Topic: Report: Prices of Mining One Bitcoin Worldwide (Read 359 times)

The latest news about Syria speaks of military operations in the territory of this country, and other countries do not look like a good place for mining due to bans and military conflicts. Iran also has a military conflict with Israel. Therefore, in practice, large mining companies will not build data centers there.

It's important to take into account that these calculations were based on several factors such as eight different ways people mine Bitcoin (each with its own hash rate) and a mining difficulty of 53,911,173,001,055.00 as a benchmark (which gets adjusted precisely every 2,016 blocks). Furthermore, while these countries offer low electricity costs for mining 1BTC it doesn't necessarily mean they are reliable or consistent sources of power input for setting up mining farms. This is why many countries have actually banned Bitcoin from being mined or traded within their borders due to concerns over energy consumption and lack of regulation on cryptocurrencies in general.

If you're looking for cheap places to mine one BTC then Lebanon (266.02inUSD), Iran(532.04), and Syria ($1,330.10) might be your best bet but keep in mind that these countries lack reliability and consistency when it comes to power input which means setting up a mining farm there might not be very practical after all!

Not speaking for the idiots who wrote the article, but green energy is not free.

1- You have to calculate the investment involved.
2- The lost opportunity of selling the power to someone else.

So if you can sell the power you generate of a river flowing or sun shining on your solar panels for $10,000 a year, then that is your electricity cost.

Few months back there was an article on Bhutan on how the Kingdom has been secretly mining Bitcoin using natural resources. When they are mining using green energy why would they need to spend money on electricity. I am not sure why was Bhutan mentioned in this article. If the King is mining will he allow his citizens to venture into this direction. I do not think so.

The one painting the map was the one that made the mistake, the prices in their math, as stated in the methodology are influenced by this: https://www.globalpetrolprices.com/electricity_prices/
And the most expensive places are, in reverse order Germany,Denmark,Belgium,Austria,Italy.
The weird thing is that he has mistaken Austria for Australia but was able to put New Zealand on a map, usually, lazy people simply forget about it. Looking at Australia at 0.231 it should be like 20% more expensive than New Zealand at 0.183 and 3 times cheaper than Italy.

One more thing would be why is Poland green and Romania magenta when Romania has cheaper electricity according to the same source, but like who really cares about those details when the whole thing is just stupid.

... and after taking a closer look at some of the outrageously incorrect numbers stated ...


#2 is Australia, not Austria - say sorry to everyone in that country for mistyping the name ...

and somehow, magically it costs 3.68 times more in Australia than in New Zealand right next to Australia

Experts say: 21-31 thousand dollars
kano says: that the calculations are not reliable in the long run, even for several months
Experts answer that kano is not an expert

These experts have never been involved in mining, and do not understand the risks and possible additional costs.

Just for fun and for the sake of proving that this study is complete b.s, I will take the fist country on the list "Lebanon" which according to the study it costs only 266$ to mine a whole bitcoin.

It costs 10c USD per kWh for the first 100kWh and then 27c / kWh so it costs $71,639 (using the most efficient gear out there as Kano pointed out above) to mine a single bitcoin and not 266$ , obviously I used 27c and not 10c because regardless of which miner you use, you will go past the first tier of 100kWh in no time every month, so you might save a few hundred dollars during the first tier, so that 71k might be 70k or slightly below, but ya, still way too far from being just 266$.

It's also worth meeting that Lebanon generates around 500MW ONLY, while the minimum demand there is 3500MW, so the average city gets electricity only for 4 hours ( could be more or less depending on the demand which is mainly determined by the season), so basically, you can't even mine BTC in Lebanon using the grid, let alone do that with 266$, I think they got that number by visiting some "English speaking" website that has little to no info of what has been going on in Lebanon for the past a few decades, and they use the electricity price that was valid 30-40 years ago and then they reflect it on today's data, the end result obviously is complete rubbish.

I know for sure the numbers are 100% wrong for Syria, Sudan, and Libya as well, I am also willing to bet it's wrong for the rest of the countries they labeled as (cheapest to mine BTC), so I won't even bother to research those, I 'l just stick to the claim that "they are all wrong" and wait for someone else to prove otherwise.

Lulz - it's all complete crap.
N00b thread wanting people to post - thus why he hasn't replied.

So, here's a simple way to work it out (hopefully I've made no mistakes)

The 'expected' hashes to mine a block, at the moment right now, before the next diff change,
is of course called the network difficulty.

So what is it?, simple, currently 55.6T
Which is ... 55.6x10^12 Diff
1 diff = 2^32 Hashes
1 Block = 6.25 BTC

So the hashes you 'expect' to do per BTC is 55.6x10^12 x 2^32 / 6.25

Now to pull a 'reasonable' number out of the air, 25J/T - most home miners will be worse than this, few will be better than it.

So the 'expected' W/hr to mine 1 BTC, this week, at 25J/T is 2^32 * 55.6 * 25J / 3600s / 6.25 = 265.33MWHr

If electricity is (high) 10c, that'll cost $26533 at 25J/T

If electricity is (fucking low) 1c, that'll cost $2653 at 25J/T


Now, since I've done all this tapping away on my laptop, not at home, and not able to easily get at info, anyone feel free to point out any mistakes I've made

Edit: and in case it wasn't clear at the start, this depends directly on the network difficulty, which changes about every 2 weeks,
so any long term attempt at estimating it will be very wrong, even a short estimate of a few months will be noticeably wrong, after the fact, also.

