Technology
The Cost of Mining Bitcoin in 198 Different Countries
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Cost of Mining Bitcoin in 198 Different Countries
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It takes an estimated 1,449 kilowatt hours (kWh) of energy to mine a single bitcoin. That’s 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, it’s worth briefly explaining the basics of bitcoin mining, and why it requires so much energy.
When someone mines for bitcoin, what they’re really doing is adding and verifying a new transaction record to the blockchain—the decentralized bank ledger where bitcoin is traded and distributed.
To create this new record, crypto miners need to crack a complex equation that’s 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 you’re 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 bitcoin’s 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.
Here’s 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 | 🇰🇼 Kuwait | $1,393.95 | $18,362.58 |
2 | 🇩🇿 Algeria | $4,181.86 | $15,574.67 |
3 | 🇸🇩 Sudan | $4,779.27 | $14,977.26 |
4 | 🇾🇪 Yemen | $7,161.77 | $12,594.76 |
5 | 🇪🇹 Ethiopia | $7,168.91 | $12,587.62 |
6 | 🇰🇬 Kyrgyzstan | $7,168.91 | $12,587.62 |
7 | 🇦🇴 Angola | $7,368.04 | $12,388.49 |
8 | 🇶🇦 Qatar | $7,368.04 | $12,388.49 |
9 | 🇰🇵 North Korea | $7,744.32 | $12,012.21 |
10 | 🇰🇿 Kazakhstan | $8,762.00 | $10,994.53 |
11 | 🇿🇲 Zambia | $9,160.27 | $10,596.26 |
12 | 🇦🇿 Azerbaijan | $9,558.54 | $10,197.99 |
13 | 🇧🇳 Brunei | $9,956.81 | $9,799.72 |
14 | 🇮🇷 Iran | $10,355.09 | $9,401.44 |
15 | 🇺🇿 Uzbekistan | $10,355.09 | $9,401.44 |
16 | 🇽🇰 Kosovo | $10,560.17 | $9,196.36 |
17 | 🇸🇬 Singapore | $10,952.50 | $8,804.03 |
18 | 🇲🇳 Mongolia | $11,151.63 | $8,604.90 |
19 | 🇧🇹 Bhutan | $11,749.04 | $8,007.49 |
20 | 🇧🇭 Bahrain | $11,948.18 | $7,808.35 |
21 | 🇴🇲 Oman | $11,948.18 | $7,808.35 |
22 | 🇹🇯 Tajikistan | $12,545.59 | $7,210.94 |
23 | 🇺🇦 Ukraine | $12,744.72 | $7,011.81 |
24 | 🇬🇪 Georgia | $13,143.00 | $6,613.53 |
25 | 🇦🇬 Paraguay | $13,143.00 | $6,613.53 |
26 | 🇹🇹 Trinidad and Tobago | $13,143.00 | $6,613.53 |
27 | 🇸🇷 Suriname | $14,337.81 | $5,418.72 |
28 | 🇸🇦 Saudi Arabia | $14,736.09 | $5,020.44 |
29 | 🇦🇲 Armenia | $15,333.50 | $4,423.03 |
30 | 🇹🇳 Tunisia | $15,333.50 | $4,423.03 |
31 | 🇸🇾 Syria | $15,532.63 | $4,223.90 |
32 | 🇨🇬 Congo (Republic Of The) | $16,130.04 | $3,626.49 |
33 | 🇲🇲 Myanmar | $16,130.04 | $3,626.49 |
34 | 🇷🇺 Russia | $16,130.04 | $3,626.49 |
35 | 🇮🇶 Iraq | $16,926.59 | $2,829.94 |
36 | 🇲🇩 Moldova | $16,926.59 | $2,829.94 |
37 | 🇹🇷 Turkey | $17,723.13 | $2,033.40 |
38 | 🇷🇴 Romania | $18,320.54 | $1,435.99 |
