Bitcoin
Bitcoin Mining Is Cheaper in Lebanon than Italy, Says CoinGecko
CoinGecko says Lebanon offers cheap BTC mining as compared to Italy. Mining 1 Bitcoin within Italy’s jurisdiction requires $208,560.
Mining the top cryptocurrency Bitcoin (BTC) varies in diverse areas in terms of cost. CoinGecko, the prominent crypto data aggregator, says Lebanon offers cheap BTC mining as compared to Italy. Mining 1 Bitcoin within Italy’s jurisdiction requires $208,560. On the other hand, the cost of 1 BTC token in Lebanon is up to 783 times more inexpensive, as per CoinGecko’s report.
CoinGecko’s Latest Report Says Lebanon Offers Cost-Effective Bitcoin Mining as Compared with Italy
The well-known crypto data aggregating platform published the respective report on the 17th of this month. In it, the company disclosed that just sixty-five countries are considered cost-effective for individual BTC miners. This categorization is solely based on electricity costs. Thirty-four of the respective countries are located within the Asian region while Europe just has 5.
Nonetheless, individual BTC miners around the globe are much concerned about the average electricity charges. The report added that $46,291.24 is the usual cost for mining one BTC. This figure is nearly thirty-five percent elevated in comparison with the average regular price of one Bitcoin in July. At that time, the respective price stood at the $30,090.08 mark.
Also Read: The Future of Bitcoin and Crypto in 2023
The report labeled Italy as the most expensive place for mining Bitcoin for $208,560 for each token. This indicates that BTC mining in Italy is equal to the cost of almost 8 Bitcoin. Australia comes in the 2nd spot with a price of up to $184,352 while Belgium costs $172,382.
Despite Legalizing BTC Mining, Iran Severally Prohibits It While Citing Power Grid Stress
On the contrary, only $266 is the cost of mining one BTC in Lebanon. After that comes Iran which costs just $532 for each mined Bitcoin. Nonetheless, despite legalizing the mining of Bitcoin back in 2019, Iran has prohibited legal activities on many occasions. The country justified these actions by citing the burden on electricity grids amid winter.
