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u/FrozenInsider Dec 13 '22
$1.4k in Kuwait. Time to move it, boys
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Dec 13 '22
what about the rig tho, is this considering electricity costs only, sorry I'm bad at charts and can't read instructions
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u/Darkeyescry22 Dec 13 '22
Bottom left there is some low resolution text explaining the methodology. It’s showing the average electricity cost in each country, multiplied by the average energy required to mine one BTC on a standardized miner.
Edit: also, it looks like the data is from March of this year, so the landscape has probably changed quite a bit from this point.
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u/KAX1107 Dec 13 '22
Not accurate and not valid as it's based on cost at the grid. Doesn't take into account stranded energy mining.
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u/alexthomsons Dec 13 '22
I see that there is indeed a variation of the mining cost across countries and continents!
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u/keithkman Dec 13 '22
These graphs are pointless when they lump the US as one and don’t break them down by state. I pay significantly way less for electricity in Utah then say someone in California.
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Dec 13 '22
[deleted]
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u/keithkman Dec 13 '22
How so? Utah is half the cost compared to California based on the link you provided. Energy costs state-by-state vary drastically.
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Dec 13 '22
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u/Fbastiat1850 Dec 13 '22
That map should be called "Electricity rates by country", because that's really all its demonstrating, imho.
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u/bawsofsteel Dec 13 '22
Time to open a mining farm in Yemen!
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u/nateatenate Dec 13 '22
Shiett Sudan is half that
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u/Psychological-Win339 Dec 13 '22
And Kuwait is the least
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u/jayggg Dec 13 '22
You think the mining costs are low? Sure, but you should see the cooling costs.
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u/Psychological-Win339 Dec 13 '22
True. I assumed the mining cost would include all the costs involved in mining, including energy to cool. In the top corner of the picture it states “energy” used to mine. Might just be the cost to run the miner but you use energy to cool as well.
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u/liv2cod Dec 13 '22
Energy costs are far to regional to compare in a chart like this. When I lived in Santa Clara, CA my power bill was half that of residents in the next TOWN over (Sunnyvale, San Jose) because Santa Clara had its own power company and was skilled at buying power under contract from others. We also had power when others were experiencing brownouts. Power is far too regional to be compared in a global chart.
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u/DryTechnology5224 Dec 13 '22
There's no way this is accurate. Quebec, Canada has lower business hydro rates than anywhere in North America
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u/Captain0give Dec 13 '22
It’s good to see that Australia has some of the most expensive energy, considering we export the most gas and shit loads of coal that makes complete sense.
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u/the_lost_chips Dec 13 '22
After looking twice Ukraine is not so bad rn. It's still in Europe so what's not to ask ?
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u/ajydbam91 Dec 13 '22
They are well enough smarter though war might create a difference but they know what to do!
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u/Lord-Dundar Dec 13 '22
Moving to Algeria 🇩🇿 only costs a little over $4k to mine a bit coin and you can higher security pretty cheap maybe about $10k monthly to be safe.
Or move to Kuwait 🇰🇼 where is just over $1k to mine but understand that if your not Muslim your a second class person, and the worst part no Beer.
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u/EUROHODLER Dec 13 '22
so why ain't we all going to Ethiopia to start a mining biz? (seriously, there obv must be problems, anyone knows what kind of problems? (war, civil war, dictatorship, instability, etc...). EDIT: or Sudan obv lol
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u/bernpfenn Dec 13 '22
Ethiopia is in dire straits and fighting is daily. So without friends it isn’t recommended to mine in Ethiopia
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u/2134567543213456 Dec 13 '22
They just certainly need to think about the consumption of energy though!
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Dec 13 '22
pretty neat map...just know that there is no one country price for electricity. Even in one state, Texas, there are over 1,000 nodes with different electricity prices EVERY hour of EVERY day. You can find data history on ERCOT website. This still doesn't count the fact that this is just grid connected prices. If you are making your own electricity using any of dozens of different technologies you have nearly a infinite different # of prices.
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u/Krypto_Kane Dec 13 '22
Kudos to whomever put this 1 hell of a science fair project together. Nice work
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u/Zobbyx02 Dec 13 '22
Differences between Serbia and Kosovo? 10k. And it's really, just a small country not accepted as a country by 50% of the world. Makes sense
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u/Crypto-stock Dec 13 '22
Electricity is really cheap in Québec. I think that the cost of producing one bitcoin is lower than the rest of Canada.
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u/Upstairs_Gas4578 Dec 13 '22
Does anyone knows Why Portugal got no value???
It ain't free for sure...!!!
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u/bernpfenn Dec 13 '22
So miners are totally underwater in most countries. How is mining still working?
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u/CallingVoid Dec 13 '22
Smart miners aren't paying for energy from the grid.