Bitcoin
The Entire Blockchain Ecosystem in One Visualization
The Blockchain Ecosystem: View the full-size infographic
The Entire Blockchain Ecosystem in One Visualization
View the full-size version.
The size of the bitcoin market may still be microscopic when contrasted with other global markets, but that hasn’t stopped the eight-year-old cryptocurrency, as well as the surrounding blockchain ecosystem, from evolving.
As Bitcoin Magazine points out in its article accompanying this infographic:
As Bitcoin approaches its eighth birthday, we see things changing. It is turning into that curious, wide-eyed technology with ideas as widespread as any normal eight-year-old. Cross-border payments, machine-to-machine transactions, smart contracts, microtransactions and stock settlements all have been discussed and developed. Nothing is off limits; no question goes unasked.
The blockchain, which is the technological infrastructure behind how Bitcoin transactions work, is now much more heralded in many circles than the original cryptocurrency itself. That’s because it is now clear how the blockchain can be further applied to many other disciplines, including payments, trading assets digitally, identity management, data verification, and smart contracts.
Venture capital has continued to pour into the sector to untap this potential.
In 2015 alone, companies focused on Bitcoin or the blockchain raised over $1 billion. Meanwhile, 2016 has already seen notable investments in companies like Augur, a decentralized prediction market, or Ethereum, a smart contract and publishing platform. As of today, than 65 banks and financial institutions have made investments in the industry in a wide range of businesses and ideas.
We pointed out in last week’s chart that mentions of “Bitcoin” have decreased by 61% in Y Combinator applications, which does raise a potential concern for the development of future Bitcoin and blockchain technology. Less startups focusing on the applications of the blockchain could be a sign of a slowdown, but it could also be temporary. Any significant breakthrough, like the anticipated success of OpenBazaar, could tip the scales back in favor again.
Even despite this potential setback, Bitcoin has always done well in the face of adversity. It was the top performing currency of 2015, and recently the bitcoin price has soared to 21-month highs after a recent four-day rally of 21%.
Based on this, it would seem that the blockchain ecosystem, including Bitcoin, is still alive and well.
Technology
The Cost of Mining Bitcoin in 198 Different Countries
Mining bitcoin is costly. But the exact price fluctuates, depending on the location and the cost of electricity in the area.

Cost of Mining Bitcoin in 198 Different Countries
View a higher resolution version of this map.
It takes an estimated 1,449 kilowatt hours (kWh) of energy to mine a single bitcoin. Thatโs the same amount of energy an average U.S. household consumes in approximately 13 years.
Given the high amount of energy needed to mine bitcoin, it can be a costly venture to get into. But exact prices fluctuate, depending on the location and the cost of electricity in the area.
Where are the cheapest and most expensive places to mine this popular cryptocurrency? This graphic by 911 Metallurgist provides a snapshot of the estimated cost of mining bitcoin around the world, using pricing and relative costs from March 23, 2022.
How Does Bitcoin Mining Work?
Before diving in, itโs worth briefly explaining the basics of bitcoin mining, and why it requires so much energy.
When someone mines for bitcoin, what theyโre really doing is adding and verifying a new transaction record to the blockchainโthe decentralized bank ledger where bitcoin is traded and distributed.
To create this new record, crypto miners need to crack a complex equation thatโs been generated by the blockchain system.
Potentially tens of thousands of miners are racing to crack the same code at any given time. Only the first person to solve the equation gets rewarded (unless youโre part of a mining pool, which is essentially a group of miners who agree to combine efforts to increase their chances of solving the equation).
The faster your computing power is, the better your chances are of winning, so solving the equation first requires powerful equipment that takes up a lot of energy.
The Costs and Profits of Mining Bitcoin in 198 Countries
Across the 198 countries included in the dataset, the average cost to mine bitcoin sat at $35,404.03, more than bitcoinโs value of $20,863.69 on July 15, 2022. Though it’s important to note that fluctuating energy prices, and more or less miners on the bitcoin network, constantly change the necessary energy and final cost.
