Current cost of Bitcoin mining

According to the analytical publication Elite Fixtures, which published the calculation of current cost of mining Bitcoin, it takes about 18 months to extract one coin using AntMiner S9 equipment, while the energy costs will be about 18 thousand kW; on AntMiner S7 BTC will be created within more than 4 years, energy costs will be about 46 thousand kW; on Avalon 6 Bitcoin mining may occur over 6 years, energy costs will account for over 55 million kW.

Cost of mining one Bitcoin

This way, to calculate the cost of mining 1 Bitcoin, you should consider the cost of electricity. The average electricity cost of Bitcoin mining will be about $ 3,990.04 if mining is carried out using the AntMiner S9 equipment. If a cryptocurrency miner uses AntMiner S7, then he will have to pay 10302.08 dollars for electricity to mine just one Bitcoin. Usage of Avalon 6 can completely ruin a miner as he will have to pay 12413580.23 dollars to get one Bitcoin. In this case, the profitability of Bitcoin mining remains extremely doubtful, as the price of a coin is much less than the costs incurred.

We have examined several countries and now can draw conclusions on the cheapest country for Bitcoin mining — and this is Uzbekistan (see the table at the end of the article). Using AntMiner S9, your energy cost of Bitcoin mining will be 900 dollars approximately (for one coin). However, if you use AntMiner S7, electricity cost of mining Bitcoins will be about 2300 dollars.

Apart from Uzbekistan, it is comparatively less expensive to mine Bitcoin in India (current cost of Bitcoin mining using AntMiner S9 will be about $1244), in Paraguay (more than $ 1,400), in Argentina (about 1,600), in Indonesia (about 1,600 dollars), and in Russia (about 1600 dollars).

The most expensive mining will be in the following countries: Tonga (with the use of the AntMiner S9 for electricity, the miner will pay $ 10,308), Vanuatu ($ 10,308), South Korea ($ 11,019), Solomon Islands ($ 15,107).

It is worth noticing that Bitcoin can be mined within one day theoretically, but this process requires more than 850 units of Antminer S9. Is it worth to mine Bitcoins at such high costs? It depends on many circumstances.

According to bitinfocharts.com, the profitability Bitcoin mining is $ 0.4229 per day for 1 TH / s. However, you can earn on extraction only if you have enough capacity, which is expensive for a common man in the street. In addition, it is worth considering that the production cost of mining results not only from the cost of electricity but also from the cost of equipment, its maintenance, the cost of cooling systems, etc.

Table — current rate of Bitcoin mining (one coin)

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