The accessible nature of Bitcoin mining has changed as the network has grown in use and adoption.
CoinGecko, one of the most referenced cryptocurrency price monitoring platforms in the crypto industry, has published a new report on the profitability of Bitcoin mining based on energy costs.
El report, titled “Household Electricity Costs to Mine 1 Bitcoin at Home, Around the World,” analyzes how profitable it is for solo miners to mine 1 BTC today.
While most Bitcoin miners on the network have chosen to join a mining pool, there are still those who do it alone from their homes.
The platform noted that, in addition to the investment in ASIC hardware, the cost of electricity represents the largest expense for solo miners, which affects the profitability of this activity depending on the part of the world where they have their operations.
How much does it cost to mine 1 Bitcoin?
The cost of mining 1 Bitcoin varies depending on the price of electricity in different regions.
According to the report, European countries are the least profitable for mine bitcoins alone. In contrast, Asian countries offer the best profitability due to reduced energy costs.
CoinGecko noted that Lebanon, located on the coast of Asia, is The most reliable country to mine 1 BTCEnergy costs in Lebanon allow miners to generate 1 BTC for just $266 worth of energy, offering a high level of profitability.
However, while Lebanon offers a high level of profitability for solo Bitcoin miners, the average energy cost for miners in Asia is $20.635,62 per BTC, the platform noted.
According to the platform's analysts, overall, the average cost of household electricity needed to mine 1 BTC from the network is $46.291,24, which is 35% higher than the current market price of the cryptocurrency. Therefore, the Asian region has the lowest average energy cost for solo Bitcoin miners.
Only 65 countries are profitable for mining Bitcoin
Globally, only 65 countries are profitable for mining Bitcoin alone. Asia stands out as the region with the highest number of profitable countries for mining, with a total of 34 countries, including Lebanon, Iran, Syria, Ethiopia, Sudan, Libya, Kyrgyzstan, Angola, Zimbabwe and Bhutan.
In second place is Africa, a region with a promising future for the cryptocurrency industry, which has a total of 18 countries where it is profitable to mine bitcoins with domestic energy.
On the other hand, the American continent, mainly Latin America and the Caribbean, offers great opportunities for solo miners, hosting a total of 8 countries with a high level of profitability for mining.
Finally, in Europe there are 5 countries where CoinGecko determined that it is profitable to mine bitcoins from the network using the home network.
Another solo miner takes home a Bitcoin block reward
Recently, a new solo Bitcoin miner managed to mine a block on the blockchain network with just 1 PH/s of network hash rate, taking with him the Bitcoin block reward of 6,25 BTC, valued at around $160.000 USD today.
In the report, CoinGecko highlights that solo miners, with such a small hash power, could solve a block on the blockchain once every 7 years on average, with the level of difficulty that the Bitcoin network currently has, 52,39 trillion.