Hereโs a breakdown of what the cost to mine one bitcoin in each country was in March 23, 2022, along with the potential profit after accounting for mining costs:
# | Country | Cost to mine 1 bitcoin | Profit (July 15, 2022) |
---|---|---|---|
1 | ๐ฐ๐ผ Kuwait | $1,393.95 | $18,362.58 |
2 | ๐ฉ๐ฟ Algeria | $4,181.86 | $15,574.67 |
3 | ๐ธ๐ฉ Sudan | $4,779.27 | $14,977.26 |
4 | ๐พ๐ช Yemen | $7,161.77 | $12,594.76 |
5 | ๐ช๐น Ethiopia | $7,168.91 | $12,587.62 |
6 | ๐ฐ๐ฌ Kyrgyzstan | $7,168.91 | $12,587.62 |
7 | ๐ฆ๐ด Angola | $7,368.04 | $12,388.49 |
8 | ๐ถ๐ฆ Qatar | $7,368.04 | $12,388.49 |
9 | ๐ฐ๐ต North Korea | $7,744.32 | $12,012.21 |
10 | ๐ฐ๐ฟ Kazakhstan | $8,762.00 | $10,994.53 |
11 | ๐ฟ๐ฒ Zambia | $9,160.27 | $10,596.26 |
12 | ๐ฆ๐ฟ Azerbaijan | $9,558.54 | $10,197.99 |
13 | ๐ง๐ณ Brunei | $9,956.81 | $9,799.72 |
14 | ๐ฎ๐ท Iran | $10,355.09 | $9,401.44 |
15 | ๐บ๐ฟ Uzbekistan | $10,355.09 | $9,401.44 |
16 | ๐ฝ๐ฐ Kosovo | $10,560.17 | $9,196.36 |
17 | ๐ธ๐ฌ Singapore | $10,952.50 | $8,804.03 |
18 | ๐ฒ๐ณ Mongolia | $11,151.63 | $8,604.90 |
19 | ๐ง๐น Bhutan | $11,749.04 | $8,007.49 |
20 | ๐ง๐ญ Bahrain | $11,948.18 | $7,808.35 |
21 | ๐ด๐ฒ Oman | $11,948.18 | $7,808.35 |
22 | ๐น๐ฏ Tajikistan | $12,545.59 | $7,210.94 |
23 | ๐บ๐ฆ Ukraine | $12,744.72 | $7,011.81 |
24 | ๐ฌ๐ช Georgia | $13,143.00 | $6,613.53 |
25 | ๐ฆ๐ฌ Paraguay | $13,143.00 | $6,613.53 |
26 | ๐น๐น Trinidad and Tobago | $13,143.00 | $6,613.53 |
27 | ๐ธ๐ท Suriname | $14,337.81 | $5,418.72 |
28 | ๐ธ๐ฆ Saudi Arabia | $14,736.09 | $5,020.44 |
29 | ๐ฆ๐ฒ Armenia | $15,333.50 | $4,423.03 |
30 | ๐น๐ณ Tunisia | $15,333.50 | $4,423.03 |
31 | ๐ธ๐พ Syria | $15,532.63 | $4,223.90 |
32 | ๐จ๐ฌ Congo (Republic Of The) | $16,130.04 | $3,626.49 |
33 | ๐ฒ๐ฒ Myanmar | $16,130.04 | $3,626.49 |
34 | ๐ท๐บ Russia | $16,130.04 | $3,626.49 |
35 | ๐ฎ๐ถ Iraq | $16,926.59 | $2,829.94 |
36 | ๐ฒ๐ฉ Moldova | $16,926.59 | $2,829.94 |
37 | ๐น๐ท Turkey | $17,723.13 | $2,033.40 |
38 | ๐ท๐ด Romania | $18,320.54 | $1,435.99 |
39 | ๐ฆ๐ฑ Albania | $18,718.81 | $1,037.72 |
40 | ๐ง๐ฉ Bangladesh | $18,718.81 | $1,037.72 |
41 | ๐ฑ๐ฎ Liechtenstein | $18,917.95 | $838.58 |
42 | ๐ฑ๐น Lithuania | $18,917.95 | $838.58 |
43 | ๐ฒ๐ฟ Mozambique | $19,117.08 | $639.45 |
44 | ๐ช๐ฌ Egypt | $19,316.22 | $440.31 |
