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CoinGecko: Mining 1 BTC in Lebanon Costs 783 Times Less than in Italy

CoinGecko: Mining 1 BTC in Lebanon Costs 783 Times Less than in Italy

A recent report by CoinGecko has revealed that Europe is home to nine out of the ten least profitable countries for Bitcoin mining, based on household electricity costs. The report found that producing one Bitcoin in Italy costs $208,500, while in Lebanon it is roughly 783 times cheaper. Only 65 countries were found to be profitable for solo Bitcoin miners based solely on household electricity costs, with 34 of these countries located in Asia and only five in Europe. The average household electricity cost to mine one Bitcoin was found to be $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023. Italy was identified as the costliest country for household Bitcoin mining, followed by Austria and Belgium. On the other hand, Lebanon and Iran were found to have significantly lower production costs for Bitcoin mining. Binance CEO Changpeng “CZ” Zhao questioned why individuals in these countries with low electricity costs wouldn’t mine Bitcoin, but acknowledged that there may be other factors to consider.

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