Bitcoin, one of the most popular cryptocurrencies, is also the most mined cryptocurrency in the world. This is accomplished by solving mathematical problems with computer hardware and software. By doing so, new Bitcoins are created, and miners receive a tiny payment for each block solved. However, mining a Bitcoin requires a lot of electrical power, which only gets worse every four years. This is due to the Bitcoin halving event, which makes it more difficult to mine new Bitcoins.
A recent CoinGecko report revealed some new reports. This study was conducted to determine how much Bitcoin mining costs around the world. In Italy, the cost of minting one Bitcoin is $208,560 in terms of electricity. This is completely ludicrous. One of the main reasons why Bitcoin mining isn’t as popular in Italy is because of this.
In Lebanon, however, mining a single Bitcoin costs only $266. This is significantly less expensive than in Europe, which explains why there are so many crypto miners in Asian countries.
The main factor for this disparity is the cost of power. Mining consumes a lot of energy, especially depending on the type of equipment used. It is becoming increasingly difficult to mine cryptocurrency, therefore more and more energy will be required over time. This produces a slew of issues, particularly those relating to global warming, which you can read about here.
NEWS:📄💰CoinGecko report shows that mining 1 #Bitcoin in Italy costs $208,560 whereas in Lebanon its only $266.
— Walletor (@walletorapp) August 20, 2023
According to the survey, just 65 countries make it profitable to mine Bitcoin at home. Furthermore, 34 of them are in Asia, with only 5 in Europe. Mining a Bitcoin will cost you roughly $46,000 if you consider the average of all countries. This is more than the value of Bitcoin.
When you hear about Bitcoin mining, keep in mind that where you live can have a significant impact. It’s an intriguing illustration of how the same object may be valued a lot more or a lot less depending on where you are in the world.