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The Rising Problem of Crypto Theft, and How to Protect Yourself

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Part of the appeal of cryptocurrency is that it exists “outside” of the system.

Using complex cryptography and decentralized ledgers, a blockchain can operate independently from the world’s most powerful countries, corporations, and banking institutions.

While this detachment from authority is extremely powerful, existing almost exclusively in the digital realm does have its drawbacks.

Preventing Crypto Theft

Today’s infographic from CryptoGo shows that as cryptocurrencies rise in prominence, so does its appeal to hackers, criminals, and other bad actors.

With millions of dollars being stolen via crypto theft, investors and other dabblers in cryptocurrency must take precautions to protect their assets for the long haul.

The Rising Problem of Crypto Theft, and How to Protect Yourself

Crypto theft comes in many different forms, and at least $225 million of cryptocurrency has been stolen as of mid-2017.

There are various forms of crypto theft that have made this possible, including brute forcing, phishing, phone-porting, mining malware, and Ponzi schemes.

Strategies Used by Crypto Thieves

Here are the most prominent forms of crypto theft:

Brute Forcing
This is the form of hacking that most are familiar with. It involves automated software that simply tries different passwords until one works.

Phone-Porting
Using your phone number and a little “social engineering”, a hacker can convince a customer service rep that they are actually you. This allows them to reset your password and access your funds.

Phishing
In this case, a hacker will send you suspicious links through email or social media messages. By clicking on one of those links, malware is installed.

Ponzi Schemes
Multi-level marketing schemes that provide signing bonuses. These eventually collapse when prices change or signups stop. Once over, the thieves takes the money and run.

Mining Malware
Hackers hijack a computer’s power to mine cryptocurrency remotely.

Protecting Yourself

Crypto theft can be prevented by taking appropriate precautionary measures.

These include using encrypted backups to hold private keys and other data, using proper anti-virus software for crypto, and opting for multi-factor authentication.

Further, other general measures can also be taken to protect assets, such as holding only small amounts of cryptocurrency in hot wallets, using safety deposit boxes to store USB and private paper keys, turning off SMS authentication and email recovery options, and diversifying holdings through various exchanges.

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Bitcoin

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.

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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. Thatโ€™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, itโ€™s worth briefly explaining the basics of bitcoin mining, and why it requires so much energy.

When someone mines for bitcoin, what theyโ€™re really doing is adding and verifying a new transaction record to the blockchainโ€”the decentralized bank ledger where bitcoin is traded and distributed.

To create this new record, crypto miners need to crack a complex equation thatโ€™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 youโ€™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 bitcoinโ€™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.

