According to estimates from Elite Fixtures – although miners may want to avoid Bahrain, Kuwait is the cheapest country in the GCC to mine bitcoins.
A map published by the home lighting and fixtures company based in new Jersey – who probably know details about electricity costs than cryptocurrencies – charts the cost of mining a single Bitcoin in 115 countries based on the three most popular mining “rigs”, or supercomputers utilized in the mining process.
‘Mining’ is the process by which computers verify transactions on the Bitcoin blockchain by solving a series of progressively complex mathematical problems.
This activity is central to the decentralised nature of the cryptocurrency and as a result, it is awarded through a payment in the new Bitcoins it creates.
Kuwait is the cheapest in the GCC, with a rate of $1,983 per Bitcoin, making it extremely profitable considering Bitcoin’s present rally to $11,500 – and around two-thirds of the cost to mine in Saudi Arabia, where mining one Bitcoin will cost $3,172.
In the UAE, that figure rises to $3,569, which is still presenting more than 300 percent returns.
Though poor old Bahraini miners requires $16,773 of electricity to mine a Bitcoin – making it not only the most expensive country in the GCC but the third most expensive in the world behind South Korea (a whopping $26,170) and the South Pacific nation of Niue.
The cheapest place to mine Bitcoin globally is Venezuela, has just launched its own cryptocurrency, the Petro. Mining there costs just $531 per coin.
Caution is guided, though, as it’s uncertain how the site came to its conclusion regarding energy costs.
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