Chinese media platform Odaily published its “Global Mining Cost Map”, showing the electricity cost of mining a Bitcoin in different countries across the world. Obviously, electricity makes up most of the cost for mining cryptocurrencies, hence this is a key consideration before choosing a location to start mining.
Unsurprisingly, China is on top of the list and has been the center of Bitcoin mining for many years. It is not only home to the largest mining rig manufacturers such as Bitmain and Canaan, there are also several large scale mining farms across the country, especially in places with low-cost electricity prices, including Xinjiang, Qinghai, Yunnan and Sichuan.
China can be found on the list several times (the red bars). Applying the lowest energy cost available in China, it would only cost $507 to mine a Bitcoin. The middle segment ($1,711), high segment ($4,277) and regular available electricity ($4,562) are remarkably more expensive.
As said before, these big differences depend on the source of energy. In January, China Crypto News already reported that miners across China were buying up old mining rigs and moving them to Sichuan for the upcoming flood season. As spring and summer arrives, snow starts melting and this on its turn provides almost free electricity from hydro plants deep inside the mountains of Southwestern China.
Other countries high on the list are Myanmar, Egypt and Iran. The bottom of the list is made up of European countries, with Belgium ($17,110), Germany ($18,821) and Denmark ($19,391) being the most expensive countries to mine Bitcoin.