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Mining a Bitcoin has an average value of $ 5000

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The investment price to mine a Bitcoin, according to BitOoda data, has a cost of about $ 5 thousand US dollars. The study was carried out taking into account several factors such as the cost of ASICs, the value of electricity, as well as the difficulty of the network to perform the work.

Naturally, the price of electrical energy is the determining factor in this business. For this reason, it must be taken into account that the cost of the service makes the investment value different in each country.

For example, right now in some provinces of China, such as Sichuan or Yunnan, the winter season is a factor in favor of mining. Hydropower costs reach a minimum in those regions due to the winter season.

The investment cost varies according to each country

According to the data of the study, the cost in cents of dollar per kilowatt / hour, is counted from $ 0.5 onwards. However, there are exceptions such as the aforementioned Chinese provinces, where the value at this time would be approximately $ 0.03. Based on the average of these costs, the cost of mining a Bitcoin is calculated.

There are more extreme examples such as the case of Venezuela, where electricity is free and Bitcoin mining is a completely legal activity. That South American country currently ranks 10th in the world ranking of hash power, according to data from the Cambridge University Center for Alternative Finance.

Although Venezuela could have the ideal characteristics, appearances can be deceiving. Taking advantage of the situation of internal anarchy caused by a prolonged economic crisis, the police forces of that nation act with impunity.

Lately, there have been known cases of seizure and extortion against Bitcoin miners. Even so, the country continues to occupy a respectable position in this business, which highlights it in the international top ten. Another negative fact is that in that country there are constant interruptions of the electrical service.

The investment value to mine a Bitcoin, have different variables, of which the main one is the electrical cost.
In some countries, the electrical cost is extremely low and mining a Bitcoin has great investment advantages. Source: BitOoda

Nations where mining a Bitcoin costs more than the value of BTC

In Latin America, there are countries where the electricity cost, as well as other regulations and taxes make the activity difficult. For example, in Costa Rica, the electrical value is about $ 0.12 cents per KW / H. However, the costs of equipment and infrastructure, added to the taxes of the Fiscal Plan, make business success uphill.

It should be noted, however, that the parameters used in the study to calculate the cost of mining a Bitcoin, focus on large companies. Thus, for example, it is shown that most of the large mining centers do not pay more than 3 cents per KW / H.

In the United States, the electrical cost, although not the highest in the world, poses great challenges to investors who want to mine a Bitcoin. In that nation, the machines that make mining profitable are the latest models such as the S17 70T or the new S19 series from Bitmain.

It should be noted, that the legendary S9, one of the most used machines to mine Bitcoin, is already practically inoperative worldwide. With some exceptions, this team has been offline.

A little transparent business

The authors of the study claim that Bitcoin mining is one of the least transparent businesses. This is because the calculation of the hash rate of this cryptocurrency indicates that electricity consumption can be estimated at 9.1GW. Meanwhile, the authors managed to locate only 4.1GW.

In this sense, it is stated that the whereabouts of the remaining 5.1GW are absolutely unknown. This may be explained by the fact that there are many secret places for mining for different reasons, including dodging taxes, protecting yourself from crime and also, of course, money laundering.

Data to consider

The general average to mine a Bitcoin, is done without taking into account small miners, since it is difficult to determine its location.

Electricity costs vary in each country. Currently the most profitable sites could be Sichuan and Yunnan in China and Venezuela.

The cost of electricity varies between 0.5 and 8 cents per Kilowatt / hour.

Bitcoin’s global consumption estimate sits at 9.1GW.

Reliable sources

The information in this content has been extracted from reliable sources detailed below.

1- Professional handling of content by the authors of CriptoTendencia.
2- External sources: cbeci.org, crhoy.com and BitOoda.io.



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