- Worldwide contrast in household electricity expenses for individual Bitcoin miners.
- Producing one
#bitcoin costs $208,560 in Italy but is 783 times cheaper in
#Lebanon - Only 65 countries are profitable for solo Bitcoin
#miners based on household electricity costs.
- The average household
#electricity #cost to mine 1 Bitcoin is $46,291.24, 35% higher than the average daily price of 1 BTC in July 2023.
- Italy is the costliest for household Bitcoin mining at $208,560 per Bitcoin, followed by Austria and Belgium.
- Lebanon allows miners to generate one Bitcoin for just $266, making it 783 times cheaper than Italy.
- Iran has a production cost of $532 per Bitcoin, but legal operations have been banned at times due to energy grid stress.
- Binance CEO Changpeng Zhao (CZ) questioned why individuals in low electricity cost countries wouldn't mine Bitcoin but acknowledged feasibility and logistical concerns.
$BTC