No matter how you slice it, Bitcoin is expensive. Whether you buy Bitcoin or mine it, the digital currency will set you back a pretty penny. Bitcoin mining is becoming increasingly popular, we take a look at what it will cost you to mine Bitcoin in various countries.
The cryptocurrency market continues to inspire phenomenal growth. Even amongst bands of decreased cryptocurrency value, Bitcoin remains a hot digital currency around the globe.
Buying Bitcoin on various online cryptocurrency trading platforms is one way to get your hands on BTC. The alternative is, of course, Bitcoin mining. The only other way to acquire Bitcoin stock is to mine the currency. We focus in on Bitcoin mining and how much money it would require to mine just one crypto coin in your country.
An Overview of Mining Bitcoin
It sounds like a cave-dwelling experience, but Bitcoin mining is actually a complete digital affair. Instead of mining for physical gold, you’re mining to acquire digital gold. Bitcoin mining is a complex task that demands advanced computer technology, mining rigs as well as an abundance of electricity.
In a nutshell, digital mining takes place on cryptocurrency blockchain technology. Here, complex mathematical equations are automatically solved with the help of advanced computer technology. Once a mathematical equation is proved, the transaction happening within the blockchain network is approved.
Equations are therefore solved using a Bitcoin mining rig. Once they have been decoded, one block is added to the blockchain network. This entire process is known as Bitcoin mining. Once completed, the miner will receive a small crypto token offering, for their hard work.
The Price of a Single Mined Bitcoin
Thanks to Elite Fixtures, anyone interested in mining digital currency, using a Bitcoin mining rig, can see how much it would cost to mine a single coin in their very own country. The company compiled the data using three mining rigs and average electricity tariffs in 115 countries, as of January 2018. Now, there’s no need for a mining calculator. These are the most expensive and least expensive countries for Bitcoin mining.
Most Expensive Countries to Mine Cryptocurrency
- South Korea — $26,170
- Niue — $17,566
- Bahrain — $16,773
- Solomon Island — $16,209
- Cook Islands — $15,861
Least Expensive Countries to Mine Cryptocurrency
- Venezuela — $531
- Trinidad and Tobago — $1,190
- Uzbekistan — $1,788
- Ukraine — $1,852
- Myanmar — $1,983
From the data above, it’s clear that you would not want to set up a Bitcoin mining rig in South Korea. It would cost you approximately $26,170 to mine only 1 BTC here. That is more than twice the purchase price.
If you are serious about getting into the cryptocurrency market with Bitcoin mining and Bitcoin trading, then you may want to consider Venezuela. The cost to mine 1 BTC in Venezuela is approximately $531.
The cheaper mining rates are a direct result of the less intensive electricity costs in the country, as the government subsidizes energy.
Check in with Bitcoin Code for more on the latest cryptocurrency news and mining operations.