Topic: Report: Prices of Mining One Bitcoin Worldwide - page 2. (Read 297 times)

This is not real right? We have already long gone from the days when we used to be lucky enough to mine one bitcoin just like that. I hardly think any miner will stumble upon a Bitcoin on solo mining trip. I don't really believe that. Moreover there is less chance due to another fact and that's ever increasing cost of everything from the mining equipment, the maintainance, electricity is but obvious and moreover high price volatility. You never know how Bitcoin price might surprise you if it falls. 

For example, the electricity cost in US. If you check the actual price then it is always higher in terms of inflation and needs to be adjusted. For every 4-5 years there is a cent raise in actual while more than 4-5 cent raise in the inflation value. This means in the years to come this is gonna be problem. Since electricity cost is rising but block reward is decreasing.

No reason to be intrigued it's the same thing as discussed a year ago
https://bitcointalksearch.org/topic/--5405856
and it's just a bit of BS moving two values in an excel sheet as many miners have pointed out.

They take the average electricity price and draw calculations, forgetting one important thing, no miner mines at average prices!
And I have to add, no miner mines at consumer price either as they would simply go bankrupt.

If you look strictly at that map you see Mexico scoring twice as cheap as the US, but there are no major farms in Mexico while at least 40% of the hash rate is in the US, and the reason is simply, while that index price has the US at:

Riot does so at 2.5 cents:
https://www.sec.gov/Archives/edgar/data/1167419/000107997321000537/ex99x1.htm

700% is quite a stretch, isn't it?

starting own power plant.. yes the fuel is cheap but the conversion to electric is not
same as gas flaring. it seems like free energy but then you have to include the equipment to turn burned gas into electric. also flared gas pipes only release a certain amount of dirty gas which is not enough to power a whale asic farm per flare pipe
the trials of 'flare-mining' is small scale mining per site (less than a shipping container per pipe)

much like this topics failure.. it fails to include the device/equipment and maintenance cost.. which is why it does not actually cost $266 to mine bitcoin in lebanon

I dunno, you better have some backup generators available if you are mining in these areas, since the electricity is unpredictable and can usually gets knocked out for long periods of time.

Also like pooya87 said, these prices don't take into account extra requirements and regulations for businesses. You can't just start a mining farm in these places and connect it to the grid, you have to explain why you are using so much electricity.

This is inaccurate. The price of electricity for homes in Iran is about $0.001 per kilowatt hour but that's for the home users and the KWH they'll use. A miner uses more electricity which means the rate will enter an automatic step-by-step price scheme where each time the usage surpasses the next step's threshold the price increases. I believe the ceiling is $0.03 per KWH though.

Additionally big miners have to follow the regulations which have changed a couple of times over the past couple of years. Basically in these contracts they receive special rates for their farms which depends on a bunch of factors. For example it depends on the month, during the peak usages in summer their rate is equal to the export rate which I think is less than 5 cents; and in the rest of the year the rate is half that.
Another factor is their source of electricity. If it is the national grid the rates are as I said before, otherwise they could use renewable energies, start their own power plant in which case they'd receive super cheap gas which can be as low as $0.0008, or participate in the building of new power plants using the gas flares to produce electricity and get it practically for free. Although this last one was just a news I once read, I don't know if the project was started or not.

using difficulty is a little bit of a guess.. as is playing around with the different asics and also doing it based on solo mining which without guessing the difficulty of the next 7 years. you cant actually guess the cost of solo mining over seven years

a better method is to look at the average network hashrate of a 2 week point..
then simply divide that down by the average asic speed of current gen asics. to see the average number of asics running

then knowing how many asics are probably mining at any time they can look the cost per bitcoin of the network (as solo mining is a whole different ball game)



EG their list of asics                                   Thash  KWH    hash/KWH
Bitmain Antminer S19 XP Hyd (255Th)        255     5.3      48.11320755
Bitmain Antminer S19 XP (140Th)              140     3.01     46.51162791
Bitmain AntMiner S19 Pro+ Hydro              198     5.45     36.33027523
Canaan Avalon Miner A1366                       130    3.25     40
Canaan Avalon Miner A1346                       110    3.3       33.33333333
MicroBT WhatsMiner M53S++                    320     7.04     45.45454545
MicroBT WhatsMiner M53                           226    6.55     34.50381679
MicroBT WhatsMiner M33S++                    220    6.82     32.25806452
                                      average hash/kwh = 40 TH/kw (rounded)

average hashrate=400exa
=10000000KWH used
with 6 blocks an hour and 6.25btc a block = 266667KWH /btc

after doing these calculations this way. you wil find the article also done them this way to calculate the network rate.. because with Lebanon's $0.001 electric price also equals $266(excluding hardware and labour cost of maintaining)

however the article falsely pretends it calculated it based on difficulty and by pretending its the solo cost over 7 years.. (which they didnt factor in the 7 years of possible difficulty changes they would assume to have calculated if they were doing a properjob under their mentioned method)

So, I stumbled upon this CoinGecko article titled "Household Electricity Costs to Mine 1 Bitcoin at Home, Around the World" (https://www.coingecko.com/research/publications/bitcoin-mining-cost), and honestly, I was pretty intrigued by it. They've got this report that lists which countries make mining 1 Bitcoin super profitable and which ones, well, not so much.

Without further ado, the top 10 countries for profitable Bitcoin mining are:
1. Lebanon - $266.02 (electricity cost to mine 1 BTC in USD)
2. Iran - $532.04
3. Syria - $1,330.1
4. Ethiopia - $1,596.12
5. Sudan - $2,128.17
6. Libya - $2,660.21
7. Kyrgyzstan - $2,660.21
8. Angola - $3,724.29
9. Zimbabwe - $3,990.31
10. Bhutan - $4,256.33

And the most unprofitable countries to mine 1 BTC are:
1. Italy - $208,560.33
2. Austria - $184,352.44
3. Belgium - $172,381.50
4. Denmark - $166,795.06
5. Germany - $163,336.79
6. Ireland - $159,612.50
7. Lithuania - $152,163.92
8. Netherlands - $137,798.79
9. United Kingdom - $130,616.23
10. Cayman Islands - $128,222.04

Here's a nice graphic.



They did some pretty serious calculations to figure out how much electricity it takes to mine a single Bitcoin. They considered eight different ways people mine, each with its own hash rate, and then they looked at how long it usually takes to mine one Bitcoin using each method. They used a mining difficulty of 53,911,173,001,055.00 as a benchmark. By the way, this mining difficulty thing gets adjusted precisely every 2,016 blocks, and how often it changes depends on how many people are mining and how powerful their computers are. They used CoinWarz Bitcoin calculator to keep tabs on all that. Check out the article for more info.