Estimated Electricity Cost Of Mining One Bitcoin By Country – Power Compare

 

The map above shows a very rough estimate of the current electricity costs of mining one Bitcoin by country around the world.

Based on our research, Kuwait is the cheapest country in the world to mine Bitcoins while the Solomon Islands would be the most expensive.

 

Overall, Bitcoin’s total electricity consumption is huge. In November last year we reported that Bitcoin Mining Now Consuming More Electricity Than 159 Countries Including Ireland & Most Countries In Africa.

As of March 2018, that number has increased to 173, which would mean if Bitcoin mining activity were a country it would be the 47th largest consumer on earth (slightly less than Kuwait but more than Greece).

Overall, the total amount of energy devoted to Bitcoin mining stands at 53.28 TWh according to the Bitcoin Energy Consumption Index, an increase of 83% since November 2017!

Despite the increase in electricity required to mine Bitcoins and dramatic decline in the price ($11,455 at the time of writing), mining remains hugely profitable in certain countries with cheap electricity.

Some quick facts on the electricity costs of mining Bitcoins:

• The 5 cheapest countries are: Kuwait ($1,415), Venezuela ($1,630), Myanmar ($3,087), Bahrain ($3,628) and China ($3,645).
• The 5 most expensive countries/territories are: Solomon Islands ($80,189), Belarus ($71,698), South Korea ($53,173), Vanuatu ($51,458), and the US Virgin Islands ($43,225).
• 39 countries have estimated electricity mining costs below the current price of one Bitcoin ($11,455)
• And 80 countries have estimated electricity mining costs below Bitcoins’s all-time high ($19,498.63)

However, as with many thing Bitcoin related, the numbers above are rough estimates only. Here is how they were arrived at:

Data Sources & Methodology

Here’s how we arrived at our estimates:

For electricity consumption we used the Bitcoin Energy Consumption Index, which currently estimates that it takes 781 KWh of electricity per Bitcoin transaction. We realise that many people dispute the values from this index, but you can about the Criticism and Validation of this index here and make up your own mind. Worst case this estimate is too high and the real energy costs are less making mining cheaper.

For the number of Bitcoin transactions per block, we used and average of Blockchain’s data as published on Quandel for February 2018. It showed that there were an average of 1,372.65 transactions per block for that month and each block currently represents 12.5 Bitcoins.

For electricity prices per KWH we used Eurostat data for Europe and Wikipedia‘s estimates for all other countries.

When there was a range we took the midpoint and when there were different prices based on subsidies, we took the price without subsidies. Prices for Europe are inclusive of VAT and all other charges. And all prices are based on the residential prices rather than the commercial or industrial price (which can often be far cheaper). And all prices have been converted to USD based on official exchange rates.

Given how incredibly complex electricity pricing can be, these prices are only estimates, but are likely significantly higher than what professional miners actually pay.

To arrive at pricing estimate by country we did the following:

(Price per KWh * Electricity consumed per transaction * number of transactions per block) / Bitcoins per Block

This gave us a price in cents so we divided by further 100 to get a price in US dollars.

The map was created using MapChart.net.

List of Electricity Cost Of Mining One Bitcoin By Country

COUNTRY
PRICE PER KWH (US CENTS)
COST PER BITCOIN (USD)

