In connection with the growing popularity of the topic of cryptocurrencies, edition International Business Times studies were carried out to determine the best countries for mining bitcoin. Leadership among 115 member countries went to Venezuela, Trinidad and Tobago and Uzbekistan.
When calculating the cost of mining 1 BTC analysts take into account average electricity prices, which were obtained from the International energy Agency and organizations in the field. The basis of the calculations is a weighted average of the performance of the most popular ASIC miners: AntMiner S7 and S9, Avalon 6.
As a result of calculations, the cheapest mining was in Venezuela, the cost was $530 for 1 BTC. $1190 cost of mining a single coin in Trinidad and Tobago. In third place was Uzbekistan, with consumption amounting to about 1790$. In regions least expensive recognized mining bitcoin in Asia and Eastern Europe. For example, in Ukraine the cost of mining one coin will be $1852 in Kuwait $1983, in Belarus – $2177 in China – $3 172, and in Russia – 4675 USD. To get bitcoin in South Korea, according to experts, is extremely profitable: for mining a single coin will have to part with $26 170 that is 2.8 times higher than the current value of bitcoin.
It should be noted that the list of analyzed countries were Kyrgyzstan, Tajikistan and Turkmenistan. In neighboring Kazakhstan oil production costs of $2835 per 1 bitcoin.
Obviously, this calculation is difficult to call relevant, since two of the three devices, the calculation of which was performed by averaging (the averaging formula is not given), is already outdated and does not establish any significant share of hash rate yet. Also, in many countries, including Russia, the tariffs for industrial consumers and the population are significantly different. If we take the only Antminer S9 and the average tariff for the population in the European part of Russia (3.5 RUB/KWh), the cost of mining 1 BTC (without changing difficulty) is now about $1500. For industrial miners, this figure can vary significantly, as for legal persons there are no fixed rates.