If you’re thinking about dusting off your ASIC now that BTC price has recovered, you may want to pack your bags as well. Check out the top five cheapest countries to mine Bitcoin below.
The Cheapest Places to Mine Bitcoin
Mining Bitcoin can be a profitable business if you live in a handful of countries. But the electricity cost can quickly outstrip your earnings if power is expensive in your area.
According to Powercompare.uk, Bitcoin mining now consumes more electricity than 178 other countries worldwide. That includes most countries in Africa, as well as Greece and Ireland–pretty big business you could say.
So where are the cheapest places to mine Bitcoin? Let’s take a look.
With a relatively low cost of living all around, Kuwait City comes in at 148th most expensive worldwide. There’s no shortage of sunshine in this Arabic country and apparently, there’s also no shortage of cheap electricity. Mining one Bitcoin costs just $1,415 in this middle eastern terrain.
If you can battle your way through the food shortages, hyperinflation, and power-outages, Venezuela is still the second cheapest place to mine Bitcoin at just $1,630 per BTC.
With Venezuelan consumption of Bitcoin rising all the time, perhaps it’s unsurprising that BTC mining is so prolific here.
If you’re feeling the call of the exotic, why not head out far east to Myanmar where mining one Bitcoin will set you back around $3,087? Maybe not so appealing during last year’s bear market. But with Bitcoin consistently over $10k, that’s still a pretty nice return. And you’ve got plenty of temples to look at.