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The Pros and Cons of Self-Driving Cars

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The Pros and Cons of Self-Driving Cars

The Pros and Cons of Self-Driving Cars

The next time you honk at another car on the freeway, there is a small chance that it is actually a self-driving robot.

Coupled with the emergence of the electric vehicle, self-driving cars are one of the hottest topics in the automotive industry. Just as any other time where there is the potential to disrupt the current marketplace, there are investment consequences worth noting.

Even a small market penetration of self-driving cars will have big implications on traditional industries. Insurance rates, the transport industry, apps such as Uber or Lyft, and of course, the traditional auto marketplace will be affected. Automotive giants that are not able to keep up may have trouble keeping revenues in line with competitors. At the same time, it may be a boon for the companies that are inventing and proliferating the new technologies to make this future possible.

On the automotive side, Fool.com cites Google, BMW, Mercedes-Benz and Audi as leaders in the field of developing self-driving vehicles. On the tech side, Delphi Automotive (NYSE: DLPH), Autoliv (NYSE: ALV), and American Tower (NYSE: AMT) as companies that are making big advances in cameras, sensors, and other parts necessary to implement the technology.

Original graphic from: CJ Pony Parts

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Thematic Investing: 3 Key Trends in Cybersecurity

Cyberattacks are becoming more frequent and sophisticated. Here’s what investors need to know about the future of cybersecurity.

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Global X Cybersecurity ETF

The following content is sponsored by Global X ETFs
Global X Cybersecurity ETF

Thematic Investing: 3 Key Trends in Cybersecurity

In 2020, the global cost of cybercrime was estimated to be around $945 billion, according to McAfee.

Itโ€™s likely even higher today, as multiple sources have recorded an increase in the frequency and sophistication of cyberattacks during the pandemic.

In this infographic from Global X ETFs, we highlight three major trends that are shaping the future of the cybersecurity industry that investors need to know.

Trend 1: Increasing Costs

Research from IBM determined that the average data breach cost businesses $4.2 million in 2021, up from $3.6 million in 2017. The following table breaks this figure into four components:

Cost ComponentValue ($)
Cost of lost business$1.6M
Detection and escalation$1.2M
Post breach response$1.1M
Notification$0.3M
Total$4.2M

The greatest cost of a data breach is lost business, which results from system downtimes, reputational losses, and lost customers. Second is detection and escalation, including investigative activities, audit services, and communications to stakeholders.

Post breach response includes costs such as legal expenditures, issuing new accounts or credit cards (in the case of financial institutions), and other monitoring services. Lastly, notification refers to the cost of notifying regulators, stakeholders, and other third parties.

To stay ahead of these rising costs, businesses are placing more emphasis on cybersecurity. For example, Microsoft announced in September 2021 that it would quadruple its cybersecurity investments to $20 billion over the next five years.

Trend 2: Remote Work Opens New Vulnerabilities

According to IBM, companies that rely more on remote work experience greater losses from data breaches. For companies where 81 to 100% of employees were remote, the average cost of a data breach was $5.5 million (2021). This dropped to $3.7 million for companies that had under 10% of employees working from home.

A major reason for this gap is that work-from-home setups are typically less secure. Phishing attacks surged in 2021, taking advantage of the fact that many employees access corporate systems through their personal devices.

Type of AttackNumber of attacks in 2020Number of attacks in 2021Growth (%)
Spam phishing1.5M10.1M+573%
Credential phishing5.5M6.2M+13%

As detected by Trend Microโ€™s Cloud App Security.

Spam phishing refers to โ€œfakeโ€ emails that trick users by impersonating company management. They can include malicious links that download ransomware onto the users device. Credential phishing is similar in concept, though the goal is to steal a personโ€™s account credentials.

A tactic you may have seen before is the Amazon scam, where senders impersonate Amazon and convince users to update their payment methods. This strategy could also be used to gain access to a companyโ€™s internal systems.

Trend 3: AI Can Reduce the Cost of a Data Breach

AI-based cybersecurity can detect and respond to cyberattacks without any human intervention. When fully deployed, IBM measured a 20% reduction in the time it takes to identify and contain a breach. It also resulted in cost savings upwards of 60%.

A prominent user of AI-based cybersecurity is Google, which uses machine learning to detect phishing attacks within Gmail.

Machine learning helps Gmail block spam and phishing messages from showing up in your inbox with over 99.9% accuracy. This is huge, given that 50-70% of messages that Gmail receives are spam.
– Andy Wen, Google

As cybercrime escalates, Acumen Research and Consulting believes the market for AI-based security solutions will reach $134 billion by 2030, up from $15 billion in 2021.

Introducing the Global X Cybersecurity ETF

The Global X Cybersecurity ETF (Ticker: BUG) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Cybersecurity Index. See below for industry and country-level breakdowns, as of June 2022.

Sector (By security type)Weight
Cloud28.0%
Network25.1%
Identity17.7%
Internet15.0%
Endpoint12.8%
CountryWeight
๐Ÿ‡บ๐Ÿ‡ธ U.S.71.6%
๐Ÿ‡ฎ๐Ÿ‡ฑ Israel13.2%
๐Ÿ‡ฌ๐Ÿ‡ง UK8.2%
๐Ÿ‡ฏ๐Ÿ‡ต Japan5.5%
๐Ÿ‡ฐ๐Ÿ‡ท South Korea0.9%
๐Ÿ‡จ๐Ÿ‡ฆ Canada0.6%

Totals may not equal 100% due to rounding.

Investors can use this passively managed solution to gain exposure to the rising adoption of cybersecurity technologies.

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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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