Kuwait
1.7
$1,415.09

Venezuela
1.9
$1,629.50

Myanmar
3.6
$3,087.47

Bahrain
4.2
$3,627.78

China
4.3
$3,644.93

Surinam
4.4
$3,747.85

Ukraine
4.8
$4,145.71

Uzbekistan
5.0
$4,245.28

Trinidad and Tobago
5.0
$4,288.16

Bangladesh
6.1
$5,227.27

Kazakhstan
6.5
$5,574.61

India
7.0
$6,003.42

Ethiopia
7.2
$6,174.95

Paraguay
7.9
$6,792.44

Georgia
8.0
$6,861.05

Saudi Arabia
8.0
$6,861.05

Vietnam
8.1
$6,951.11

Kosovo
8.1
$6,983.35

Serbia
8.2
$7,004.45

Russia
8.2
$7,032.58

United Arab Emirates
8.3
$7,122.63

Brunei
8.6
$7,409.94

Zambia
9.0
$7,718.69

Nepal
9.2
$7,890.21

Nigeria
9.6
$8,203.25

Egypt
9.6
$8,250.42

Macedonia
10.1
$8,650.07

Indonesia
10.3
$8,807.88

Albania
10.4
$8,903.25

Iran
10.5
$9,005.13

Bosnia and Herzegovina
10.6
$9,061.48

Bulgaria
11.7
$10,074.17

Laos
12.0
$10,248.70

Montenegro
12.0
$10,253.50

Moldova
12.0
$10,306.25

United States
12.5
$10,720.40

Turkey
12.9
$11,055.22

Malaysia
13.0
$11,132.06

Fiji
13.1
$11,234.98

Thailand
13.4
$11,492.27

Lithuania
13.7
$11,772.54

Hungary
13.8
$11,867.48

Gibraltar
14.4
$12,349.90

Canada, Ontario
14.6
$12,521.42

Croatia
14.7
$12,616.45

Romania
14.7
$12,637.55

Estonia
14.8
$12,732.49

Singapore
15.0
$12,838.75

South Africa
15.0
$12,864.48

Israel
15.4
$13,164.65

Malta
15.7
$13,481.46

Slovakia
17.7
$15,137.63

Czech Republic
17.7
$15,169.28

Peru
17.7
$15,180.08

Poland
17.9
$15,369.70

Pakistan
18.0
$15,437.37

Hong Kong
18.0
$15,475.96

Colombia (Bogota)
18.1
$15,480.25

Philippines
18.2
$15,626.05

Cambodia
18.3
$15,707.52

Brazil
18.5
$15,866.19

Iraq
18.8
$16,080.59

Jordan
19.0
$16,295.00

Argentina (Concordia)
19.1
$16,406.49

New Zealand
19.2
$16,423.65

Netherlands
19.2
$16,477.34

Uganda
19.3
$16,517.99

Mexico
19.3
$16,535.14

Finland
19.4
$16,677.76

Latvia
19.5
$16,730.51

Iceland
19.7
$16,857.09

Slovenia
19.8
$16,973.13

Luxembourg
19.9
$17,036.43

Norway
20.2
$17,321.24

Taiwan
20.4
$17,495.69

France
20.8
$17,827.59

Liechtenstein
21.2
$18,186.25

United Kingdom
21.7
$18,629.30

Uruguay
21.8
$18,674.93

Japan
22.0
$18,867.90

Rwanda
22.8
$19,554.00

Palau
22.8
$19,579.73

Cyprus
22.9
$19,652.55

Chile
23.1
$19,819.87

Greece
23.8
$20,422.61

Sweden
23.8
$20,422.61

Austria
24.0
$20,570.30

Switzerland
25.0
$21,440.79

Italy
26.3
$22,595.68

Australia
26.7
$22,898.77

Guyana
26.8
$22,984.53

American Samoa
27.7
$23,756.40

Portugal
28.1
$24,093.62

Spain
28.2
$24,220.21

Ireland
28.4
$24,315.15

Tahiti
29.1
$24,914.20

Papua New Guinea
29.2
$25,042.85

Sri Lanka
29.3
$25,154.34

Curaçao
30.8
$26,440.79

Western Samoa
32.6
$27,958.79

Kiribati
32.7
$28,044.56

Belgium
34.4
$29,526.29

Turks and Caicos Islands
35.4
$30,351.59

Tuvalu
36.6
$31,346.44

Marshall Islands
37.1
$31,818.14

Germany
37.5
$32,152.96

Denmark
37.5
$32,163.51

Cook Islands
42.4
$36,363.58

Niue
44.3
$37,993.09

New Caledonia
44.5
$38,121.73

Jamaica
44.7
$38,336.14

Tonga
47
$40,308.69

Nicaragua
48
$41,166.32

United States Virgin Islands
50.4
$43,224.64

Vanuatu
60
$51,457.90

South Korea
62
$53,173.17

Belarus
83.6
$71,698.01

Solomon Islands
93.5
$80,188.57

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