Research shows it only costs about $1,300 in electricity and operations to mine 1 Bitcoin in Iran, while it cost $102,260 in United States.

 

Research shows it only costs about $1,300 in electricity and operations to mine 1 Bitcoin in Iran, while it cost $102,260 in United States.

First world countries like Europe, U.S and Australia are not profitable. For example, Italy is the most expensive at $306,550 per coin similarly, Austria ($277,000), the Bahamas ($280,000), and Switzerland ($236,000) also fall into the unprofitable zone. In the United States also the average cost for mining one BTC is roughly $102,260. This cost is calculated based on the average household electricity price multiplied by the amount of energy consumed.

For miners, it is usual to flock to a low-cost electricity zone. This also shows the vulnerability of Bitcoin as it can be a major financial tool, Europe specifically is out of the competition due to their inability to subsidize electricity and keep charging in a range which is way costlier than developing countries.

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