Hereโ€™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)
1๐Ÿ‡ฐ๐Ÿ‡ผ Kuwait$1,393.95$18,362.58
2๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria$4,181.86$15,574.67
3๐Ÿ‡ธ๐Ÿ‡ฉ Sudan$4,779.27$14,977.26
4๐Ÿ‡พ๐Ÿ‡ช Yemen$7,161.77$12,594.76
5๐Ÿ‡ช๐Ÿ‡น Ethiopia$7,168.91$12,587.62
6๐Ÿ‡ฐ๐Ÿ‡ฌ Kyrgyzstan$7,168.91$12,587.62
7๐Ÿ‡ฆ๐Ÿ‡ด Angola$7,368.04$12,388.49
8๐Ÿ‡ถ๐Ÿ‡ฆ Qatar$7,368.04$12,388.49
9๐Ÿ‡ฐ๐Ÿ‡ต North Korea$7,744.32$12,012.21
10๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan$8,762.00$10,994.53
11๐Ÿ‡ฟ๐Ÿ‡ฒ Zambia$9,160.27$10,596.26
12๐Ÿ‡ฆ๐Ÿ‡ฟ Azerbaijan$9,558.54$10,197.99
13๐Ÿ‡ง๐Ÿ‡ณ Brunei$9,956.81$9,799.72
14๐Ÿ‡ฎ๐Ÿ‡ท Iran$10,355.09$9,401.44
15๐Ÿ‡บ๐Ÿ‡ฟ Uzbekistan$10,355.09$9,401.44
16๐Ÿ‡ฝ๐Ÿ‡ฐ Kosovo$10,560.17$9,196.36
17๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$10,952.50$8,804.03
18๐Ÿ‡ฒ๐Ÿ‡ณ Mongolia$11,151.63$8,604.90
19๐Ÿ‡ง๐Ÿ‡น Bhutan$11,749.04$8,007.49
20๐Ÿ‡ง๐Ÿ‡ญ Bahrain$11,948.18$7,808.35
21๐Ÿ‡ด๐Ÿ‡ฒ Oman$11,948.18$7,808.35
22๐Ÿ‡น๐Ÿ‡ฏ Tajikistan$12,545.59$7,210.94
23๐Ÿ‡บ๐Ÿ‡ฆ Ukraine$12,744.72$7,011.81
24๐Ÿ‡ฌ๐Ÿ‡ช Georgia$13,143.00$6,613.53
25๐Ÿ‡ฆ๐Ÿ‡ฌ Paraguay$13,143.00$6,613.53
26๐Ÿ‡น๐Ÿ‡น Trinidad and Tobago$13,143.00$6,613.53
27๐Ÿ‡ธ๐Ÿ‡ท Suriname$14,337.81$5,418.72
28๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia$14,736.09$5,020.44
29๐Ÿ‡ฆ๐Ÿ‡ฒ Armenia$15,333.50$4,423.03
30๐Ÿ‡น๐Ÿ‡ณ Tunisia$15,333.50$4,423.03
31๐Ÿ‡ธ๐Ÿ‡พ Syria$15,532.63$4,223.90
32๐Ÿ‡จ๐Ÿ‡ฌ Congo (Republic Of The)$16,130.04$3,626.49
33๐Ÿ‡ฒ๐Ÿ‡ฒ Myanmar$16,130.04$3,626.49
34๐Ÿ‡ท๐Ÿ‡บ Russia$16,130.04$3,626.49
35๐Ÿ‡ฎ๐Ÿ‡ถ Iraq$16,926.59$2,829.94
36๐Ÿ‡ฒ๐Ÿ‡ฉ Moldova$16,926.59$2,829.94
37๐Ÿ‡น๐Ÿ‡ท Turkey$17,723.13$2,033.40
38๐Ÿ‡ท๐Ÿ‡ด Romania$18,320.54$1,435.99
39๐Ÿ‡ฆ๐Ÿ‡ฑ Albania$18,718.81$1,037.72
40๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh$18,718.81$1,037.72
41๐Ÿ‡ฑ๐Ÿ‡ฎ Liechtenstein$18,917.95$838.58
42๐Ÿ‡ฑ๐Ÿ‡น Lithuania$18,917.95$838.58
