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The Cost of Mining Bitcoin in 198 Different Countries

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Map comparing the cost of mining bitcoin in 198 countries

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:

#CountryCost to mine 1 bitcoinProfit (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.

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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.

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Technology

Ranked: Largest Semiconductor Foundry Companies by Revenue

Most of the 10 largest semiconductor foundries in the world, are headquartered in just three Asian countries, accounting for 90% of the entire industry’s revenue.

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A cropped chart showing the largest semiconductor foundry companies by their percentage of global revenues in Q1 2023.

Ranked: Largest Semiconductor Foundry Companies by Revenue

They’re in our phones, cars, planes, and even fridges.

Semiconductor chips have become critical for the modern way of life, and the biggest semiconductor foundry companies rake in billions of dollars from widespread demand.

This chart shows the largest semiconductor foundry companies by their percentage of global revenues in Q1 2023, using data sourced from Trendforce.

ℹ️ We highlight data for companies that only operate foundries (fabrication plants) that manufacture chips for clients, also known as a “pure-play” foundries, as well as companies that design and manufacture their own chips, known as integrated device manufacturers. “Fabless” manufacturers that only design and don’t manufacture their own chips are not included.

Semiconductor Foundry Companies by Revenue

At the top of the list and dwarfing every other company by revenue share is TSMC which earned 60% (or nearly $17 billion) of the entire industry’s revenue in Q1 2023.

Founded in 1987, TSMC is a pure-play foundry that has become Taiwan’s largest company and manufactures products for a host of clients including Apple, NVIDIA, and AMD.

RankCompanyCountryRevenue
(Q1 2023, USD)
1TSMC🇹🇼 Taiwan$16,735M
2Samsung🇰🇷 South Korea$3,446M
3GlobalFoundries🇺🇸 US$1,841M
4UMC🇹🇼 Taiwan$1,784M
5SMIC🇨🇳 China$1,462M
6HuaHong Group🇨🇳 China$845M
7Tower Semiconductor🇮🇱 Israel$356M
8PSMC🇹🇼 Taiwan$332M
9VIS🇹🇼 Taiwan$269M
10DB Hitek🇰🇷 South Korea$234M
Other$556M
Global Total$27,860M

Note: Revenue based on the following conversion rates: USD 1 = WON 1,276; USD 1 = NTD 30.4.

Well behind TSMC in foundry revenues is integrated device manufacturer Samsung, the biggest company in South Korea, which made $3.4 billion (12.4% of the industry’s revenue) from its semiconductor manufacturing business.

GlobalFoundries from the U.S., UMC from Taiwan and SMIC from China round out the top five, with each taking home around 6% of industry’s revenue share in Q1 2023. The former spun out from AMD’s manufacturing arm when the company went fabless in 2009.

Industry concentration is apparent in semiconductors. For example, the top 10 semiconductor foundry companies account for 98% of the entire industry’s revenue. Furthermore, 90% of the market is dominated by companies in just three Asian countries: Taiwan, South Korea, and China.

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