Electricity Costs to Mine 1 Bitcoin at Home, Around the World

Key Findings

• Mining 1 Bitcoin in Ireland costs up to $321,112, while in Iran, miners pay just $1,324 – Over 240 times cheaper.
• A miner in Iran could mine over 42 Bitcoins for the same energy cost required to mine just one Bitcoin in Ireland.
• The electricity used to mine a single Bitcoin in 2024 could power about 61 U.S. homes for a year.
• With the energy it takes to mine just one Bitcoin, a Tesla Model 3 could go around the Earth more than 86 times.
• With the current Bitcoin price at $57,909.16, U.S. miners face about a 50% loss per Bitcoin due to high energy costs.
• Asia leads in Bitcoin mining profit, with more than 20 countries where miners make money.
• Mining Bitcoin in some European countries like the UK or Germany costs 5 times more than the Bitcoin is worth.
• 8 out of 49 countries where Bitcoin mining is profitable have banned cryptocurrencies.

How Much Electricity is Needed to Mine 1 Bitcoin After 2024 Halving?

Mining a single Bitcoin (BTC) as an individual miner requires a substantial amount of energy. On average, mining 1 BTC consumes around 6,400,000 kilowatt-hours (kWh) of electricity. If attempted by a solo miner, this task could take nearly 12 years to finish, using approximately 44,444 kWh of power each month (calculations based on data in our methodology).

To put this into perspective:

• The electricity needed to mine 1 Bitcoin could power 61 U.S. homes for a whole year.
• The electricity needed to mine 1 BTC could power a Tesla Model 3 to go around the Earth more than 86 times.

How Much Does it Cost to Mine 1 Bitcoin Around the World? (Household Electricity Costs)

The cost of mining 1 Bitcoin varies a lot depending on where miners are located. Based on household electricity rates for mining, the range goes from very profitable areas like Iran, where mining 1 Bitcoin costs $1,324.17, to places like Ireland, where miners are paying over $321,112.30 to produce just one Bitcoin.

The U.S., despite being the largest Bitcoin mining hub, is a tough place for solo miners. They face big losses because energy costs are over $107,000 per Bitcoin. In China, where cryptocurrency is banned, the theoretical cost is just half of that.

With the current Bitcoin price at $57,909.16, U.S. miners are losing about 50% on each Bitcoin they mine. This shows how important electricity costs are in determining whether mining is profitable.

The difference in costs is striking. A miner in Iran could potentially mine over 42 Bitcoins for the same energy cost required to mine just one Bitcoin in Ireland. This huge gap in profitability is reshaping the global mining landscape.

Asia Leads the Way in Mining Bitcoin Profits, While Europe Faces Sky-High Costs

Asia continues to dominate the profitability landscape for Bitcoin mining. More than 20 countries in Asia offer favorable conditions for miners. Even after the 4th halving, miners across Asia are still seeing high returns on their investments.

On the other hand, miners in some European countries are struggling with very high costs. In countries like the UK and Germany, the cost to mine a single Bitcoin can be up to 5 times higher than its current value. This makes mining a losing proposition for many in these areas.

The stark contrast between Asian and European mining conditions is causing a shift in where mining operations are located. Miners are increasingly looking to set up in countries with lower energy costs to stay profitable.

8/49 Profitable Bitcoin Mining Nations Have Banned Cryptocurrencies

Interestingly, some of the most profitable countries for mining Bitcoin have put heavy restrictions or outright bans on cryptocurrency. 8 out of the 49 countries where Bitcoin mining is profitable have banned crypto.

This creates a strange situation for miners in these countries. They could make a lot of money mining Bitcoin, but it’s against the law. This leaves miners in a tough spot, having to choose between potential profits and following the law.

Some of these countries might be missing out on economic opportunities by banning crypto while having ideal conditions for mining. This situation highlights the complex relationship between profitability, regulation, and the global spread of cryptocurrency mining.

Top 10 Least Profitable Countries for Bitcoin Mining

After the halving, energy consumption has become an even more serious factor in determining profitability. In some countries, the cost of mining Bitcoin has increased significantly, making it a losing proposition for miners. Ireland is the least profitable country for Bitcoin mining, with an electricity cost of $321,112.30 per Bitcoin.

Here are the top 10 least profitable countries to mine 1 BTC:

In these countries, the cost to mine one Bitcoin is much higher than the current price of Bitcoin. This means miners in these areas are losing money with every Bitcoin they mine unless they have access to much cheaper electricity than the average household rate.

Top 10 Most Profitable Countries for Bitcoin Mining

On the other hand, some countries are seeing incredible profitability thanks to low electricity costs. Iran is the most profitable country for Bitcoin mining, with miners paying just $1,324.17 in electricity to produce one Bitcoin.

Here are the top 10 most profitable countries to mine 1 BTC:

Methodology

This study looked at the cost of mining one Bitcoin (BTC) in 142 countries, using USD per kilowatt-hour (USD/kWh) as the measure.

To figure out how much electricity it takes to mine 1 Bitcoin, we looked at 8 different mining machines with different hash rates. We calculated the average time it took to mine one Bitcoin with each machine, using a mining difficulty of 89,471,664,776,971.00000000. This difficulty level changes every 2,016 blocks mined, depending on how many miners are active and their total hash power, according to the CoinWarz Bitcoin calculator.

Here are the eight mining models we looked at, with their hash rates and power use:

We got electricity costs for 142 countries from globalpetrolprices.com, accurate as of December 2023. We organized this data by country, region, and sub-region.

Finally, we multiplied the average electricity consumption by each country’s electricity cost to calculate how much it costs to mine one Bitcoin in each country.

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