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Thursday, 8 March 2018

See The World Most Expensive and cheapest Countries to Mine Bitcoin

The cost to mine Bitcoin

Here is The Cost to Mine a Single BTC Throughout 115 Different Countries. Many people are very interested in how cryptocurrency networks function, and a lot of people are especially curious about
bitcoin mining as far as cost and where concentrations of miners reside.

Thanks to the company Elitefixtures.com who decided to conduct a study which mapped the cost to mine one single BTC throughout a vast majority of countries located within the globe.

See Also: Want to mine Bitcoin? Here are things you must know first and not ignore

The company's research has revealed to us the most expensive and cheapest place to mine Bitcoin. According to the research, South Korea is the most expensive according to Elite’s figures as one single coin would cost $26,170 using the country’s power rates. Other areas in the world where it is really too expensive to mine bitcoins includes Solomon Island, Niue, Bahrain, and the Cook Islands.

See Also: Bitcoin, A Commodity or CryptoCurrency? As Federal Courts is yet to rule

Miners Thrive in Areas Like Venezuela and China. Venezuela is the cheapest country to mine a BTC ($531 USD per coin) alongside countries with a lot of government subsidization for electricity resources. While china is the 17th cheapest nation-state as it only costs 3,172 USD to mine a single bitcoin there. Other countries where the cost is super low for bitcoin miners to produce coins include Ukraine, Myanmar, Tobago, Uzbekistan, and Trinidad.

Would you rather go to Venezuela to mine BTC as they are the cheapest? 

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