43๐Ÿ‡ฒ๐Ÿ‡ฟ Mozambique$19,117.08$639.45
44๐Ÿ‡ช๐Ÿ‡ฌ Egypt$19,316.22$440.31
45๐Ÿ‡จ๐Ÿ‡ฉ Congo (Democratic Republic Of The)$19,913.63-$157.10
46๐Ÿ‡ณ๐Ÿ‡ด Norway$20,112.77-$356.24
47๐Ÿ‡ฆ๐Ÿ‡น Austria$20,311.90-$555.37
48๐Ÿ‡จ๐Ÿ‡ฑ Chile$20,311.90-$555.37
49๐Ÿ‡ช๐Ÿ‡ช Estonia$20,511.04-$754.51
50๐Ÿ‡ธ๐Ÿ‡ช Sweden$20,710.18-$953.65
51๐Ÿ‡จ๐Ÿ‡ซ Central African Republic$20,909.31-$1,152.78
52๐Ÿ‡บ๐Ÿ‡ธ United States$21,088.53-$1,332.00
53๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria$21,307.58-$1,551.05
54๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$21,307.58-$1,551.05
55๐Ÿ‡ท๐Ÿ‡ธ Serbia$21,307.58-$1,551.05
56๐Ÿ‡ฆ๐Ÿ‡ท Argentina$21,506.72-$1,750.19
57๐Ÿ‡ฆ๐Ÿ‡ช United Arab Emirates$21,705.86-$1,949.33
58๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria$22,303.27-$2,546.74
59๐Ÿ‡ฒ๐Ÿ‡ฌ Madagascar$22,502.40-$2,745.87
60๐Ÿ‡ฑ๐Ÿ‡ป Latvia$22,701.54-$2,945.01
61๐Ÿ‡ฐ๐Ÿ‡ท South Korea$22,701.54-$2,945.01
62๐Ÿ‡ง๐Ÿ‡ฆ Bosnia and Herzegovina$23,099.81-$3,343.28
63๐Ÿ‡น๐Ÿ‡ผ Taiwan$23,298.95-$3,542.42
64๐Ÿ‡ฎ๐Ÿ‡ฑ Israel$23,498.08-$3,741.55
65๐Ÿ‡ช๐Ÿ‡จ Ecuador$23,697.22-$3,940.69
66๐Ÿ‡ฒ๐Ÿ‡พ Malaysia$23,896.36-$4,139.83
67๐Ÿ‡ณ๐Ÿ‡ต Nepal$23,896.36-$4,139.83
68๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$23,896.36-$4,139.83
69๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg$24,095.49-$4,338.96
70๐Ÿ‡ฎ๐Ÿ‡ธ Iceland$24,294.63-$4,538.10
71๐Ÿ‡จ๐Ÿ‡ฆ Canada$24,493.76-$4,737.23
72๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco$24,692.90-$4,936.37
73๐Ÿ‡ฟ๐Ÿ‡ผ Zimbabwe$24,692.90-$4,936.37
74๐Ÿ‡ป๐Ÿ‡ณ Vietnam$24,892.04-$5,135.51
75๐Ÿ‡จ๐Ÿ‡ฎ Cรดte Dโ€™Ivoire (Ivory Coast)$25,091.17-$5,334.64
76๐Ÿ‡ฑ๐Ÿ‡พ Libya$25,091.17-$5,334.64
77๐Ÿ‡น๐Ÿ‡ฟ Tanzania$25,091.17-$5,334.64
78๐Ÿ‡ฆ๐Ÿ‡ฉ Andorra$25,276.27-$5,519.74
79๐Ÿ‡จ๐Ÿ‡ณ China$25,489.45-$5,732.92
80๐Ÿ‡ฑ๐Ÿ‡ง Lebanon$25,887.72-$6,131.19
81๐Ÿ‡ฑ๐Ÿ‡ฆ Laos$26,285.99-$6,529.46
82๐Ÿ‡ซ๐Ÿ‡ฎ Finland$26,485.13-$6,728.60
