A study by the Elite Fixtures company establishes that Venezuela is the most profitable country to mine 1 Bitcoin, while the least profitable country is South Korea, where the cost of electricity is more than double the value of BTC.

Many times it is sought to know what is the real profitability of cryptocurrency mining, taking into account different costs, but especially electricity, which depends a lot on each country. The Elite Fixtures company has carried out a study on the cost of mining Bitcoin, according to the country and the conclusion has been that Venezuela is the best country to mine Bitcoin in the world, thanks to the subsidy from the Venezuelan government, which covers part of the electricity bill . They have also highlighted that South Core is one of the countries where there is a greater volume of cryptocurrency transactions worldwide, despite the fact that it is the most expensive country for mining.

This study by Elite Fixtures has been carried out using the information provided by different governments and local companies, as well as organizations such as the International Energy Agency, to find out the cost of energy in each of the countries. According to the energy consumed, an average has been made between the three most common BTC miners, such as AntMiner S7, AntMiner S9 and Avalon 6. To obtain 1 BTC in Venezuela, $ 531 is required. For example, in Trinidad and Tobago $ 1.190 is needed, which cuts profits in half.

If it is done in Spain, the cost is $ 11.103 for each 1BTC, something that reduces the benefits to almost nothing considering the electricity cost. South Korea is the least profitable as the cost would be $ 26.170, which is more than double the value of BTC today. The cost in China is about $ 3.172, which is almost a quarter of the current value of BTC and in Russia it is $ 4.675. Finally, in the United States the cost is $ 4.760.

We must also put this data in perspective, because many of the Bitcoin mining farms are based on cheap electricity, such as hydroelectric, which is what sustains most of the farms in the United States and China. Genesis Mining, in Iceland, is based on geothermal and has a cost of $ 0.03, so the profit margin based on renewable energy is brutally reduced. If you are thinking about photovoltaics, a bad idea, because to depend only on photovoltaics, we would need batteries and the cost in this case could be brutal, making it completely unfeasible. If it were by backup by solar panels, something could be saved, although not in Spain, by the tax on the Sun.