Estimated Electricity Cost Of Mining One Bitcoin By Country

Powercompare.co.ukEstimated Electricity Cost Of Mining One Bitcoin By Country

 

The map above shows a very rough estimate of the current electricity costs of mining one Bitcoin by country around the world.

Based on our research, Kuwait is the cheapest country in the world to mine Bitcoins while the Solomon Islands would be the most expensive.

Overall, Bitcoin’s total electricity consumption is huge. In November last year we reported that Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa.

As of March 2018, that number has increased to 173, which would mean if Bitcoin mining activity were a country it would be the 47th largest consumer on earth (slightly less than Kuwait but more than Greece).

Overall, the total amount of energy devoted to Bitcoin mining stands at 53.28 TWh according to the Bitcoin Energy Consumption Index, an increase of 83% since November 2017!

Despite the increase in electricity required to mine Bitcoins and dramatic decline in the price ($11,455 at the time of writing), mining remains hugely profitable in certain countries with cheap electricity.

Some quick facts on the electricity costs of mining Bitcoins:

  • The 5 cheapest countries are: Kuwait ($1,415), Venezuela ($1,630), Myanmar ($3,087), Bahrain ($3,628) and China ($3,645).
  • The 5 most expensive countries/territories are: Solomon Islands ($80,189), Belarus ($71,698), South Korea ($53,173), Vanuatu ($51,458), and the US Virgin Islands ($43,225).
  • 39 countries have estimated electricity mining costs below the current price of one Bitcoin ($11,455)
  • And 80 countries have estimated electricity mining costs below Bitcoins’s all-time high ($19,498.63)

However, as with many thing Bitcoin related, the numbers above are rough estimates only. Here is how they were arrived at:

Data Sources & Methodology

Here’s how we arrived at our estimates:

For electricity consumption we used the Bitcoin Energy Consumption Index, which currently estimates that it takes 781 KWh of electricity per Bitcoin transaction. We realise that many people dispute the values from this index, but you can about the Criticism and Validation of this index here and make up your own mind. Worst case this estimate is too high and the real energy costs are less making mining cheaper.

For the number of Bitcoin transactions per block, we used and average of Blockchain’s data as published on Quandel for February 2018. It showed that there were an average of 1,372.65 transactions per block for that month and each block currently represents 12.5 Bitcoins.

For electricity prices per KWH we used Eurostat data for Europe and Wikipedia‘s estimates for all other countries.

When there was a range we took the midpoint and when there were different prices based on subsidies, we took the price without subsidies. Prices for Europe are inclusive of VAT and all other charges. And all prices are based on the residential prices rather than the commercial or industrial price (which can often be far cheaper). And all prices have been converted to USD based on official exchange rates.

Given how incredibly complex electricity pricing can be, these prices are only estimates, but are likely significantly higher than what professional miners actually pay.

To arrive at pricing estimate by country we did the following:

(Price per KWh * Electricity consumed per transaction * number of transactions per block) / Bitcoins per Block

This gave us a price in cents so we divided by further 100 to get a price in US dollars.

The map was created using MapChart.net.

