Household Electricity Costs to Mine 1 Bitcoin at Home Globally - CoinGecko Report
"As a solo miner, an average of 266,000 kWh of electricity is required to mine a 1 BTC. This process spans about 7 years, with a monthly electricity consumption of around 143 kWh."
- "The average household electricity cost to mine 1 Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08)."
- "The regional differences in household electricity costs are significant, with Europe standing out with the highest average cost of household electricity, estimated at $85,767.84."
- "In contrast, the Asian region boasts the lowest average cost for solo miners at $20,635.62 when mining 1 Bitcoin."
- "Globally, only 65 countries present profitability for solo mining of a single Bitcoin based solely on household electricity costs."
"Europe accounts for five of these countries, while the Americas, primarily in South America and the Caribbean, offer opportunities in eight nations. Africa emerges as a noteworthy region with 18 countries, and Asia stands out as the most significant contributor hosting 34 countries that offer the potential for profitable solo mining operations."
Most profitable countries for mining 1 BTC at home
- The top 10 countries where Bitcoin mining is most profitable due to low household electricity costs are predominantly in Asia and Africa:
| Country | Electricity Cost to Mine 1 BTC (USD) |
|---|---|
| Lebanon | 266.02 |
| Iran | 532.04 |
| Syria | 1330.1 |
| Ethiopia | 1596.12 |
| Sudan | 2128.17 |
| Libya | 2660.21 |
| Kyrgyzstan | 2660.21 |
| Angola | 3724.29 |
| Zimbabwe | 3990.31 |
| Bhutan | 4256.33 |
The most costly countries to mine 1 BTC at home
- The most expensive electricity costs are in Europe, with nine of the 10 countries on the list from the region:
| Country | Electricity Cost to Mine 1 BTC (USD) |
|---|---|
| Italy | 208,560.33 |
| Austria | 184,352.44 |
| Belgium | 172,381.50 |
| Denmark | 166,795.06 |
| Germany | 163,336.79 |
| Ireland | 159,612.50 |
| Lithuania | 152,163.92 |
| Netherlands | 137,798.79 |
| United Kingdom | 130,616.23 |
| Cayman Islands | 128,222.04 |
- Methodology: "This study evaluates Bitcoin mining costs in 147 countries (USD/kWh). It considers eight miner models with varied hash rates and uses an average mining time, based on a difficulty of 53,911,173,001,055.00 adjusted every 2,016 blocks via the @CoinWarz calculator."
- The cost of electricity for 147 countries in the format of USD per kWh was obtained from globalpetrolprices.com, and is accurate as of December 2022.
