10 Countries Where Bitcoin Mining Is Cheapest

In a new study, it was revealed how much it costs in which country to mine 1 BTC. Considering the cost of electricity, the Middle East countries came to the fore as the cheapest regions.

A new study reveals how much it costs to produce 1 BTC in 198 countries around the world.

According to data created by 911 Metallurgist, the cheapest country to mine Bitcoin is Kuwait. The cost of producing 1 BTC in Kuwait is 1,393 dollars, followed by Algeria with 4,181 dollars and Sudan with 4,779 dollars. Here are the 10 cheapest countries:

The average electricity price per kWh in Kuwait, a Middle Eastern country, is 3 cents. This makes the country one of the cheapest countries in the world in terms of energy costs. In North America, where Bitcoin mining is extremely intense, the average electricity price is 21 cents.

As it is known, after the cryptocurrency mining ban in China, miners moved their operations to different countries. Many made the switch to Kazakhstan, the 10th cheapest country in terms of electricity costs. Thanks to this, Kazakhstan's share of Bitcoin mining skyrocketed from 8.8% to 18.1% in just a few months. A significant part of the miners also went to Texas. Texas is also one of the cheapest regions in energy, as it is rich in natural gas.

While the miners were looking for new regions to carry out their operations, in some countries where the mining cost was low, the governments started to make tough decisions. For example, in Kosovo, which is the 16th cheapest country in terms of electricity price, mining activity has been banned due to electricity demand and increasing blackouts associated with Bitcoin mining. Similarly, Iran, which provides the 14th cheapest electricity price, has temporarily banned mining.

Turkey Ranked 37th

Turkey ranked 37th in the list of the cheapest countries in the world for Bitcoin mining. In the calculation made based on the electricity cost in Turkey, the production cost of 1 BTC was determined as 17 thousand 723 dollars.

Methodology of the Study

In the study conducted on the countries where mining is the cheapest; Electricity cost per kilowatt hour data from the World Bank, Cable.co.uk and the US Energy Information Administration were used. The number of days and Watts required to mine 1 BTC were also obtained from Coinwarz.