45 | ๐จ๐ฉ Congo (Democratic Republic Of The) | $19,913.63 | -$157.10 |
46 | ๐ณ๐ด Norway | $20,112.77 | -$356.24 |
47 | ๐ฆ๐น Austria | $20,311.90 | -$555.37 |
48 | ๐จ๐ฑ Chile | $20,311.90 | -$555.37 |
49 | ๐ช๐ช Estonia | $20,511.04 | -$754.51 |
50 | ๐ธ๐ช Sweden | $20,710.18 | -$953.65 |
51 | ๐จ๐ซ Central African Republic | $20,909.31 | -$1,152.78 |
52 | ๐บ๐ธ United States | $21,088.53 | -$1,332.00 |
53 | ๐ง๐ฌ Bulgaria | $21,307.58 | -$1,551.05 |
54 | ๐ฎ๐ฉ Indonesia | $21,307.58 | -$1,551.05 |
55 | ๐ท๐ธ Serbia | $21,307.58 | -$1,551.05 |
56 | ๐ฆ๐ท Argentina | $21,506.72 | -$1,750.19 |
57 | ๐ฆ๐ช United Arab Emirates | $21,705.86 | -$1,949.33 |
58 | ๐ณ๐ฌ Nigeria | $22,303.27 | -$2,546.74 |
59 | ๐ฒ๐ฌ Madagascar | $22,502.40 | -$2,745.87 |
60 | ๐ฑ๐ป Latvia | $22,701.54 | -$2,945.01 |
61 | ๐ฐ๐ท South Korea | $22,701.54 | -$2,945.01 |
62 | ๐ง๐ฆ Bosnia and Herzegovina | $23,099.81 | -$3,343.28 |
63 | ๐น๐ผ Taiwan | $23,298.95 | -$3,542.42 |
64 | ๐ฎ๐ฑ Israel | $23,498.08 | -$3,741.55 |
65 | ๐ช๐จ Ecuador | $23,697.22 | -$3,940.69 |
66 | ๐ฒ๐พ Malaysia | $23,896.36 | -$4,139.83 |
67 | ๐ณ๐ต Nepal | $23,896.36 | -$4,139.83 |
68 | ๐ณ๐ฟ New Zealand | $23,896.36 | -$4,139.83 |
69 | ๐ฑ๐บ Luxembourg | $24,095.49 | -$4,338.96 |
70 | ๐ฎ๐ธ Iceland | $24,294.63 | -$4,538.10 |
71 | ๐จ๐ฆ Canada | $24,493.76 | -$4,737.23 |
72 | ๐ฒ๐ฆ Morocco | $24,692.90 | -$4,936.37 |
73 | ๐ฟ๐ผ Zimbabwe | $24,692.90 | -$4,936.37 |
74 | ๐ป๐ณ Vietnam | $24,892.04 | -$5,135.51 |
75 | ๐จ๐ฎ Cรดte DโIvoire (Ivory Coast) | $25,091.17 | -$5,334.64 |
76 | ๐ฑ๐พ Libya | $25,091.17 | -$5,334.64 |
77 | ๐น๐ฟ Tanzania | $25,091.17 | -$5,334.64 |
78 | ๐ฆ๐ฉ Andorra | $25,276.27 | -$5,519.74 |
79 | ๐จ๐ณ China | $25,489.45 | -$5,732.92 |
80 | ๐ฑ๐ง Lebanon | $25,887.72 | -$6,131.19 |
81 | ๐ฑ๐ฆ Laos | $26,285.99 | -$6,529.46 |
82 | ๐ซ๐ฎ Finland | $26,485.13 | -$6,728.60 |
83 | ๐ซ๐ท France | $27,082.54 | -$7,326.01 |
84 | ๐จ๐ญ Switzerland | $27,082.54 | -$7,326.01 |
85 | ๐ต๐ฑ Poland | $27,281.67 | -$7,525.14 |
86 | ๐ท๐ผ Rwanda | $27,281.67 | -$7,525.14 |
87 | ๐น๐ญ Thailand | $27,281.67 | -$7,525.14 |
88 | ๐จ๐ฟ Czech Republic | $27,480.81 | -$7,724.28 |
89 | ๐ฑ๐ธ Lesotho | $27,679.95 | -$7,923.42 |
90 | ๐ฒ๐ช Montenegro | $28,078.22 | -$8,321.69 |
91 | ๐ฒ๐ฑ Mali | $28,277.35 | -$8,520.82 |
