Study: South Korea is the Most Expensive Country for Bitcoin MiningMarch 7, 2018
A new study has found that the cost of bitcoin mining has become a lot more expensive to mine in some countries compared to others.
After Crescent Electric Supply Company conducted a study to determine the cost of mining bitcoin in each U.S. state at the beginning of the year, Elite Fixtures decided to expand on the scope from its parent company. As a result, it has looked at the cost of bitcoin mining in 115 countries as of January 2018. Using data from three mining rigs: the AntMiner S9, the AntMiner S7, and the Avalon 6, the researchers were able to determine how many days and the power used it would take to mine for one bitcoin.
The study found that:
The AntMiner S9 would use 17,773.344 kilowatts and take 548.56 days to mine a coin. The S7 would use 45,889.008 kilowatts and take 1580.2 days, and the Avalon 6 would use 55,294.344 kilowatts and take 2194.22 days for a single coin.
According to the data compiled, South Korea is the most expensive country to mine for bitcoin, costing a massive $26,170 for one coin. This was followed by Niue, a small island nation in the South Pacific Ocean, at $17,566; Bahrain, which costs $16,773; and the Cook Islands at $15,861, showcasing the top five locations.
The least expensive countries were Venezuela which cost a mere $531 to mine for one bitcoin; Trinidad and Tobago at $1,190; Uzbekistan, costing $1,788; the Ukraine at $1,852; and Myanmar, which cost $1,983 to mine one bitcoin.
The findings paint a clear picture that demonstrates the costly impact that mining bitcoins can have depending on where a person lives in the world.
Of the other locations listed, the U.S. came in as the 41st cheapest with a cost of $4,758, Russia was $4,675, whereas China, a major mining location, was the 17th cheapest at $3,172.
For many the heightened interest in the market and individual’s curiosity toward the mining process, means that it’s no longer economical to mine for their own bitcoins. Considering the hundreds or thousands of days involved and the power needed to generate one coin, it would seem that many would benefit from simply purchasing their coins from cryptocurrency exchanges.
However, if mining still seems attractive then it’s probably best to find out how much electricity you may end up paying first.
Featured image from Shutterstock.
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