Coingecko, a crypto data aggregator, has recently published a study expressing the energy price consumed in Bitcoin Mining. It has included the worldwide countries in its study and Italy’s number is at the top in this respect. As per the company, Italy has become the most expensive country. Coingecko added that mining 1 Bitcoin (BTC) requires the consumption of more than $200,000 in Italy.
Italy Becomes the Most Expensive Jurisdiction Concerning BTC Mining Prices
In addition to this, there are many places where the price of the respective activity’s practice is very low. However, one faces several regulatory hazards as well as a low quality of life within the jurisdiction of the country. The hardware prices have risen to a great extent and the inconsistency of power expenses has added to it.
In line with these things, some questions have emerged in the case of the overall profitability of Bitcoin mining. Crypto miners in Europe increasingly comprehend the significance of the implementation of renewable power systems. In this way, they intend to enter the worldwide competitiveness as well as circumvent a shutdown.
The Cost of Mining 1 BTC is Considerably Expensive Than the Price of One Token
Coingecko’s study revealed that the cost of mining just one Bitcoin is up to $208,560 in Italy. This indicates that the mining of one Bitcoin would consume the price of eight tokens, as per the present prices. Hence, the whole continent of Europe has very high energy prices, having an average of up to $85,700.
This figure is considerably higher as compared with the price of the token being mined. On the other hand, Germany requires the consumption of $163,330. In Ireland, almost $159,610 is required for the mining of 1 Bitcoin while the UK needs $130,620 to be paid. Contrarily, the report mentions Lebanon as among the cheapest jurisdictions for Bitcoin mining.
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