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With China Cracking Down, Where To Mine Bitcoin Instead?

With China Cracking Down, Where To Mine Bitcoin Instead?

There's no question that China has been stifling bitcoin, making it an inopportune location to be a miner. The question that looms, then, is where to mine cryptocurrency instead.

In China's case, the problem for miners isn't resource limitations or relative costs — instead, it's government crackdowns. For other countries that don't burden potential miners with these restrictions, the question of where best to mine really comes down to where it'll pay off most.

A new analysis on bitcoin mining costs by country helps paint a picture for potential miners. It looked at 115 countries across the globe and calculated the average cost to mine one bitcoin.

According to Elite Fixtures who completed the study, the worst option worldwide is South Korea, where it would take $26,170.00 USD on average to generate a bitcoin. This is due to the high average electricity rate in the country, which translates to $0.66 USD per kWh. Venezuela is the best according to this study because it would take only $531.00 USD on average to produce one bitcoin. The electricity rate in this South American country translates to a mere $0.01338 USD per kWh. In the United States, the average electricity rate and mining cost are $0.12 USD per kWh and $4,758.00.

Cost to Mine Bitcoin by Country

This analysis was based on the average electricity cost by country, but also took into account multiple mining rigs since the cost will vary. AntMiner S9, AntMiner S7, and Avalon 6 were the three mining rigs determined to be the most commonly used.

With the value of bitcoin currently dipping, the question of whether it's worth it remains. It is apparent, however, that it's more worth one's while in some countries rather than others.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Bitcoin contributor contributorsCryptocurrency Markets Best of Benzinga


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