Very nice compilation. $266.02 is dirt cheap for 1 BTC. However, you need to take into account crime rates, corruption etc which can affect the final price. But of course, taking everything into account, electricity price in Italy is hard to beat... 

This same study is done by experts!!
Look at the table and ask yourself why the cost of mining 1 bitcoin in solo is indicated? After all, there are at least 7 bitcoins in one block, taking into account the block reward and commissions, and to get 1 bitcoin, you need to mine the whole block.
Therefore, I am sure that any ASIC will be broken earlier, the experiment is impossible

because you need to use 1eh  not 100th

1000000 x 0.00000221 = 2.21 btc a day at viabtc which is a block in just under 3 days. or 6.63 btc in 3 full days

No variance no diff adjustment

power cost for that at 5 cents is about $11.25 for each 100th machine you use.

You need 10,000 machines  for 1 Eh

10,000 x 11.25 = 112500 usd for 6.63 btc = 16,968 usd a coin.


but  
zero cost to buy the 10,000 machines
zero cost for the wires
zero cost for the building
zero cost for labor
zero cost for theft




and that is a shit ton of money.


Even if you give the caveat that

the power cost for a coin is 17,000 if you have 5 cents power and have  payment for the machines  is achieved

you are still saying that for 10,000 machine you have

1)zero cost for maintenance and repair
2)zero cost for the wires
3)zero cost for the building
4)zero cost for labor
5)zero cost for theft
6)zero cost for cooling and filters

to get that 17,000 a coin cost.

I could venture a guess at what it cost for that list but even at 25 cents a machine it is 2500

so 17000+2500= 19500 a coin for a 5 cent power guy assuming the has fully paid off the gear is close.

Since the began 6 cents or less has worked

if you are a six cent guy

20,400 is power cost + 2500 = 22,900 a coin. so six cent power and 30 watt a th gear is on the line of breakeven.

As I think my 2500 extra cost number is too low as most are paying off the gear which is likely 5000 more to the numbers

so a six cent guy is 20,400+2,500+5,000 = 27,900 or break even or  tiny loss.

very tight for a 6 cent guy
not that good for a 5 cent guy
 4 cent looks okay

13,600+2500+5000 = 21100

Lol did they really say that? As of today, the most powerful asic miner needs 20 years to mine a single block, and this assumes no change in difficulty in neither direction.

Simply put, the whole study is a waste of energy, probably more people will read it than this topic, but ya, that is the reason why most people are ignorant.

According to their calculation method, the ASIC, depending on the hashrate, produces a block in solo in 1340-3900 days, and the ASIC with the largest hashrate has the highest probability. But I don’t know how this system takes into account the future increase in complexity and the emergence of new ASICs every year. Asik will die earlier, so it is difficult to verify these calculations.

It's more so they did some pretty stupid calculations to come up with this rubbish, there is no way on planet earth you can mine a whole BTC at your house, sure not in any of those countries they listed as "cheap", the single new gen miner consumes 3kw which is probably more than a few hours max capacity in most of the countries listed, so you can't even plug that shit at home.

If you are lucky, the average gear you can run at an average home in one of those countries would be an S9 that does 14th, and that would require 440 years to mine a single bitcoin assuming difficulty stays flat and no halvings, so you looking at a few centuries to mine a single bitcoin, so in a life time, all those houses that may mine bitcoin combined won't mine what a single large miner in the U.S can mine in a day, so what is the purpose of this study?

Also, how did they get the electricity rate for those countries? probably via a Google search, because I can assure you at least half of those figures are incorrect, most countries with cheap electricity have tier-based costs, and that tier-based cost will ramp up in a few days after running a small miner like an S9, Let alone an S19 or M30s.

wait why don't they just sell the surplus minerals

For example, in Laos, the government recently ordered to stop mining. At first, I thought that the measures taken to limit the production of cryptocurrencies for reasons of excessive consumption of electricity or the prevention of illegal mining, but in the end everything turned out to be simpler. Mining companies have large debts for electricity and the government has decided to sell excess electricity to neighboring countries.

Russia has a developed energy infrastructure, but already industrial miners are facing problems of lack of electricity. And in other countries, too, there are restrictions on consumption. Consumption in Russia at the end of the year by industrial miners alone could rise to 2.5 GW. Further, it will take 1-2 years to develop the infrastructure.

There are also other factors to consider, which are alternative energy sources, bitcoin prices, and technological advancement. That being said, the market will always balance itself. Even in the current market people keep mining Bitcoin and increasing its difficulty even though the profit is likely small. At the very least this goes to show that some of them are betting that their earned rewards will be worth more in the future.

In many countries there is still a lot of cheap hydro, atom, solar electricity, so miners will look for more favorable conditions for installing mining equipment. The volume of purchased electricity is also very important, because the prices in the wholesale markets do not increase as much as the tariffs for small customers.