August 20, 2023

Bitcoin Mining in Lebanon, Syria Much Cheaper Than European Countries

Bitcoin Mining

Bitcoin Mining

Recent data from CoinGecko, a cryptocurrency market tracker, has revealed that Asia hosts the most significant number of bitcoin mining countries, with 34 countries, including Lebanon, Syria, and Libya. It suggested that Bitcoin mining could be more profitable in these countries.

As per the report, Lebanon’s electricity is relatively cheap at $266.20, making it an ideal location for individual bitcoin miners to maximize their profits from mining a single bitcoin, Cointelegraph reported.

Syria and Libya are now among the top ten most profitable countries for mining a single bitcoin. This is achieved using only $1,330.1 and $2,660.21 electricity, respectively.

The report also indicated that mining one bitcoin consumes an average of 266,000 kilowatt-hours of electricity, translating to an estimated cost of $46,291.24 for a typical household. The report also suggests that while some countries with low electricity costs may make Bitcoin mining profitable, it can also lead to network overload and potential blackouts.

An example is Iran, now second only to Lebanon as the most profitable country for mining a single Bitcoin.

In 2019, Iran recognized cryptocurrency mining as an industry within its borders. Due to its inexpensive electricity, the country has become an attractive destination for Bitcoin miners. However, Iranian authorities have shut down over 8,000 illegal cryptocurrency mining farms in three years due to power shortages during the summer and winter when electricity consumption is typically high.

The report also mentioned that countries like Algeria and Egypt, where cryptocurrency activities are strictly prohibited, still have the potential for individual miners to profitably mine a single Bitcoin due to their low electricity costs.

Only 65 countries globally are where mining one Bitcoin at home is profitable based on activity costs. Of these countries, five are in Europe, and eight are in the Americas. On the other hand, in Africa, there are 18 countries where mining activities can be profitable.

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