92 | ๐จ๐ท Costa Rica | $28,675.63 | -$8,919.10 |
93 | ๐ณ๐ฑ Netherlands | $28,675.63 | -$8,919.10 |
94 | ๐ง๐พ Belarus | $29,273.04 | -$9,516.51 |
95 | ๐ณ๐ฆ Namibia | $30,069.58 | -$10,313.05 |
96 | ๐ฒ๐ฐ Macedonia, North | $30,866.13 | -$11,109.60 |
97 | ๐ธ๐ฒ San Marino | $30,866.13 | -$11,109.60 |
98 | ๐ธ๐ฐ Slovakia | $31,065.26 | -$11,308.73 |
99 | ๐ฟ๐ฆ South Africa | $32,060.94 | -$12,304.41 |
100 | ๐ง๐ผ Botswana | $32,459.22 | -$12,702.69 |
101 | ๐ธ๐ฟ Swaziland | $32,857.49 | -$13,100.96 |
102 | ๐ง๐ช Belgium | $33,255.76 | -$13,499.23 |
103 | ๐บ๐พ Uruguay | $33,255.76 | -$13,499.23 |
104 | ๐ง๐ท Brazil | $33,454.90 | -$13,698.37 |
105 | ๐ญ๐ท Croatia | $33,454.90 | -$13,698.37 |
106 | ๐ฎ๐น Italy | $33,454.90 | -$13,698.37 |
107 | ๐บ๐ฌ Uganda | $33,654.03 | -$13,897.50 |
108 | ๐จ๐ฒ Cameroon | $33,853.17 | -$14,096.64 |
109 | ๐ฒ๐ฝ Mexico | $33,853.17 | -$14,096.64 |
110 | ๐ฒ๐ผ Malawi | $34,251.44 | -$14,494.91 |
111 | ๐ง๐ฎ Burundi | $34,450.58 | -$14,694.05 |
112 | ๐ฑ๐ฐ Sri Lanka | $34,450.58 | -$14,694.05 |
113 | ๐ฌ๐ถ Equatorial Guinea | $34,649.72 | -$14,893.19 |
114 | ๐ง๐ด Bolivia | $34,848.85 | -$15,092.32 |
115 | ๐ฒ๐ท Mauritania | $35,047.99 | -$15,291.46 |
116 | ๐ต๐ธ Palestine | $35,047.99 | -$15,291.46 |
117 | ๐น๐ฌ Togo | $35,047.99 | -$15,291.46 |
118 | ๐ฆ๐ซ Afghanistan | $35,844.53 | -$16,088.00 |
119 | ๐ญ๐บ Hungary | $35,844.53 | -$16,088.00 |
120 | ๐ธ๐ฑ Sierra Leone | $35,844.53 | -$16,088.00 |
121 | ๐ฒ๐จ Monaco | $35,922.73 | -$16,166.20 |
122 | ๐ต๐ญ Philippines | $36,043.67 | -$16,287.14 |
123 | ๐ฐ๐ญ Cambodia | $36,242.81 | -$16,486.28 |
124 | ๐ธ๐ณ Senegal | $36,242.81 | -$16,486.28 |
125 | ๐ธ๐น Sรฃo Tomรฉ and Prรญncipe | $36,441.94 | -$16,685.41 |
126 | ๐ฎ๐ช Ireland (Republic Of) | $37,835.90 | -$18,079.37 |
127 | ๐ฒ๐น Malta | $37,835.90 | -$18,079.37 |
128 | ๐จ๐พ Cyprus | $38,035.03 | -$18,278.50 |
129 | ๐ฌ๐ฆ Gabon | $38,035.03 | -$18,278.50 |
130 | ๐ธ๐ป El Salvador | $38,831.58 | -$19,075.05 |
131 | ๐ต๐ช Peru | $38,831.58 | -$19,075.05 |
132 | ๐จ๐ด Colombia | $39,628.12 | -$19,871.59 |
133 | ๐ฉ๐ด Dominican Republic | $40,026.40 | -$20,269.87 |
134 | ๐ฌ๐น Guatemala | $40,026.40 | -$20,269.87 |
135 | ๐ฌ๐ฒ The Gambia | $40,225.53 | -$20,469.00 |
136 | ๐ฌ๐ณ Guinea | $40,424.67 | -$20,668.14 |
