Mining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko
According to the report, Europe is home to nine out of the ten least profitable countries for Bitcoin production, determined by household electricity costs. There is a significant worldwide contrast in household electricity expenses for individual Bitcoin (BTC) miners. While producing one Bitcoin in Italy costs $208,500, in Lebanon, it’s roughly 783 times cheaper , according to a recent report. Published on Aug. 17, CoinGecko’s report revealed that only 65 countries are profitable for solo Bitcoin miners, based solely on household electricity costs. Among these, 34 countries are in Asia, while Europe only has five. However, solo Bitcoin miners find themselves at odds with the worldwide average of household electricity costs. “The average household electricity cost to mine one Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08),” the report stated. The report identified Italy as the costliest country for household Bitcoin product