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Visualizing the Journey to $10,000 Bitcoin

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Visualizing the Journey to $10,000 Bitcoin

Visualizing the Journey to $10,000 Bitcoin

View the high resolution version of today’s graphic by clicking here.

It has been a breakthrough year for the world’s original cryptocurrency – and on November 28th, 2017, the bitcoin price blew past the psychological barrier of $10,000 with unprecedented pace. After all, it was only two days prior that the cryptocurrency was trading at $9,000.

Today’s infographic from Blockchain Intelligence Group helps to visualize the ups and downs of this incredible journey to $10,000.

The Journey to $10,000 Bitcoin

Here are some of the key events that transpired over the last 11 months:

TimeframeDescription
January 2, 2017Bitcoin closes above the $1k mark for first time in 1,124 days
Mid-January 2017China cracks down on crypto, partly to help control capital outflows
March 2017The number ofย GitHubย projects related to Bitcoin passes 10,000
May 4, 2017Bitcoin surpasses $25B in market capitalization
August 1, 2017Bitcoin forks into two digital currencies, Bitcoin (BTC) andย Bitcoin Cashย (BCH)
August 5, 2017Bitcoin surpasses $50B in market capitalization
September 4, 2017Peopleโ€™s Bank of China announces that itโ€™s implementing a freeze on ICO funding.
September 8, 2017Itโ€™s leaked that China is shutting down all Bitcoin exchanges in the country
September 12, 2017JP Morganโ€™s Jamie Dimon calls Bitcoin a โ€œfraudโ€
September 28, 2017South Korea bans raising money through ICOs
October 20, 2017Bitcoin passes $100B in market capitalization
October 24, 2017Bitcoin again forks into two digital currencies, Bitcoin (BTC) andย Bitcoin Gold (BTG)
October 30, 2017Vietnam bans Bitcoin and other crypto payments
November 26, 2017Bitcoin passes $150B in market capitalization
November 28, 2017Bitcoin trades at $10k for the first time.

And here is how long it took bitcoins to hit each $1,000 barrier:

TimeExact PeriodDescription
138 daysJan 2, 2017 -> May 20, 2017$1,000 to $2,000
23 daysMay 20, 2017 -> June 11, 2017$2,000 to $3,000
63 daysJune 11, 2017 -> Aug 13, 2017$3,000 to $4,000
61 daysAug 13, 2017 -> Oct 12, 2017$4,000 to $5,000
10 daysOct 12, 2017 -> Oct 21, 2017$5,000 to $6,000
13 daysOct 21, 2017 -> Nov 2, 2017$6,000 to $7,000
17 daysNov 2, 2017 -> Nov 19, 2017$7,000 to $8,000
7 daysNov 19, 2017 -> Nov 26, 2017$8,000 to $9,000
2 daysNov 26, 2017 -> Nov 28, 2017$9,000 to $10,000

Note: These time periods are calculated based on closing prices for the Bitcoin Price Index on Coindesk.

The Year of the ICO

While the journey to $10,000 bitcoin is an incredible one, it is part of a wider story as well.

Initial Coin Offerings (ICOs) for other cryptocurrencies have also boomed, and more than 92% of all funds raised through ICOs happened in this year alone. With this mechanism hitting the mainstream, about $3.8 billion have been raised through ICOs in total.

Further, they’ve been profitable as well for speculators. A report from Mangrove Capital last month noted that the average return across 204 ICOs it was tracking was 1,320%.

Despite being temporarily banned in China and South Korea, ICOs have not been slowing down. So far in this month (up to Nov 26, 2017), ICOs have already hit new highs with $743.2 million raised, surpassing the earlier record-holding month of September 2017 ($662.9 million).

Note: this article was originally published on Nov. 27th as Bitcoin was trading at ~$9,600. The article and graphic have since been updated to reflect hitting the $10k total.

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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.

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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. 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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