Home » Several Examples of Countries Where Сryptocurrency Mining Is Not Even Worth Starting

Several Examples of Countries Where Сryptocurrency Mining Is Not Even Worth Starting

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In May, the Chinese Bitmain — the world’s most known cryptocoin mining hardware vendor — has again lowered prices. The leading “workhorse” on miner’s site, Antminer S9 13.5TH/s to mine Bitcoin and other cryptocurrencies via SHA256d protocol, now costs slightly more than US$800. In addition, this Bitcoin miner, while being most energy-efficient (0.098 J/GH) over the past two years, has received a new i index and, according to its vendor, reduced power consumption by about 100W. As a result, the miner’s price (before taxes, delivery to the end user included) will fluctuate around US$1000, which makes mining even more accessible than before.

In view of the upcoming reinforcement of miner ranks with even more curious neophytes, the global payment service provider and cryptocurrency exchange Worldcore has prepared a study on the profitability of hosting mining equipment in different countries, and ranked the results by selecting 5 best and 5 worst countries for cryptocoins to be mined there.

“For early June, 2018, one ASIC S9 with an energy consumption of about 1.5 kWh generates around 0.0008 BTC per day,” says Alexei Nasonov, founder and CEO of Worldcore.

“That is, to produce 1 Bitcoin today, you need to spend about 45 MW of electricity. In the Czech Republic, where industrial consumers pay an average of 0.065 euros per 1 kW, it is about 3,000 euros for 1 Bitcoin.”

If we compare all European countries, the maximum price of electricity for industrial consumers is in Germany and Italy — 15.19 and 14.77 eurocents, respectively. Thus, for Germany, to mine 1 Bitcoin is equal to 6835 euros, while for Italy it is 6646 euros. And these are only mining, or generation costs, excluding hardware price, delivery and installation expenditures, maintenance costs and monthly hosting. With a current price of about $7,500/1BTC, it is obvious that the yield of bitcoin mining when hosting hardware “in close scan range” may be negative.

Aside from amount of investments and other costs, the break-even point expressed in the value of 1 kWh of electricity during bitcoin mining, with the complexity of June 2018, is 0.25 USD per 1 kWh.

Table 1. The cost of electricity in the world for the most efficient mining of 1 Bitcoin in 2018.




1 kWh price, US$


1 BTC mining cost, US$

Trinidad and Tobago 0.060 2700
USA 0.066 2970
Kazakhstan 0.066 2970
Canada 0.070 3159


0.072 3240
Ukraine 0.076 3420
China 0.101 4534
India 0.105 4725
Brazil 0.113 5085






http: // www .hydroquebec.com /




Table 2. The cost of electricity in the world for the most unprofitable mining of 1 Bitcoin in 2018.




1 kWh price, US$


1 BTC mining cost, US$

Solomon Islands


0.833 37499


0.447 20115
Australia, Southern States


0.362 16286


0.179 8061



0.174 7843






The global electricity market is very conservative. Alexei Nasonov warns: “Each new electrical capacity launches gradually, while the complexity of mining grows literally every couple of weeks. Thus, I would only give Bitcoin miners the following advice: do not wait for the global increase in electrical capacity but find yourself the best hosting site within the borders of mining-effective countries. There, the price of electricity should be lower than for the whole state.”

For example, for Russia these are Tyumen Region, Khanty-Mansi Autonomous Area, Murmansk Region. For the United States these are the states of Washington and Louisiana, and for Canada it is the province of Montreal. The expert is sure that one should think twice when focusing on hydropower in the tropics and subtropics, since the water reserve in tanks, and, consequently, the electricity price depends on the extremely irregular rainy season. In addition, the cost on cooling equipment in hot climate can be several times greater than in moderate or arctic one.

“Unfortunately, with no price correction, industrial-scale Bitcoin mining is turning into an endless search for a place with minimal electricity costs in the long term,” sums up Alexei Nasonov.

“Even the supposed release in October of a new, more effective GMO’s MLA-SHA256d miner with announced 24 TH/s and consumption of 2 kW won’t change the game at all. So we will definitely see some pools moving from China to the US or Canada.”

Worldcore is the leading European payment service provider (Token: WRC), which recently launched its own crypto exchange.



Jonathan Gibson

Jonathan Gibson

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