39 | 🇦🇱 Albania | $18,718.81 | $1,037.72 |
40 | 🇧🇩 Bangladesh | $18,718.81 | $1,037.72 |
41 | 🇱🇮 Liechtenstein | $18,917.95 | $838.58 |
42 | 🇱🇹 Lithuania | $18,917.95 | $838.58 |
43 | 🇲🇿 Mozambique | $19,117.08 | $639.45 |
44 | 🇪🇬 Egypt | $19,316.22 | $440.31 |
45 | 🇨🇩 Congo (Democratic Republic Of The) | $19,913.63 | -$157.10 |
46 | 🇳🇴 Norway | $20,112.77 | -$356.24 |
47 | 🇦🇹 Austria | $20,311.90 | -$555.37 |
48 | 🇨🇱 Chile | $20,311.90 | -$555.37 |
49 | 🇪🇪 Estonia | $20,511.04 | -$754.51 |
50 | 🇸🇪 Sweden | $20,710.18 | -$953.65 |
51 | 🇨🇫 Central African Republic | $20,909.31 | -$1,152.78 |
52 | 🇺🇸 United States | $21,088.53 | -$1,332.00 |
53 | 🇧🇬 Bulgaria | $21,307.58 | -$1,551.05 |
54 | 🇮🇩 Indonesia | $21,307.58 | -$1,551.05 |
55 | 🇷🇸 Serbia | $21,307.58 | -$1,551.05 |
56 | 🇦🇷 Argentina | $21,506.72 | -$1,750.19 |
57 | 🇦🇪 United Arab Emirates | $21,705.86 | -$1,949.33 |
58 | 🇳🇬 Nigeria | $22,303.27 | -$2,546.74 |
59 | 🇲🇬 Madagascar | $22,502.40 | -$2,745.87 |
60 | 🇱🇻 Latvia | $22,701.54 | -$2,945.01 |
61 | 🇰🇷 South Korea | $22,701.54 | -$2,945.01 |
62 | 🇧🇦 Bosnia and Herzegovina | $23,099.81 | -$3,343.28 |
63 | 🇹🇼 Taiwan | $23,298.95 | -$3,542.42 |
64 | 🇮🇱 Israel | $23,498.08 | -$3,741.55 |
65 | 🇪🇨 Ecuador | $23,697.22 | -$3,940.69 |
66 | 🇲🇾 Malaysia | $23,896.36 | -$4,139.83 |
67 | 🇳🇵 Nepal | $23,896.36 | -$4,139.83 |
68 | 🇳🇿 New Zealand | $23,896.36 | -$4,139.83 |
69 | 🇱🇺 Luxembourg | $24,095.49 | -$4,338.96 |
70 | 🇮🇸 Iceland | $24,294.63 | -$4,538.10 |
71 | 🇨🇦 Canada | $24,493.76 | -$4,737.23 |
72 | 🇲🇦 Morocco | $24,692.90 | -$4,936.37 |
73 | 🇿🇼 Zimbabwe | $24,692.90 | -$4,936.37 |
74 | 🇻🇳 Vietnam | $24,892.04 | -$5,135.51 |
75 | 🇨🇮 Côte D’Ivoire (Ivory Coast) | $25,091.17 | -$5,334.64 |
76 | 🇱🇾 Libya | $25,091.17 | -$5,334.64 |
77 | 🇹🇿 Tanzania | $25,091.17 | -$5,334.64 |
78 | 🇦🇩 Andorra | $25,276.27 | -$5,519.74 |
79 | 🇨🇳 China | $25,489.45 | -$5,732.92 |
80 | 🇱🇧 Lebanon | $25,887.72 | -$6,131.19 |
81 | 🇱🇦 Laos | $26,285.99 | -$6,529.46 |
82 | 🇫🇮 Finland | $26,485.13 | -$6,728.60 |
83 | 🇫🇷 France | $27,082.54 | -$7,326.01 |
84 | 🇨🇭 Switzerland | $27,082.54 | -$7,326.01 |
85 | 🇵🇱 Poland | $27,281.67 | -$7,525.14 |
86 | 🇷🇼 Rwanda | $27,281.67 | -$7,525.14 |
87 | 🇹🇭 Thailand | $27,281.67 | -$7,525.14 |
88 | 🇨🇿 Czech Republic | $27,480.81 | -$7,724.28 |
89 | 🇱🇸 Lesotho | $27,679.95 | -$7,923.42 |
90 | 🇲🇪 Montenegro | $28,078.22 | -$8,321.69 |
91 | 🇲🇱 Mali | $28,277.35 | -$8,520.82 |
92 | 🇨🇷 Costa Rica | $28,675.63 | -$8,919.10 |
93 | 🇳🇱 Netherlands | $28,675.63 | -$8,919.10 |
94 | 🇧🇾 Belarus | $29,273.04 | -$9,516.51 |
95 | 🇳🇦 Namibia | $30,069.58 | -$10,313.05 |
96 | 🇲🇰 Macedonia, North | $30,866.13 | -$11,109.60 |
