Key Findings
- Mining 1 Bitcoin in Ireland costs up to $321,112, while in Iran, miners pay just $1,324 – Over 240 times cheaper.
- A miner in Iran could mine over 42 Bitcoins for the same energy cost required to mine just one Bitcoin in Ireland.
- The electricity used to mine a single Bitcoin in 2024 could power about 61 U.S. homes for a year.
- With the energy it takes to mine just one Bitcoin, a Tesla Model 3 could go around the Earth more than 86 times.
- With the current Bitcoin price at $57,909.16, U.S. miners face about a 50% loss per Bitcoin due to high energy costs.
- Asia leads in Bitcoin mining profit, with more than 20 countries where miners make money.
- Mining Bitcoin in some European countries like the UK or Germany costs 5 times more than the Bitcoin is worth.
- 8 out of 49 countries where Bitcoin mining is profitable have banned cryptocurrencies.
How Much Electricity is Needed to Mine 1 Bitcoin After 2024 Halving?
Mining a single Bitcoin (BTC) as an individual miner requires a substantial amount of energy. On average, mining 1 BTC consumes around 6,400,000 kilowatt-hours (kWh) of electricity. If attempted by a solo miner, this task could take nearly 12 years to finish, using approximately 44,444 kWh of power each month (calculations based on data in our methodology).
To put this into perspective:
- The electricity needed to mine 1 Bitcoin could power 61 U.S. homes for a whole year.
- The electricity needed to mine 1 BTC could power a Tesla Model 3 to go around the Earth more than 86 times.
How Much Does it Cost to Mine 1 Bitcoin Around the World? (Household Electricity Costs)
The cost of mining 1 Bitcoin varies a lot depending on where miners are located. Based on household electricity rates for mining, the range goes from very profitable areas like Iran, where mining 1 Bitcoin costs $1,324.17, to places like Ireland, where miners are paying over $321,112.30 to produce just one Bitcoin.
The U.S., despite being the largest Bitcoin mining hub, is a tough place for solo miners. They face big losses because energy costs are over $107,000 per Bitcoin. In China, where cryptocurrency is banned, the theoretical cost is just half of that.
With the current Bitcoin price at $57,909.16, U.S. miners are losing about 50% on each Bitcoin they mine. This shows how important electricity costs are in determining whether mining is profitable.
The difference in costs is striking. A miner in Iran could potentially mine over 42 Bitcoins for the same energy cost required to mine just one Bitcoin in Ireland. This huge gap in profitability is reshaping the global mining landscape.
Asia Leads the Way in Mining Bitcoin Profits, While Europe Faces Sky-High Costs
Asia continues to dominate the profitability landscape for Bitcoin mining. More than 20 countries in Asia offer favorable conditions for miners.