137 | ๐ฎ๐ณ India | $40,424.67 | -$20,668.14 |
138 | ๐ฆ๐บ Australia | $40,623.81 | -$20,867.28 |
139 | ๐ฌ๐ท Greece | $40,623.81 | -$20,867.28 |
140 | ๐ฒ๐บ Mauritius | $40,822.94 | -$21,066.41 |
141 | ๐ง๐ฏ Benin | $41,221.21 | -$21,464.68 |
142 | ๐ญ๐ณ Honduras | $41,420.35 | -$21,663.82 |
143 | ๐ญ๐น Haiti | $42,017.76 | -$22,261.23 |
144 | ๐น๐ฉ Chad | $42,216.90 | -$22,460.37 |
145 | ๐ณ๐ช Niger | $42,416.03 | -$22,659.50 |
146 | ๐ฐ๐ช Kenya | $43,212.58 | -$23,456.05 |
147 | ๐ซ๐ฏ Fiji | $43,411.71 | -$23,655.18 |
148 | ๐ช๐ท Eritrea | $43,610.85 | -$23,854.32 |
149 | ๐ธ๐ธ South Sudan | $43,809.99 | -$24,053.46 |
150 | ๐ต๐ฐ Pakistan | $44,208.26 | -$24,451.73 |
151 | ๐ต๐น Portugal | $44,208.26 | -$24,451.73 |
152 | ๐ง๐ฟ Belize | $45,004.80 | -$25,248.27 |
153 | ๐ณ๐ท Nauru | $45,378.54 | -$25,622.01 |
154 | ๐น๐ฑ Timor-Leste | $46,597.89 | -$26,841.36 |
155 | ๐ฌ๐ญ Ghana | $46,996.17 | -$27,239.64 |
156 | ๐ฏ๐ต Japan | $47,195.30 | -$27,438.77 |
157 | ๐ง๐ซ Burkina Faso | $47,394.44 | -$27,637.91 |
158 | ๐ฉ๐ฐ Denmark | $48,190.98 | -$28,434.45 |
159 | ๐ฏ๐ด Jordan | $48,987.53 | -$29,231.00 |
160 | ๐ด๓ ง๓ ข๓ ฅ๓ ฎ๓ ง๓ ฟ England | $49,301.82 | -$29,545.29 |
161 | ๐ด๓ ง๓ ข๓ ณ๓ ฃ๓ ด๓ ฟ Scotland | $50,090.64 | -$30,334.11 |
162 | ๐ต๐ฆ Panama | $50,580.62 | -$30,824.09 |
163 | ๐ฉ๐ช Germany | $50,978.89 | -$31,222.36 |
164 | ๐ฌ๐ง Ireland (Northern) | $51,536.83 | -$31,780.30 |
165 | ๐ช๐ธ Spain | $51,775.44 | -$32,018.91 |
166 | ๐ฉ๐ฏ Djibouti | $52,173.71 | -$32,417.18 |
167 | ๐ด๓ ง๓ ข๓ ท๓ ฌ๓ ณ๓ ฟ Wales | $52,194.19 | -$32,437.66 |
168 | ๐จ๐ป Cape Verde | $52,372.85 | -$32,616.32 |
169 | ๐ฏ๐ฒ Jamaica | $52,571.98 | -$32,815.45 |
170 | ๐ง๐ง Barbados | $52,970.26 | -$33,213.73 |
171 | ๐ธ๐ฎ Slovenia | $52,970.26 | -$33,213.73 |
172 | ๐น๐ป Tuvalu | $53,887.02 | -$34,130.49 |
173 | ๐ฌ๐ผ Guinea-Bissau | $54,364.21 | -$34,607.68 |
174 | ๐ฐ๐ฒ Comoros | $55,957.30 | -$36,200.77 |
175 | ๐ง๐ธ Bahamas | $56,753.85 | -$36,997.32 |
176 | ๐ต๐ฌ Papua New Guinea | $57,550.39 | -$37,793.86 |
177 | ๐ฐ๐ณ Saint Kitts and Nevis | $60,935.71 | -$41,179.18 |
178 | ๐ฌ๐ฉ Grenada | $61,533.12 | -$41,776.59 |
179 | ๐ต๐ผ Palau | $63,922.75 | -$44,166.22 |
180 | ๐ฑ๐จ Saint Lucia | $63,922.75 | -$44,166.22 |
181 | ๐ธ๐จ Seychelles | $63,922.75 | -$44,166.22 |