97 | 🇸🇲 San Marino | $30,866.13 | -$11,109.60 |
98 | 🇸🇰 Slovakia | $31,065.26 | -$11,308.73 |
99 | 🇿🇦 South Africa | $32,060.94 | -$12,304.41 |
100 | 🇧🇼 Botswana | $32,459.22 | -$12,702.69 |
101 | 🇸🇿 Swaziland | $32,857.49 | -$13,100.96 |
102 | 🇧🇪 Belgium | $33,255.76 | -$13,499.23 |
103 | 🇺🇾 Uruguay | $33,255.76 | -$13,499.23 |
104 | 🇧🇷 Brazil | $33,454.90 | -$13,698.37 |
105 | 🇭🇷 Croatia | $33,454.90 | -$13,698.37 |
106 | 🇮🇹 Italy | $33,454.90 | -$13,698.37 |
107 | 🇺🇬 Uganda | $33,654.03 | -$13,897.50 |
108 | 🇨🇲 Cameroon | $33,853.17 | -$14,096.64 |
109 | 🇲🇽 Mexico | $33,853.17 | -$14,096.64 |
110 | 🇲🇼 Malawi | $34,251.44 | -$14,494.91 |
111 | 🇧🇮 Burundi | $34,450.58 | -$14,694.05 |
112 | 🇱🇰 Sri Lanka | $34,450.58 | -$14,694.05 |
113 | 🇬🇶 Equatorial Guinea | $34,649.72 | -$14,893.19 |
114 | 🇧🇴 Bolivia | $34,848.85 | -$15,092.32 |
115 | 🇲🇷 Mauritania | $35,047.99 | -$15,291.46 |
116 | 🇵🇸 Palestine | $35,047.99 | -$15,291.46 |
117 | 🇹🇬 Togo | $35,047.99 | -$15,291.46 |
118 | 🇦🇫 Afghanistan | $35,844.53 | -$16,088.00 |
119 | 🇭🇺 Hungary | $35,844.53 | -$16,088.00 |
120 | 🇸🇱 Sierra Leone | $35,844.53 | -$16,088.00 |
121 | 🇲🇨 Monaco | $35,922.73 | -$16,166.20 |
122 | 🇵🇭 Philippines | $36,043.67 | -$16,287.14 |
123 | 🇰🇭 Cambodia | $36,242.81 | -$16,486.28 |
124 | 🇸🇳 Senegal | $36,242.81 | -$16,486.28 |
125 | 🇸🇹 São Tomé and Príncipe | $36,441.94 | -$16,685.41 |
126 | 🇮🇪 Ireland (Republic Of) | $37,835.90 | -$18,079.37 |
127 | 🇲🇹 Malta | $37,835.90 | -$18,079.37 |
128 | 🇨🇾 Cyprus | $38,035.03 | -$18,278.50 |
129 | 🇬🇦 Gabon | $38,035.03 | -$18,278.50 |
130 | 🇸🇻 El Salvador | $38,831.58 | -$19,075.05 |
131 | 🇵🇪 Peru | $38,831.58 | -$19,075.05 |
132 | 🇨🇴 Colombia | $39,628.12 | -$19,871.59 |
133 | 🇩🇴 Dominican Republic | $40,026.40 | -$20,269.87 |
134 | 🇬🇹 Guatemala | $40,026.40 | -$20,269.87 |
135 | 🇬🇲 The Gambia | $40,225.53 | -$20,469.00 |
136 | 🇬🇳 Guinea | $40,424.67 | -$20,668.14 |
137 | 🇮🇳 India | $40,424.67 | -$20,668.14 |
138 | 🇦🇺 Australia | $40,623.81 | -$20,867.28 |
139 | 🇬🇷 Greece | $40,623.81 | -$20,867.28 |
140 | 🇲🇺 Mauritius | $40,822.94 | -$21,066.41 |
141 | 🇧🇯 Benin | $41,221.21 | -$21,464.68 |
142 | 🇭🇳 Honduras | $41,420.35 | -$21,663.82 |
143 | 🇭🇹 Haiti | $42,017.76 | -$22,261.23 |
144 | 🇹🇩 Chad | $42,216.90 | -$22,460.37 |
145 | 🇳🇪 Niger | $42,416.03 | -$22,659.50 |
146 | 🇰🇪 Kenya | $43,212.58 | -$23,456.05 |
147 | 🇫🇯 Fiji | $43,411.71 | -$23,655.18 |
148 | 🇪🇷 Eritrea | $43,610.85 | -$23,854.32 |
149 | 🇸🇸 South Sudan | $43,809.99 | -$24,053.46 |
150 | 🇵🇰 Pakistan | $44,208.26 | -$24,451.73 |
151 | 🇵🇹 Portugal | $44,208.26 | -$24,451.73 |
152 | 🇧🇿 Belize | $45,004.80 | -$25,248.27 |
153 | 🇳🇷 Nauru | $45,378.54 | -$25,622.01 |
