Published on Aug. 17, CoinGecko’s report revealed that only 65 countries are profitable for solo Bitcoin miners, based solely on household electricity costs. Among these, 34 countries are in Asia, while Europe only has five.
However, solo Bitcoin miners find themselves at odds with the worldwide average of household electricity costs.
“The average household electricity cost to mine one Bitcoin is $46,291.24, which is 35% higher than the average daily price of 1 BTC in July 2023 ($30,090.08),” the report stated.
The report identified Italy as the costliest country for household Bitcoin mining at $208,560.33 per Bitcoin. As of the time of publication, this indicates that the cost of mining one Bitcoin in Italy is the equivalent to the value of approximately eight Bitcoins.
Meanwhile, Lebanon’s household electricity rates allow individual miners to generate one Bitcoin for just $266.02. Based on this data, this is approximately 783 times cheaper than the cost to mine a Bitcoin in Italy, priced at $208,560.33.
Iran followed, with a production cost of $532.04 per Bitcoin. However, despite Iran legalizing Bitcoin mining in 2019, the country has since banned legal operations on several occasions, citing stress on energy grids during winter.