic challenges.

The high energy costs in Europe can be attributed to various factors, such as the global surge in wholesale electricity prices following the COVID-19 pandemic and the crisis caused by the military conflict between Russia and Ukraine. The study also highlights significant differences in electricity costs between continents, with the average household energy price to mine one BTC in Europe estimated at $85,767, while in Asia, it is slightly over $20,000.

In the United States, energy prices vary by state, with some regions offering lower costs and becoming local crypto hubs. For example, leading Bitcoin mining company Riot Platforms has focused its operations mainly in Colorado and Texas, two US regions with lower energy costs.