154 | 🇹🇱 Timor-Leste | $46,597.89 | -$26,841.36 |
155 | 🇬🇭 Ghana | $46,996.17 | -$27,239.64 |
156 | 🇯🇵 Japan | $47,195.30 | -$27,438.77 |
157 | 🇧🇫 Burkina Faso | $47,394.44 | -$27,637.91 |
158 | 🇩🇰 Denmark | $48,190.98 | -$28,434.45 |
159 | 🇯🇴 Jordan | $48,987.53 | -$29,231.00 |
160 | 🏴 England | $49,301.82 | -$29,545.29 |
161 | 🏴 Scotland | $50,090.64 | -$30,334.11 |
162 | 🇵🇦 Panama | $50,580.62 | -$30,824.09 |
163 | 🇩🇪 Germany | $50,978.89 | -$31,222.36 |
164 | 🇬🇧 Ireland (Northern) | $51,536.83 | -$31,780.30 |
165 | 🇪🇸 Spain | $51,775.44 | -$32,018.91 |
166 | 🇩🇯 Djibouti | $52,173.71 | -$32,417.18 |
167 | 🏴 Wales | $52,194.19 | -$32,437.66 |
168 | 🇨🇻 Cape Verde | $52,372.85 | -$32,616.32 |
169 | 🇯🇲 Jamaica | $52,571.98 | -$32,815.45 |
170 | 🇧🇧 Barbados | $52,970.26 | -$33,213.73 |
171 | 🇸🇮 Slovenia | $52,970.26 | -$33,213.73 |
172 | 🇹🇻 Tuvalu | $53,887.02 | -$34,130.49 |
173 | 🇬🇼 Guinea-Bissau | $54,364.21 | -$34,607.68 |
174 | 🇰🇲 Comoros | $55,957.30 | -$36,200.77 |
175 | 🇧🇸 Bahamas | $56,753.85 | -$36,997.32 |
176 | 🇵🇬 Papua New Guinea | $57,550.39 | -$37,793.86 |
177 | 🇰🇳 Saint Kitts and Nevis | $60,935.71 | -$41,179.18 |
178 | 🇬🇩 Grenada | $61,533.12 | -$41,776.59 |
179 | 🇵🇼 Palau | $63,922.75 | -$44,166.22 |
180 | 🇱🇨 Saint Lucia | $63,922.75 | -$44,166.22 |
181 | 🇸🇨 Seychelles | $63,922.75 | -$44,166.22 |
182 | 🇬🇾 Guyana | $65,316.71 | -$45,560.18 |
183 | 🇳🇮 Nicaragua | $66,511.52 | -$46,754.99 |
184 | 🇻🇨 Saint Vincent and Grenadines | $68,901.16 | -$49,144.63 |
185 | 🇹🇴 Tonga | $72,087.34 | -$52,330.81 |
186 | 🇩🇲 Dominica | $73,282.16 | -$53,525.63 |
187 | 🇻🇺 Vanuatu | $76,070.07 | -$56,313.54 |
188 | 🇼🇸 Samoa | $76,667.48 | -$56,910.95 |
189 | 🇨🇺 Cuba | $76,946.27 | -$57,189.74 |
190 | 🇱🇷 Liberia | $77,663.16 | -$57,906.63 |
191 | 🇲🇻 Maldives | $78,459.70 | -$58,703.17 |
192 | 🇲🇭 Marshall Islands | $80,849.34 | -$61,092.81 |
193 | 🇸🇴 Somalia | $82,044.16 | -$62,287.63 |
194 | 🇰🇮 Kiribati | $82,243.29 | -$62,486.76 |
195 | 🇫🇲 Micronesia, Federated States Of | $82,442.43 | -$62,685.90 |
196 | 🇦🇬 Antigua and Barbuda | $89,412.20 | -$69,655.67 |
197 | 🇸🇧 Solomon Islands | $142,581.59 | -$122,825.06 |
198 | 🇻🇪 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 it’s worth the upfront investment.
One thing that makes bitcoin particularly appealing is its finite supply—there are only 21 million coins available for mining, and as of this article’s 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.
This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Technology
All of the Grants Given by the U.S. CHIPS Act
Intel, TSMC, and more have received billions in subsidies from the U.S. CHIPS Act in 2024.