83๐Ÿ‡ซ๐Ÿ‡ท France$27,082.54-$7,326.01
84๐Ÿ‡จ๐Ÿ‡ญ Switzerland$27,082.54-$7,326.01
85๐Ÿ‡ต๐Ÿ‡ฑ Poland$27,281.67-$7,525.14
86๐Ÿ‡ท๐Ÿ‡ผ Rwanda$27,281.67-$7,525.14
87๐Ÿ‡น๐Ÿ‡ญ Thailand$27,281.67-$7,525.14
88๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic$27,480.81-$7,724.28
89๐Ÿ‡ฑ๐Ÿ‡ธ Lesotho$27,679.95-$7,923.42
90๐Ÿ‡ฒ๐Ÿ‡ช Montenegro$28,078.22-$8,321.69
91๐Ÿ‡ฒ๐Ÿ‡ฑ Mali$28,277.35-$8,520.82
92๐Ÿ‡จ๐Ÿ‡ท Costa Rica$28,675.63-$8,919.10
93๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$28,675.63-$8,919.10
94๐Ÿ‡ง๐Ÿ‡พ Belarus$29,273.04-$9,516.51
95๐Ÿ‡ณ๐Ÿ‡ฆ Namibia$30,069.58-$10,313.05
96๐Ÿ‡ฒ๐Ÿ‡ฐ Macedonia, North$30,866.13-$11,109.60
97๐Ÿ‡ธ๐Ÿ‡ฒ San Marino$30,866.13-$11,109.60
98๐Ÿ‡ธ๐Ÿ‡ฐ Slovakia$31,065.26-$11,308.73
99๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa$32,060.94-$12,304.41
100๐Ÿ‡ง๐Ÿ‡ผ Botswana$32,459.22-$12,702.69
101๐Ÿ‡ธ๐Ÿ‡ฟ Swaziland$32,857.49-$13,100.96
102๐Ÿ‡ง๐Ÿ‡ช Belgium$33,255.76-$13,499.23
103๐Ÿ‡บ๐Ÿ‡พ Uruguay$33,255.76-$13,499.23
104๐Ÿ‡ง๐Ÿ‡ท Brazil$33,454.90-$13,698.37
105๐Ÿ‡ญ๐Ÿ‡ท Croatia$33,454.90-$13,698.37
106๐Ÿ‡ฎ๐Ÿ‡น Italy$33,454.90-$13,698.37
107๐Ÿ‡บ๐Ÿ‡ฌ Uganda$33,654.03-$13,897.50
108๐Ÿ‡จ๐Ÿ‡ฒ Cameroon$33,853.17-$14,096.64
109๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$33,853.17-$14,096.64
110๐Ÿ‡ฒ๐Ÿ‡ผ Malawi$34,251.44-$14,494.91
111๐Ÿ‡ง๐Ÿ‡ฎ Burundi$34,450.58-$14,694.05
112๐Ÿ‡ฑ๐Ÿ‡ฐ Sri Lanka$34,450.58-$14,694.05
113๐Ÿ‡ฌ๐Ÿ‡ถ Equatorial Guinea$34,649.72-$14,893.19
114๐Ÿ‡ง๐Ÿ‡ด Bolivia$34,848.85-$15,092.32
115๐Ÿ‡ฒ๐Ÿ‡ท Mauritania$35,047.99-$15,291.46
116๐Ÿ‡ต๐Ÿ‡ธ Palestine$35,047.99-$15,291.46
117๐Ÿ‡น๐Ÿ‡ฌ Togo$35,047.99-$15,291.46
118๐Ÿ‡ฆ๐Ÿ‡ซ Afghanistan$35,844.53-$16,088.00
119๐Ÿ‡ญ๐Ÿ‡บ Hungary$35,844.53-$16,088.00
120๐Ÿ‡ธ๐Ÿ‡ฑ Sierra Leone$35,844.53-$16,088.00
121๐Ÿ‡ฒ๐Ÿ‡จ Monaco$35,922.73-$16,166.20
122๐Ÿ‡ต๐Ÿ‡ญ Philippines$36,043.67-$16,287.14
123๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia$36,242.81-$16,486.28
