Friday August 26, 2022
By VICTOR OLUWOLE
In the world of cryptocurrency, the price of electricity can be the difference between profit and loss. As most individual crypto players are priced out of the industry, miners are looking to countries with cheap electricity to set up operations.
With an average of $12,203 in electricity costs per Bitcoin, the island-dotted region of Oceania is the most expensive area on the globe for mining, followed by South America at $7,150, Europe at $6,695, Asia at $6,378, the Middle East at $6,249, and North America at $5,456. Africa is the cheapest region for mining, costing an average of $4,626 in electricity per BTC.
In the energy-rich countries of the Middle East and Africa, crypto users can mine Dogecoin for less than a nickel. Bitcoin miners migrating from state to state consider several factors when deciding on a location to set up operations, including the regulatory environment, electricity prices, and the overall cost to mine cryptocurrency.Here are the 10 cheapest & most expensive African countries to mine bitcoin, according to 911 Metallurgist.
Most expensive African countries to mine one bitcoin
1 - Somalia - $82,044.16
Liberia - $77,663.16
Seychelles - $63,922.75
Comoros - $55,957.30
Cape Verde - $52,372.85
Djibouti - $52,173.71
Burkina Faso - $47,394.44
Ghana - $46,996.17
Eritrea - $43,610.85
10 - Kenya - $43,212.58
Cheapest African countries to mine one bitcoin
1 - Algeria - $4,181.86
Sudan - $4,779.27
Ethiopia - $7,168.91
Angola - $7,368.04
Zambia - $9,160.27
Tunisia - $15,333.50
Mozambique - $19,117.08
Egypt - $19,316.22
Congo (Democratic Republic Of The) - $19,913.63
10 - Nigeria - $22,303.27
CLICK TO EXPAND
