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| June 18, 2018

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Having an Assault Weapon in This Town Could Cost You $1K a Day

April 5, 2018 |

Get rid of your assault weapons by June 13 or start racking up fines. That’s the new directive in the Chicago suburb of Deerfield, where the Board of Trustees voted unanimously Monday to amend a 2013 ordinance calling for the safe storage and transport of certain firearms and now outright…
Newser

New Study Looks at the Cost to Mine BTC Across the Globe

March 7, 2018 |

New Study Looks at the Cost to Mine BTC Across the Globe

Just recently the firm Crescent Electric Supply Company conducted a study that showed the cost of mining one single bitcoin in each state in the U.S. Since then the company’s subsidiary business Elite Fixtures took the research further by charting the cost to mine a single bitcoin in each country across the world.

Also read: New Plant to Assemble Mining Rigs in Belarus

The Cost to Mine a Single BTC Throughout 115 Different Countries

Many people are very interested in how cryptocurrency networks function, and a lot of people are especially curious about bitcoin mining as far as cost and where concentrations of miners reside. So the company Elitefixtures.com decided to conduct a study which mapped the cost to mine one single BTC throughout a vast majority of countries located within the globe. Elite looked at data across 115 different countries based on average electricity rates found in government data.

Elite then used the statistics from the Bitmain produced Antminer S7, the S9, and Canaan Creative’s Avalon 6. Then the firm calculated the number of days it would take to mine a single coin based on BTC difficulty throughout January of 2018. The Elite research team measured the cost of electricity and amount of power needed to produce one coin. According to the firm’s study, a single Antminer S9 consuming 17,773.344 kilowatts would need to mine for 548 days at peak performance to mine a single BTC. Canaan’s Avalon 6 would take 2194 days to produce one coin Elite details.

New Study Looks at the Cost to Mine BTC Across the Globe

South Korea and Other Regions Show Mining BTC is Unsustainable

The company’s research reveals some interesting statistics on the most expensive and cheapest nation states to mine BTC. South Korea is the most expensive according to Elite’s figures as one single coin would cost $ 26,170 using the country’s power rates. Other areas in the world where it is really too expensive to mine bitcoins includes Solomon Island, Niue, Bahrain, and the Cook Islands.

New Study Looks at the Cost to Mine BTC Across the Globe

 

Miners Thrive in Areas Like Venezuela and China  

Venezuela is the cheapest country to mine a BTC ($ 531 USD per coin) alongside countries with a lot of government subsidization for electricity resources. China is the 17th cheapest nation-state as it only costs 3,172 USD to mine a single bitcoin there. Other countries where the cost is super low for bitcoin miners to produce coins include Ukraine, Myanmar, Tobago, Uzbekistan, and Trinidad. Russian mining is cheap according to Elite’s data as it costs $ 4,675 to mine a single coin in Russia. Just a hair above that is the U.S. the 41st cheapest region to mine BTC with an average of $ 4,758 per coin. But some states in the U.S. are much cheaper to mine BTC like the cheapest state Louisiana which costs $ 3,224. However, in Hawaii its $ 9,483 per coin to mine BTC on the island.

New Study Looks at the Cost to Mine BTC Across the Globe

It goes to show there are definitely regions across the globe where it’s very cheap to mine BTC but on the other hand there are areas where it’s not sustainable at all. With these types of metrics, its likely cheaper areas around the world will continue to see large concentrations of miners unless their government doesn’t approve the activity.

What do you think about Elite Fixture’s study? How much does it cost to mine a single BTC in your country? Let us know in the comments below.


Images via Bitmain, Elite Fixtures, and Crescent Electric Supply Company 


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The post New Study Looks at the Cost to Mine BTC Across the Globe appeared first on Bitcoin News.

Bitcoin News

Target boosts its minimum wage. Its remake is accelerating, at a cost

March 7, 2018 |

Target Corp. is increasing its minimum hourly pay to $ 12 starting this spring, the second increase in a matter of months, while accelerating its reinvention plan to make itself more competitive in the age of Amazon.

The retailer’s moves — announced at its annual investor meeting in Minneapolis,…


L.A. Times – Business

He Got His Daughter Into a Top School. It Cost Him His Job

February 21, 2018 |

“It wasn’t a mistake out of anything other than trying to ensure that my daughter’s well-being was taken care of,” says Antwan Wilson, but it’s a mistake that has cost the DC Public Schools Chancellor his job, just one year and 19 days into his tenure. The Washington Post reports…
Newser

It Cost $648K to Save Her. Here’s Why That Didn’t Ruin Her

February 1, 2018 |

It cost $ 648,221.53 to keep Molly Osberg alive. Well, it didn’t personally cost her that much. The cut insurance had her pay was $ 2,654.42, and in a long piece for Splinter , she does two things: chart her extreme and sudden illness, and make the case that…
Newser

Air Force One’s New Fridges Will Cost Taxpayers $24M

January 27, 2018 |

President Trump has been critical of costs associated with Air Force One in the past, calling them “out of control” just before taking office, CNN reports. So it’s unclear how he feels about the $ 23.6 million contract the US Air Force signed with Boeing last month to replace two…
Newser

Prince Is Free Again, but It May Have Cost a Fortune

January 27, 2018 |

One of the richest men in the world is once again a free man, but it may have cost him a fortune. Saudi billionaire Prince al-Waleed bin Talal walked out of prison Saturday after being arrested on corruption charges as part of a sweeping roundup in November, reports Reuters . More…
Newser

Solar panel tariffs threaten to increase customer cost and slow growth, but the industry remains optimistic

January 24, 2018 |

Fees on solar panel imports imposed this week by the Trump administration threaten to increase customer costs and cut solar energy growth by as much as 11% over the next five years, but the industry remains optimistic that the roadblock will be temporary.

The new tariffs probably will add about…


L.A. Times – Business