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The level of interest in cryptocurrencies varies greatly across the world. But the cost of mining cryptocurrency may be the difference between profit and loss for miners, and the difference between a booming new industry and a missed opportunity for national economies.
In this project, the 911 Metallurgist calculated the cost to mine Bitcoin, Ethereum, and Dogecoin in every country in the world. With these figures in hand, the team could determine the profitability of mining these digital currencies around the globe.
To determine the cost to mine different cryptocurrencies in every country, the 911 Metallurgist team calculated the electricity requirements and cost of electricity for Bitcoin, Ethereum, and Dogecoin.
First, they found the cost of electricity in every country and U.S. state. Data on the cost of electricity came from the World Bank, Cable.co.uk, and the U.S. Energy Information Administration.
Second, they found the days and wattage required to mine each coin on various miners from CoinWarz. This included the wattage required to mine Bitcoin with the Bitman S19 XP, Bitcoin with the Avalon 1246 90T, Bitcoin with the T3+50T, Ethereum with the Jasminer X4 ETCHASH SERVER, Ethereum with the Jasminer X4-1U ETCHASH SERVER, Ethereum with the Jasminer X4 ETCHASH BRICK, Dogecoin with the Bitmain Antminer L7, Dogecoin with the Goldshell LT5, Dogecoin with the Goldshell Mini-Doge Miner. We took the middle estimate among the miners for each coin as the wattage and number of days required to mine one unit of each cryptocurrency.
Combining the cost of electricity in every country and state, the wattage required to run each cryptocurrency miner, and the number of days required to mine 1 coin on each miner, the 911 Metallurgist team calculated the cost of mining each cryptocurrency in every country and U.S. state.
Data on the value of each cryptocurrency used to determine profitability came from Google Finance and is current as of March 23, 2022.
The Most and Least Expensive Countries to Mine Cryptocurrencies
As crypto refugees escape China in search of greener pastures, the cost of mining cryptocurrency may be the difference between profit and loss for miners, and the difference between a booming new industry and a missed opportunity for national economies.
Just as the level of interest in cryptocurrencies varies in every country all around the world, so does the cost of mining them. Electricity is the hardest to get and the most expensive in isolated island nations, while the cost of mining Ethereum can differ by more than $1,000 depending on where you are in the world. Though at current prices, it is still a profitable venture in every country.
In the energy-rich countries of Africa and the Middle East, crypto users can mine Dogecoin for less than a nickel. The least costly nation to mine cryptocurrencies overall is Kuwait. However, the most expensive country for crypto mining is across the globe in Venezuela.
The Cost to Mine One Bitcoin Around The World
With skyrocketing energy requirements, the cost to mine 1 Bitcoin can differ by more than $200,000, depending on where you are in the world. In Venezuela, the cost to mine 1 Bitcoin is $246,530.74 and isn’t close to being profitable. In Kuwait, however, the electricity cost of mining 1 Bitcoin is just $1,393.95, the least of any country.
The Cost to Mine One Bitcoin in Every U.S. state
When mining Bitcoin, a difference of a few pennies in the price of electricity per kilowatt-hour can be the difference between profit and loss. While Bitcoin is profitable to mine in all the mainland U.S., in Hawaii, the cost to mine 1 Bitcoin amounts to $54,862 -making Bitcoin mining unprofitable in the state at current prices.
The 10 Least Expensive U.S. States to Mine One Bitcoin
Rank
Country
Cost of mining 1 Bitcoin (USD)
1
Louisiana
14955.14
2
Oklahoma
15194.1
3
Idaho
15910.99
4
Utah
16468.57
4
Wyoming
16468.57
6
Arkansas
16568.14
7
Nevada
16588.05
7
Washington
16588.05
9
Texas
16647.79
10
North Dakota
16986.33
The 10 Most Expensive U.S. States to Mine One Bitcoin
Rank
Country
Cost of mining 1 Bitcoin (USD)
1
Hawaii
54862.05
2
Alaska
39468.81
3
Connecticut
38094.77
4
Rhode Island
36919.87
5
Massachusetts
36222.89
6
California
35844.53
7
New Hampshire
33116.37
8
Vermont
32518.96
9
New York
29611.57
10
New Jersey
27142.28
The Cost to Mine One Ethereum Around The World
When a cryptocurrency requires days of mining at a high wattage to yield just one unit, differences in the cost of electricity can quickly add up. The cost of mining Ethereum ranges from $5.87 a unit in Kuwait to $1,038.50 in Venezuela. Still, at current prices, mining Ethereum is profitable in every country.
The Cost to Mine One Ethereum in Every U.S. state
Ethereum is the cheapest to mine in Louisiana, where the cost of electricity required to mine 1 unit of Ethereum is just $63.00. Meanwhile, in Hawaii, the cost of mining 1 unit of Ethereum comes out to $231.10, the most of any state.
While the cost of mining Ethereum fluctuates throughout the country, it is currently profitable to mine in every state.
The 10 Least Expensive U.S. States to Mine One Ethereum
Rank
Country
Cost of mining 1 Ethereum (USD)
1
Louisiana
62.99803
2
Oklahoma
64.00466
3
Idaho
67.02454
4
Utah
69.37333
4
Wyoming
69.37333
6
Arkansas
69.79276
7
Nevada
69.87665
7
Washington
69.87665
9
Texas
70.1283
10
North Dakota
71.55436
The 10 Most Expensive U.S. States to Mine One Ethereum
Rank
Country
Cost of mining 1 Ethereum (USD)
1
Hawaii
231.1046
2
Alaska
166.2611
3
Connecticut
160.473
4
Rhode Island
155.5238
5
Massachusetts
152.5878
6
California
150.994
7
New Hampshire
139.5016
8
Vermont
136.9851
9
New York
124.7378
10
New Jersey
114.336
The Cost to Mine One Dogecoin Around The World
With the cheapest electricity in the world, computer users in Kuwait can mine 1 Dogecoin for just $0.01. Meanwhile, citizens of Venezuela must shell out $1.36 for the electricity required to mine 1 Dogecoin. At current prices, Dogecoin is unprofitable to mine in about two-thirds of countries.
The Cost to Mine One Dogecoin in Every U.S. state
Dogecoin is one of the cheaper cryptocurrencies to mine, requiring about 1 kWh of electricity on the typical miner. But while the cost to mine 1 Dogecoin in Hawaii is only 22 more cents than in Louisiana, costs can add up, and a few pennies can be the difference between profit and loss. In the 12 states where electricity is more expensive than 12 cents per kilowatt-hour, mining Dogecoin on a typical miner is an unprofitable venture.
The 10 Least Expensive U.S. States to Mine One Dogcoin
Rank
Country
Cost of mining 1 Dogecoin (USD)
1
Louisiana
0.082735
2
Oklahoma
0.084057
3
Idaho
0.088023
4
Utah
0.091107
4
Wyoming
0.091107
6
Arkansas
0.091658
7
Nevada
0.091768
7
Washington
0.091768
9
Texas
0.092099
10
North Dakota
0.093972
The 10 Most Expensive U.S. States to Mine One Dogcoin
I didn’t catch up why they missed Georgia as the shippest