All of the Grants Given by the U.S. CHIPS Act
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
This visualization shows which companies are receiving grants from the U.S. CHIPS Act, as of April 25, 2024. The CHIPS Act is a federal statute signed into law by President Joe Biden that authorizes $280 billion in new funding to boost domestic research and manufacturing of semiconductors.
The grant amounts visualized in this graphic are intended to accelerate the production of semiconductor fabrication plants (fabs) across the United States.
Data and Company Highlights
The figures we used to create this graphic were collected from a variety of public news sources. The Semiconductor Industry Association (SIA) also maintains a tracker for CHIPS Act recipients, though at the time of writing it does not have the latest details for Micron.
Company | Federal Grant Amount | Anticipated Investment From Company |
---|---|---|
🇺🇸 Intel | $8,500,000,000 | $100,000,000,000 |
🇹🇼 TSMC | $6,600,000,000 | $65,000,000,000 |
🇰🇷 Samsung | $6,400,000,000 | $45,000,000,000 |
🇺🇸 Micron | $6,100,000,000 | $50,000,000,000 |
🇺🇸 GlobalFoundries | $1,500,000,000 | $12,000,000,000 |
🇺🇸 Microchip | $162,000,000 | N/A |
🇬🇧 BAE Systems | $35,000,000 | N/A |
BAE Systems was not included in the graphic due to size limitations
Intel’s Massive Plans
Intel is receiving the largest share of the pie, with $8.5 billion in grants (plus an additional $11 billion in government loans). This grant accounts for 22% of the CHIPS Act’s total subsidies for chip production.
From Intel’s side, the company is expected to invest $100 billion to construct new fabs in Arizona and Ohio, while modernizing and/or expanding existing fabs in Oregon and New Mexico. Intel could also claim another $25 billion in credits through the U.S. Treasury Department’s Investment Tax Credit.
TSMC Expands its U.S. Presence
TSMC, the world’s largest semiconductor foundry company, is receiving a hefty $6.6 billion to construct a new chip plant with three fabs in Arizona. The Taiwanese chipmaker is expected to invest $65 billion into the project.
The plant’s first fab will be up and running in the first half of 2025, leveraging 4 nm (nanometer) technology. According to TrendForce, the other fabs will produce chips on more advanced 3 nm and 2 nm processes.
The Latest Grant Goes to Micron
Micron, the only U.S.-based manufacturer of memory chips, is set to receive $6.1 billion in grants to support its plans of investing $50 billion through 2030. This investment will be used to construct new fabs in Idaho and New York.
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