Despite significant variations in electricity rates and regulations, the Asian region as a whole has the lowest average cost of bitcoin mining for solo miners, new research shows. At the same time, the surge of energy prices due to Covid, heatwaves, and the war in Ukraine render bitcoin mining largely unprofitable throughout Europe.
Mining 1 Bitcoin Would Cost $266 in Lebanon, an Italian Miner Would Pay Over $208,000
A solo miner would need an average of 266,000 kilowatt-hours (kWh) of electricity to mint a single bitcoin and the process would take approximately seven years to complete, requiring a monthly electricity consumption of about 143 kWh, researchers have estimated.
While admitting that the days are gone when bitcoin (BTC) could be mined with minimal power and on a desktop computer, they have analyzed household electricity costs across the globe to present prospects for solo miners operating within a decentralized network.
According to the study produced by the crypto asset a
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