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The cryptocurrency industry is going through a volatile period, with many cryptocurrencies experiencing significant drops. However, there are still many ways to make serious profits in the cryptocurrency sector, and mining is one of them in some countries.
Bitcoin Mining Research
The latest report by CoinGecko examines the incomes of Bitcoin miners, focusing on 65 countries. Of the countries included in this study, 34 are from Asia and 5 are from Europe. The significant changes experienced by those who solely engage in Bitcoin mining are definitely worth noting.
According to the information provided, the average cost of electricity required to mine 1 BTC is approximately 35% higher in these countries compared to the price of 30,000 dollars for 1 BTC as of July. In this case, individuals who want to mine BTC alone from home will definitely spend more money. Italy stands out as the most expensive country in this regard, with the electricity cost required to mine 1 BTC being over 208,560 dollars.
Those who choose to pay the cost required for BTC mining in Italy and use the electricity there instead of buying BTC from the market can get 8 BTC for the same cost. Austria follows this with 184,000 dollars and Belgium with 172,000 dollars.
The Cost of BTC Mining in Turkey
The most interesting data comes from Lebanon. It seems that the cost of electricity required to mine 1 BTC in Lebanon is only limited to 266 dollars. According to this data, it can be seen that the cost of BTC mining in Lebanon is 783 times cheaper than in Italy. Iran became the second most affordable country for BTC mining with a cost of 532 dollars. However, Iran has taken action to prevent this and has officially declared war on mining facilities in the country.
In Turkey, the cost of mining 1 BTC is approximately 22,000 dollars. In the US, this cost exceeds 46,000 dollars. As can be seen, BTC mining can be done on such a small scale, but in some countries, it can even result in losses.
