One Bitcoin is only $531, the cheapest place to mine it

An analysis of global electricity prices by power company Elite Fixtures has concluded that where you live can determine how profitable your Bitcoin mining operation is. After evaluating relevant data, this month it has listed the electricity costs required to mine 1 BTC in various locations around the world.

Electricity prices vary around the world based on factors including government subsidies and natural resource reserves, which determine the cost of running bitcoin mining machines, which solve highly complex mathematical problems in exchange for bitcoins.

One of the most efficient mining machines, the Bitmain Antminer S9, requires 1,350 watts of electricity to operate, which is equivalent to the amount of electricity needed to use up the life of a hair dryer.

Oceania, dotted with small islands, is the region with the highest mining costs in the world. It costs $12,203 to mine one Bitcoin here; followed by South Africa, with a cost of $7,150; followed by Europe ($6,695), Asia ($6,378), the Middle East ($6,249) and South America ($5,456); Mining is cheapest in Africa, where the average cost of mining one Bitcoin is $4,626.

Globally, the electricity cost of mining a single bitcoin is $7,295. Canada and the United States are far below the average, at least $2,000 less. The current market price of bitcoin has exceeded $10,000, so the high electricity bill can still bring profits.

It is worth noting that this survey only covers 111 countries in the world, but there are actually 195 countries in the world. The blank areas in the map represent countries that are not included in the survey.

The country with the highest Bitcoin mining costs is South Korea, where it costs $26,170 to mine one BTC. According to Bloomberg, due to tariff issues, the country's electricity prices soared last year, causing many households to pay more for electricity than factories.

The country with the lowest mining costs is Venezuela, where 1 Bitcoin only costs $531. This is probably because the country has subsidized electricity, making it the only country with costs in the three digits.

The cost of electricity for Bitcoin mining has always been a hindrance. To save costs, some miners choose to use renewable energy technologies such as solar panels.