182 | ๐ฌ๐พ Guyana | $65,316.71 | -$45,560.18 |
183 | ๐ณ๐ฎ Nicaragua | $66,511.52 | -$46,754.99 |
184 | ๐ป๐จ Saint Vincent and Grenadines | $68,901.16 | -$49,144.63 |
185 | ๐น๐ด Tonga | $72,087.34 | -$52,330.81 |
186 | ๐ฉ๐ฒ Dominica | $73,282.16 | -$53,525.63 |
187 | โ๐ป๐บโ Vanuatu | $76,070.07 | -$56,313.54 |
188 | ๐ผ๐ธโ Samoa | $76,667.48 | -$56,910.95 |
189 | โ๐จ๐บโ Cuba | $76,946.27 | -$57,189.74 |
190 | ๐ฑ๐ท Liberia | $77,663.16 | -$57,906.63 |
191 | โ๐ฒ๐ปโ Maldives | $78,459.70 | -$58,703.17 |
192 | ๐ฒ๐ญ Marshall Islands | $80,849.34 | -$61,092.81 |
193 | ๐ธ๐ด Somalia | $82,044.16 | -$62,287.63 |
194 | ๐ฐ๐ฎ Kiribati | $82,243.29 | -$62,486.76 |
195 | ๐ซ๐ฒ Micronesia, Federated States Of | $82,442.43 | -$62,685.90 |
196 | ๐ฆ๐ฌ Antigua and Barbuda | $89,412.20 | -$69,655.67 |
197 | ๐ธ๐ง Solomon Islands | $142,581.59 | -$122,825.06 |
198 | ๐ป๐ช Venezuela | $246,530.74 | -$226,774.21 |
Venezuela ranks as the number one most expensive country to mine bitcoin. It costs a whooping $246,530.74 to mine a single bitcoin in the South American country, meaning the process is far from profitable. Energy costs are so expensive in the country that miners would be out $225,667.05 for just one bitcoin.
On the opposite end of the spectrum, the cheapest place to mine bitcoin is in Kuwait. It costs $1,393.95 to mine a single bitcoin in Kuwait, meaning miners could gain $19,469.74 in profits.
The Middle Eastern country has some of the cheapest electricity in the world, with one kWh costing an average of just 3 cents. For context, the average cost of one kWh in North America is 21 cents.
The Race is On
Despite the steep costs of bitcoin mining, many people believe itโs worth the upfront investment.
One thing that makes bitcoin particularly appealing is its finite supplyโthere are only 21 million coins available for mining, and as of this articleโs publication, more than 19 million bitcoin have already been mined.
While the price of bitcoin (BTC) is notorious for its volatility, its value has still grown significantly over the last decade. And if cryptocurrencies become mainstream as many people believe they will, this could boost the price of bitcoin even further.
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