A study conducted by Coingecko on Aug. 17 into electricity costs for Bitcoin mining in households has revealed that Cuba is considered the most profitable country in Latin America for conducting this activity.
The report entitled “Household Electricity Cost of Mining 1 Bitcoin at Home, Around the World”, examines the cost of mining a bitcoin (BTC) in 147 countries in USD per kilowatt hour (USD/kWh) considering eight different ASIC models (miners) with variable hash values and the average time it takes to mine a single one BTC is required per model at the current mining difficulty of 53.9T.
Taking into account the average cost of electricity from the site globalpetrolprices.com until December 2022, The report concludes that Cuba is the most profitable country in Latin America to mine a bitcoin at $7,980, followed by Argentina at $9,040, and Venezuela at $12,240 in third place.
The list for the region continues in the following order in terms of the most profitable bitcoin mining countries: Paraguay ($14,630), Ecuador ($25,540), Mexico ($26,340), Dominican Republic ($32,720), and Brazil ($). $45,490), Colombia ($47,610), Chile ($49,210), Peru ($65,700), and Uruguay ($67,300).
As can be seen from the above information, According to Coingecko, Uruguay is the least profitable country in Latin America for mining 1 Bitcoin.
Globally, the report finds that the Middle East countries of Lebanon, Iran, and Syria are the most profitable to mine 1 BTC from home due to the low cost of electricity.
On the other hand, with the most expensive electricity costs in Europe, The list of the least profitable countries for mining 1 BTC is headed by Italy. along with eight other nations of the old continent.
Importantly, the report bases its calculations on the average household electricity cost to mine one bitcoin of $46,291.24, which is 43% higher than the average price of 1 BTC at the time of writing ($26,002.57).
The report ranks the Asian continent as the only area where average household electricity costs make bitcoin mining from home profitable.
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