The cost of producing a single Bitcoin (bitcoin) can vary greatly depending on the country you live in. It costs around $208,560 to produce one BTC in Italy, and only $266 in Lebanon!

Lately CoinGecko report it turned out that – if you use regular household electricity – Bitcoin mining is profitable in only 65 countries on the planet. Of these, 34 are located in Asia (only 5 in Europe).

On average, trying to mine BTC from home is not profitable at all:

“The average cost of household electricity to mine 1 BTC is $46,291.24, which is 35% higher than the average daily price of 1 BTC ($30,090.08) in July 2023.”

According to the report, Italy is the most expensive country for Bitcoin mining: A single BTC mining requires $208,560. It was followed by Austria ($184,352) and Belgium ($172,382).

On the other hand, Lebanon has the lowest domestic electricity costs: miners can generate one BTC by spending just $266. In other words, BTC mining in Lebanon is 783 times cheaper than in Italy.

It is followed by Iran with a production cost of $532 per Bitcoin. But even though Iran technically legalized Bitcoin mining in 2019, the country has banned such operations several times; especially during the winterwhen people need electricity to heat their homes.

In January of this year, the Iranian government confiscated around 150,000 crypto mining equipment.

Also read: Bitcoin mining researchers: New technology increases the chances of winning hashes by 260%.

On August 19, Binance CEO Changpeng “CZ” Zhao commented on this data. According to him, people living in countries where electricity is very cheap, my BTC:

“Why shouldn’t they?”

Why shouldn’t they? ‍♂️ pic.twitter.com/cD1TSgOZzx

— CZ Binance (@cz_binance) 19 August 2023

still accepted The cost of electricity is not the only factor to consider:

“The report probably didn’t consider real feasibility and other potential logistical issues. But if the data is correct, mining in these countries could be an excellent opportunity.”

An X (formerly Twitter) user commented:

“Many of these countries suffer from electricity shortages. Often the government shuts down heavy industries during summer or peak hours.”