List of Electricity Cost Of Mining One Bitcoin By Country

COUNTRY PRICE PER KWH (US CENTS) COST PER BITCOIN (USD)
Kuwait 1.7 $1,415.09
Venezuela 1.9 $1,629.50
Myanmar 3.6 $3,087.47
Bahrain 4.2 $3,627.78
China 4.3 $3,644.93
Surinam 4.4 $3,747.85
Ukraine 4.8 $4,145.71
Uzbekistan 5.0 $4,245.28
Trinidad and Tobago 5.0 $4,288.16
Bangladesh 6.1 $5,227.27
Kazakhstan 6.5 $5,574.61
India 7.0 $6,003.42
Ethiopia 7.2 $6,174.95
Paraguay 7.9 $6,792.44
Georgia 8.0 $6,861.05
Saudi Arabia 8.0 $6,861.05
Vietnam 8.1 $6,951.11
Kosovo 8.1 $6,983.35
Serbia 8.2 $7,004.45
Russia 8.2 $7,032.58
United Arab Emirates 8.3 $7,122.63
Brunei 8.6 $7,409.94
Zambia 9.0 $7,718.69
Nepal 9.2 $7,890.21
Nigeria 9.6 $8,203.25
Egypt 9.6 $8,250.42
Macedonia 10.1 $8,650.07
Indonesia 10.3 $8,807.88
Albania 10.4 $8,903.25
Iran 10.5 $9,005.13
Bosnia and Herzegovina 10.6 $9,061.48
Bulgaria 11.7 $10,074.17
Laos 12.0 $10,248.70
Montenegro 12.0 $10,253.50
Moldova 12.0 $10,306.25
United States 12.5 $10,720.40
Turkey 12.9 $11,055.22
Malaysia 13.0 $11,132.06
Fiji 13.1 $11,234.98
Thailand 13.4 $11,492.27
Lithuania 13.7 $11,772.54
Hungary 13.8 $11,867.48
Gibraltar 14.4 $12,349.90
Canada, Ontario 14.6 $12,521.42
Croatia 14.7 $12,616.45
Romania 14.7 $12,637.55
Estonia 14.8 $12,732.49
Singapore 15.0 $12,838.75
South Africa 15.0 $12,864.48
Israel 15.4 $13,164.65
Malta 15.7 $13,481.46
Slovakia 17.7 $15,137.63
Czech Republic 17.7 $15,169.28
Peru 17.7 $15,180.08
Poland 17.9 $15,369.70
Pakistan 18.0 $15,437.37
Hong Kong 18.0 $15,475.96
Colombia (Bogota) 18.1 $15,480.25
Philippines 18.2 $15,626.05
Cambodia 18.3 $15,707.52
Brazil 18.5 $15,866.19
Iraq 18.8 $16,080.59
Jordan 19.0 $16,295.00
Argentina (Concordia) 19.1 $16,406.49
New Zealand 19.2 $16,423.65
Netherlands 19.2 $16,477.34
Uganda 19.3 $16,517.99
Mexico 19.3 $16,535.14
Finland 19.4 $16,677.76
Latvia 19.5 $16,730.51
Iceland 19.7 $16,857.09
Slovenia 19.8 $16,973.13
Luxembourg 19.9 $17,036.43
Norway 20.2 $17,321.24
Taiwan 20.4 $17,495.69
France 20.8 $17,827.59
Liechtenstein 21.2 $18,186.25
United Kingdom 21.7 $18,629.30
Uruguay 21.8 $18,674.93
Japan 22.0 $18,867.90
Rwanda 22.8 $19,554.00
Palau 22.8 $19,579.73
Cyprus 22.9 $19,652.55
Chile 23.1 $19,819.87
Greece 23.8 $20,422.61
Sweden 23.8 $20,422.61
Austria 24.0 $20,570.30
Switzerland 25.0 $21,440.79
Italy 26.3 $22,595.68
Australia 26.7 $22,898.77
Guyana 26.8 $22,984.53
American Samoa 27.7 $23,756.40
Portugal 28.1 $24,093.62
Spain 28.2 $24,220.21
Ireland 28.4 $24,315.15
Tahiti 29.1 $24,914.20
Papua New Guinea 29.2 $25,042.85
Sri Lanka 29.3 $25,154.34
Curaçao 30.8 $26,440.79
Western Samoa 32.6 $27,958.79
Kiribati 32.7 $28,044.56
Belgium 34.4 $29,526.29
Turks and Caicos Islands 35.4 $30,351.59
Tuvalu 36.6 $31,346.44
Marshall Islands 37.1 $31,818.14
Germany 37.5 $32,152.96
Denmark 37.5 $32,163.51
Cook Islands 42.4 $36,363.58
Niue 44.3 $37,993.09
New Caledonia 44.5 $38,121.73
Jamaica 44.7 $38,336.14
Tonga 47 $40,308.69
Nicaragua 48 $41,166.32
United States Virgin Islands 50.4 $43,224.64
Vanuatu 60 $51,457.90
South Korea 62 $53,173.17
Belarus 83.6 $71,698.01
Solomon Islands 93.5 $80,188.57
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