124๐Ÿ‡ธ๐Ÿ‡ณ Senegal$36,242.81-$16,486.28
125๐Ÿ‡ธ๐Ÿ‡น Sรฃo Tomรฉ and Prรญncipe$36,441.94-$16,685.41
126๐Ÿ‡ฎ๐Ÿ‡ช Ireland (Republic Of)$37,835.90-$18,079.37
127๐Ÿ‡ฒ๐Ÿ‡น Malta$37,835.90-$18,079.37
128๐Ÿ‡จ๐Ÿ‡พ Cyprus$38,035.03-$18,278.50
129๐Ÿ‡ฌ๐Ÿ‡ฆ Gabon$38,035.03-$18,278.50
130๐Ÿ‡ธ๐Ÿ‡ป El Salvador$38,831.58-$19,075.05
131๐Ÿ‡ต๐Ÿ‡ช Peru$38,831.58-$19,075.05
132๐Ÿ‡จ๐Ÿ‡ด Colombia$39,628.12-$19,871.59
133๐Ÿ‡ฉ๐Ÿ‡ด Dominican Republic$40,026.40-$20,269.87
134๐Ÿ‡ฌ๐Ÿ‡น Guatemala$40,026.40-$20,269.87
135๐Ÿ‡ฌ๐Ÿ‡ฒ The Gambia$40,225.53-$20,469.00
136๐Ÿ‡ฌ๐Ÿ‡ณ Guinea$40,424.67-$20,668.14
137๐Ÿ‡ฎ๐Ÿ‡ณ India$40,424.67-$20,668.14
138๐Ÿ‡ฆ๐Ÿ‡บ Australia$40,623.81-$20,867.28
139๐Ÿ‡ฌ๐Ÿ‡ท Greece$40,623.81-$20,867.28
140๐Ÿ‡ฒ๐Ÿ‡บ Mauritius$40,822.94-$21,066.41
141๐Ÿ‡ง๐Ÿ‡ฏ Benin$41,221.21-$21,464.68
142๐Ÿ‡ญ๐Ÿ‡ณ Honduras$41,420.35-$21,663.82
143๐Ÿ‡ญ๐Ÿ‡น Haiti$42,017.76-$22,261.23
144๐Ÿ‡น๐Ÿ‡ฉ Chad$42,216.90-$22,460.37
145๐Ÿ‡ณ๐Ÿ‡ช Niger$42,416.03-$22,659.50
146๐Ÿ‡ฐ๐Ÿ‡ช Kenya$43,212.58-$23,456.05
147๐Ÿ‡ซ๐Ÿ‡ฏ Fiji$43,411.71-$23,655.18
148๐Ÿ‡ช๐Ÿ‡ท Eritrea$43,610.85-$23,854.32
149๐Ÿ‡ธ๐Ÿ‡ธ South Sudan$43,809.99-$24,053.46
150๐Ÿ‡ต๐Ÿ‡ฐ Pakistan$44,208.26-$24,451.73
151๐Ÿ‡ต๐Ÿ‡น Portugal$44,208.26-$24,451.73
152๐Ÿ‡ง๐Ÿ‡ฟ Belize$45,004.80-$25,248.27
153๐Ÿ‡ณ๐Ÿ‡ท Nauru$45,378.54-$25,622.01
154๐Ÿ‡น๐Ÿ‡ฑ Timor-Leste$46,597.89-$26,841.36
155๐Ÿ‡ฌ๐Ÿ‡ญ Ghana$46,996.17-$27,239.64
156๐Ÿ‡ฏ๐Ÿ‡ต Japan$47,195.30-$27,438.77
157๐Ÿ‡ง๐Ÿ‡ซ Burkina Faso$47,394.44-$27,637.91
158๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$48,190.98-$28,434.45
159๐Ÿ‡ฏ๐Ÿ‡ด Jordan$48,987.53-$29,231.00
160๐Ÿด๓ ง๓ ข๓ ฅ๓ ฎ๓ ง๓ ฟ England$49,301.82-$29,545.29
161๐Ÿด๓ ง๓ ข๓ ณ๓ ฃ๓ ด๓ ฟ Scotland$50,090.64-$30,334.11
162๐Ÿ‡ต๐Ÿ‡ฆ Panama$50,580.62-$30,824.09
163๐Ÿ‡ฉ๐Ÿ‡ช Germany$50,978.89-$31,222.36
164๐Ÿ‡ฌ๐Ÿ‡ง Ireland (Northern)$51,536.83-$31,780.30
165๐Ÿ‡ช๐Ÿ‡ธ Spain$51,775.44-$32,018.91
