- Bitcoin miners are in search of cheap places in the world to set up shop as the electricity price skyrockets.
- Europe, Asia, and South America are the world’s most expensive places to mine bitcoin due to their high energy consumption.
- Africa and the Middle East have have emerged as places where bitcoin mining is relatively cheaper.
Miners are searching for countries with cheap electricity to set up operations as crypto players are priced out of business.
It takes an average of $12,203 electricity cost to mine a bitcoin.
Most expensive countries in the world to mine Bitcoin
According to Business Insider, the Oceana region is the most expensive area in the world for bitcoin mining, followed by South America at the cost of $7,150, while it costs $6,695 to mine in Europe and Asia, the cost is about $6,378, the Middle East at $6,249; North America at $5,456.
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Africa has become the cheapest on earth for bitcoin mining, with an average cost of $4,626 in electricity per bitcoin.
According to Business Insider, in countries in the Middle East and Africa, bitcoin users can mine Dogecoin for less. Miners are moving from state to state and considering issues when deciding on a location to set up mining operations, including regulation, environment, electricity prices and the overall cost of mining crypto.
Most expensive African countries to mine one bitcoin
- 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
- Kenya: $43,212.58
Cheapest African countries to mine one bitcoin
- 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
- DRC: $19,913.63
- Nigeria: $22,303.27
15 Countries in Africa With highest food inflation in 2022
Legit.ng reported that according to a report by Business Insider, the surging cost across the world, including in Nigeria and other countries in Africa, is a trend driving the high cost of living.
Food inflation is worsened by the ongoing war in Ukraine, which has cut off exports of major commodities like Wheat and other crucial cereals.
Food inflation is considered the arrowhead of inflation across the globe, causing the most erosion of household incomes. It is a major indicator of the decline in people’s purchasing power. It is the rise in the cost of food items over some time.