Key Takeaways:
- The cost of Bitcoin mining changed significantly since its inception.
- As of 2023, Lebanon is considered the cheapest country for Bitcoin mining.
- However, other countries have other things to offer and have sustainable options.
YEREVAN (CoinChapter.com) — Bitcoin (BTC) mining is an essential grand pillar of the ecosystem. Since the days of Satoshi Nakamoto and the “genesis block,” the mining landscape changed drastically over the last decade.
Moreover, mining Bitcoin is more expensive compared to the infancy years of crypto. So, let’s dive and see the top profitable and cheap places to mine as of 2023.
Lebanon Boasts The Cheapest Tariff
As of 2023, Lebanon is statistically the cheapest country to mine Bitcoin.
Lebanon’s household electricity cost allows solo miners to mine a single Bitcoin for just $266. Moreover, some citizens of Lebanon use this contrasting advantage to survive the harsh financial conditions of the country rather safely. The average electricity price in Lebanon is, data-wise, the cheapest in the world.
Still Cheap In Iran But With Some Concessions
Iran is second on the list; one mined Bitcoin will cost $532. Yet, Iran uses enormous energy to support its thirst for BTC. For example, Bitcoin mining in Iran consumes more electricity than Finland annually. The Iranian government officially recognized Bitcoin mining as a legal, economic sector in 2019.
It even allegedly used Bitcoin and the mining of it to avoid sanctions imposed on it by the US. As of 2023, 3.1% of all Bitcoin mining occurs in Iran. Moreover, the mining sometimes becomes so intense that it overburdens electricity grids, leading to neighborhood-wide blackouts.
Syria’s Bitcoin Mining Is Not Costly But Difficult To Track
According to research done by the data platform CoinGecko, Syria ranks third in the cheapest countries to mine BTC in.
However, there is little information on how the Syrian mining sector operates. However, it is known that unfavorable organizations use digital currency to secure their internal funding. Moreover, it’s unclear what stance the Syrian government has on Bitcoin since it’s not specified whether Bitcoin is legal under Syrian law.
The Ethiopian Mining Sector Finds Its Prospects
In Ethiopia, mining a single Bitcoin will cost around $1,600. Moreover, according to a report by the mining company Kafka Mining, Ethiopia offers opportunities that make mining worth it.
For example, the report highlights that Ethiopia has an abundant supply of hydroelectric and geothermal power that eases the energy cost of mining. In addition, Ethiopia’s competitive electricity rates and a favorable government stance towards crypto make mining worthwhile.
The Mountainous Bhutan Endeavor
In Bhutan, it costs $4256 to mine one Bitcoin. However, the mining industry has been lucrative there so far. The Kingdom Of Bhutan has been engaged in this business since 2017; the government has invested in this profit-making to diversify its economic capabilities.
Since hydroelectricity is cheap in the Kingdom, it allowed mining Bitcoin relatively cheap compared to its Asian counterparts. This “green” mining method provides the opportunity for solo and government miners to indulge in the industry with relative financial ease.
Interestingly enough, the Bhutanese government only recently disclosed its mining operations. Even the ordinary citizens of Bhutan were sometimes unaware of these operations.
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