A recently released map reveals the dramatic differences in Bitcoin mining costs across the globe, particularly in the wake of the 2024 halving. This visualization from NFT Evenings illustrates how energy policies and electricity prices significantly influence the economics of cryptocurrency mining. The source reports that these factors can lead to substantial variations in profitability for miners in different regions.
Cost of Bitcoin Mining Varies Significantly
The data shows that the cost to mine a single Bitcoin varies widely, with figures as low as $1,320 in Iran compared to an astonishing $321,000 in Ireland. This stark contrast highlights the critical role that geographical factors play in mining profitability.
Shifting Focus in Bitcoin Mining
As miners increasingly seek out locations with cheap and abundant energy, the map indicates a shift in focus from hardware capabilities to the economic conditions of different regions. Areas with stable political climates and low energy costs are becoming hotspots for Bitcoin mining, reshaping the landscape of the industry.
In contrast to the global variations in Bitcoin mining costs highlighted in the recent map, South Korea's cryptocurrency market is witnessing a surge in trading volume on major exchanges. For more details, see trading volume surge.
