Bitcoin is expensive – whether you buy it from a broker or buy it yourself. But it is much more expensive to exploit in some countries than others.
Elite Fixtures has compiled a list of mining costs around the world, using average data from three platforms and average electricity rates in 115 countries in January 2018. And, based on these results, you do not want absolutely not launch a South Korea mining operation,
It costs $ 26,170 to operate a single Bitcoin in this country – more than twice the current cost of buying one. Niue (an island country in the South Pacific, if you did not know it) was the second most expensive, at $ 17,566.
The United States was a little more in the middle of the list, with an average cost of $ 4,758. (If you really want to reduce costs, do your American mining in Louisiana, where the average cost for a coin is $ 3224.)
And Venezuela is the cheapest place in the world to mine, with an average cost of $ 531, with energy prices subsidized by the government.
So what areas should bitcoin minors avoid and where should they consider setting up operations? Here is what it costs in the most and least expensive countries.
The most expensive countries to exploit Bitcoin
South Korea – $ 26,170
Niue – $ 17,566
Bahrain – $ 16,773
Solomon Islands – $ 16,209
Cook Islands – $ 15,861
The cheapest countries to exploit Bitcoin
Venezuela – $ 531
Trinidad and Tobago – $ 1,190
Uzbekistan – $ 1,788
Ukraine – $ 1,852
Myanmar – $ 1,983