166๐Ÿ‡ฉ๐Ÿ‡ฏ Djibouti$52,173.71-$32,417.18
167๐Ÿด๓ ง๓ ข๓ ท๓ ฌ๓ ณ๓ ฟ Wales$52,194.19-$32,437.66
168๐Ÿ‡จ๐Ÿ‡ป Cape Verde$52,372.85-$32,616.32
169๐Ÿ‡ฏ๐Ÿ‡ฒ Jamaica$52,571.98-$32,815.45
170๐Ÿ‡ง๐Ÿ‡ง Barbados$52,970.26-$33,213.73
171๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia$52,970.26-$33,213.73
172๐Ÿ‡น๐Ÿ‡ป Tuvalu$53,887.02-$34,130.49
173๐Ÿ‡ฌ๐Ÿ‡ผ Guinea-Bissau$54,364.21-$34,607.68
174๐Ÿ‡ฐ๐Ÿ‡ฒ Comoros$55,957.30-$36,200.77
175๐Ÿ‡ง๐Ÿ‡ธ Bahamas$56,753.85-$36,997.32
176๐Ÿ‡ต๐Ÿ‡ฌ Papua New Guinea$57,550.39-$37,793.86
177๐Ÿ‡ฐ๐Ÿ‡ณ Saint Kitts and Nevis$60,935.71-$41,179.18
178๐Ÿ‡ฌ๐Ÿ‡ฉ Grenada$61,533.12-$41,776.59
179๐Ÿ‡ต๐Ÿ‡ผ Palau$63,922.75-$44,166.22
180๐Ÿ‡ฑ๐Ÿ‡จ Saint Lucia$63,922.75-$44,166.22
181๐Ÿ‡ธ๐Ÿ‡จ Seychelles$63,922.75-$44,166.22
182๐Ÿ‡ฌ๐Ÿ‡พ Guyana$65,316.71-$45,560.18
183๐Ÿ‡ณ๐Ÿ‡ฎ Nicaragua$66,511.52-$46,754.99
184๐Ÿ‡ป๐Ÿ‡จ Saint Vincent and Grenadines$68,901.16-$49,144.63
185๐Ÿ‡น๐Ÿ‡ด Tonga$72,087.34-$52,330.81
186๐Ÿ‡ฉ๐Ÿ‡ฒ Dominica$73,282.16-$53,525.63
187โ€‹๐Ÿ‡ป๐Ÿ‡บโ€‹ Vanuatu$76,070.07-$56,313.54
188๐Ÿ‡ผ๐Ÿ‡ธโ€‹ Samoa$76,667.48-$56,910.95
189โ€‹๐Ÿ‡จ๐Ÿ‡บโ€‹ Cuba$76,946.27-$57,189.74
190๐Ÿ‡ฑ๐Ÿ‡ท Liberia$77,663.16-$57,906.63
191โ€‹๐Ÿ‡ฒ๐Ÿ‡ปโ€‹ Maldives$78,459.70-$58,703.17
192๐Ÿ‡ฒ๐Ÿ‡ญ Marshall Islands$80,849.34-$61,092.81
193๐Ÿ‡ธ๐Ÿ‡ด Somalia$82,044.16-$62,287.63
194๐Ÿ‡ฐ๐Ÿ‡ฎ Kiribati$82,243.29-$62,486.76
195๐Ÿ‡ซ๐Ÿ‡ฒ Micronesia, Federated States Of$82,442.43-$62,685.90
196๐Ÿ‡ฆ๐Ÿ‡ฌ Antigua and Barbuda$89,412.20-$69,655.67
197๐Ÿ‡ธ๐Ÿ‡ง Solomon Islands$142,581.59-$122,825.06
198๐Ÿ‡ป๐Ÿ‡ช 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 itโ€™s worth the upfront investment.

One thing that makes bitcoin particularly appealing is its finite supplyโ€”there are only 21 million coins available for mining, and as of this articleโ€™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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