The cheapest countries to mine cryptocurrencies
Mining cryptocurrencies is not something that is available to everyone, not only because they do not have the necessary equipment to mine cryptocurrencies, but also because electricity prices have risen a lot in most markets.
Added to this is the crisis that many cryptocurrencies are going through, which have seen their value drastically reduce in recent weeks. With this situation in context, mining cryptocurrencies has become an activity that only a few can do profitably, and this also depends considerably on where you live.
What are the countries where mining cryptocurrencies is still a profitable activity? To analyze this, 911 Metallurgist has carried out a study of the price of electricity, the associated costs... and has determined which are the most profitable countries when it comes to mining Bitcoin and two other main cryptocurrencies: Ethereum and Dogecoin.
According to this company, Kuwait is the most profitable country in the world to mine cryptocurrencies. There, mining a Bitcoin can bring in a profit of $20,000, while mining Ethereum could bring in $1,200 in revenue.
Algeria, Sudan, Yemen and Kyrgyztan complete the top 5 countries where mining cryptocurrencies is more profitable. Ethiopia, Qatar, Angola, North Korea and Kazakhstan also appear in the report as countries where mining cryptocurrencies is currently cheaper.
However, on the other side of the cryptocurrency is Venezuela, where mining a Bitcoin costs up to 11 times the current price of Bitcoin. In other words, it is not profitable at all to mine cryptocurrencies in this country.
In this table you can find the countries where mining cryptocurrencies is cheaper and more profitable, according to the study: