Came across this article on CoinGecko about how much it costs to mine 1 Bitcoin in different countries. It’s pretty wild to see some countries where it’s cheap and others where it's just not worth it.
Bitcoin Mining Costs Around the World: What's the Real Deal?
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Top 10 for mining 1 BTC cheaply are Lebanon at $266, Iran at $532, and Syria at $1,330 among others. What's the catch though?
Exactly. But the estimates are tricky. You gotta account for mining difficulty changes and the performance of the hardware being used. It's not a straightforward calculation.
Yeah but isn't it the same as last year's talk? Just recycling old numbers without considering real-world mining setups.
And what about the regulations in Iran? Those home rates are one thing, but miners probably hit higher rates due to consumption tiers.
tony_4tl4sMember
Posts: 127 · Reputation: 84
#6Sep 26, 2022, 08:41 AM
No kidding. Better have backup generators if you're mining there. Power outages happen, and you don’t want that.
Sure but remember, you need legal permissions to set up a mining rig in those countries. Can't just plug in and go.
Exactly, the setup isn't just plugging in. You need to factor equipment costs, maintenance... Hardly 266 bucks when it all adds up.
CalmFalconMember
Posts: 92 · Reputation: 176
#9Sep 26, 2022, 07:38 PM
Like this whole thing is just fluff. Real miners won't hit those prices. They never mine at average rates.
Facts. Mexico has cheap rates but, like, no farms because they can't compete with the US hash rate.
block_bossMember
Posts: 41 · Reputation: 248
#11Sep 29, 2022, 09:09 AM
Hasn’t anyone thought that solo mining is pretty dead at this point? The odds are so stacked against you.
atomiccoinFull Member
Posts: 8 · Reputation: 504
#12Sep 29, 2022, 10:37 AM
Yup, even the cost of electricity is rising. If the price of Bitcoin dips, you’re rekt.
Some countries still have super cheap energy sources though. Miners chase those setups.
True, but with all the expensive gear and fluctuating Bitcoin prices, it’s a gamble.
Russia has good infrastructure, but miners are already hitting power limits. It’s a mess.
And Laos just ordered mining to stop?! What gives? I thought it was about resources, but it seems there's debt involved.
Just sell the excess electricity instead of shutting down operations.
Or maybe the calculations are just broken from the get-go. Mining 1 BTC at home sounds unrealistic.
token_laserMember
Posts: 77 · Reputation: 208
#19Oct 2, 2022, 04:50 AM
They seem to ignore that running a modern ASIC at home could burn through the limits quickly.
And how do they factor in future ASIC advancements? Those past numbers can’t predict tech changes.