Home electricity costs to mine 1 Bitcoin at home, worldwide
4.7 | by Winifred BTC NEWZ
Updated August 17, 2023
How much does it cost to mine 1 Bitcoin at home worldwide?
How much electricity does it take to mine 1 Bitcoin?
This process would take approximately seven years to complete, requiring a monthly electricity consumption of about 143 kWh. To put this in perspective, this monthly electricity consumption is about one sixth of what a typical US household used in 2021.
Several critical factors demand close attention in the profitability of Bitcoin mining for individual miners. Among them, the price of electricity, the hash rate of the mining equipment and the mining difficulty of the network are paramount. While some miners choose to participate in mining pools to increase their chances of success, this study focuses on an extensive analysis of household electricity costs around the world, providing insight into the distribution of these costs in different regions. and presents valuable insights for solo miners. operating within a decentralized network.
The impact of the evolution of Bitcoin mining on the use of electricity
In the early days of Bitcoin's creation in 2009, the mining process was relatively simple and required minimal electricity, using desktop computers. However, as Bitcoin gained ground and global interest increased, the mining process evolved into a more complex operation with the increasing use of specialized hardware, particularly application-specific integrated circuits (ASICs), becoming the standard. Unfortunately, these specialized tools come at the cost of significantly higher electricity usage, taking mining away from its previously accessible nature.
How much does it cost to mine 1 Bitcoin? (Household electricity costs)
The average cost of electricity in a household to mine 1 Bitcoin is $46,291.24, 35% more than the average daily price of 1 BTC in July 2023 ($30,090.08). Regional differences in household electricity costs are significant, with Europe standing out with the highest average household electricity cost, estimated at $85,767.84.
By contrast, the Asian region has the lowest average cost for solo miners: $20,635.62 to mine 1 Bitcoin. This region is the only territory where average household electricity costs make mining profitable for a solo miner. Still, the disparity between Lebanon's low electricity cost of $266.20 and Japan's high electricity cost of $64,111.02 accentuates the disparate nature of electricity spending within the region.
Solo Bitcoin mining is the most profitable in Asia
Globally, only 65 countries report profitability for solo mining a single Bitcoin based solely on household electricity costs. Europe represents five of these countries, while America, mainly in South America and the Caribbean, offers opportunities in eight nations. Africa emerges as a notable region with 18 countries, and Asia stands out as the largest contributor, hosting 34 countries that offer the potential for solo profitable mining operations.
Even with cryptocurrency bans, these countries provide cheap electricity to Bitcoin miners
Despite the opportunities, it is crucial to recognize that, as of November 2021, a total of nine countries have completely banned the mining, trading, and use of cryptocurrencies. These nations are mainly in Africa and Asia, with five: Bangladesh, China, Iraq, Nepal and Qatar located in Asia and four: Algeria, Egypt, Morocco and Tunisia located in Africa. Another 42 countries have implemented implicit restrictions regulating the use of cryptocurrencies without an outright ban.
Notably, all fully banned countries except Morocco have the potential to profitably mine 1 BTC by a solo miner.
The most profitable countries to extract 1 BTC
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) |
|---|---|
| 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 |
Country electricity cost to mine 1 BTC (USD)
| Miner model | Hashrate (TH/s) | Power Consumption (kW) | Hours to mine 1 Bitcoin as a solo miner | KWH |
|---|---|---|---|---|
| Bitmain Antminer S19 XP Hyd (255Th) | 255 | 5.3 | 40,356.00 | 214,048.22 |
| Bitmain Antminer S19 XP (140Th) | 140 | 3.01 | 73,507.20 | 221,256.67 |
| Bitmain AntMiner S19 Pro+ Hydro | 198 | 5.45 | 51,974.40 | 283,000.61 |
| Canaan Avalon Miner A1366 | 130 | 3.25 | 79,161.60 | 257,275.20 |
| Canaan Avalon Miner A1346 | 110 | 3.3 | 93,554.40 | 308,729.52 |
| MicroBT WhatsMiner M53S++ | 320 | 7.04 | 32,160.00 | 226,406.40 |
| MicroBT WhatsMiner M53 | 226 | 6.55 | 45,535.20 | 298,437.70 |
| MicroBT WhatsMiner M33S++ | 220 | 6.82 | 46,776.00 | 319,012.32 |
The Iraqi central bank banned the use of cryptocurrencies in 2017. Otherwise, Iraq would have been listed as
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