CoinGecko lists the top ten countries with the lowest mining costs. Zhao Changpeng asks: Why aren't they mining?

CoinGecko's recent mining report has compiled electricity prices from various countries and listed the top ten countries with the lowest and highest mining costs. Binance founder Zhao Changpeng also questioned, based on the report data, "Why aren't these low electricity price countries mining?" However, it seems that this report did not assess the reliability of electricity in these countries.

How much does it cost to mine one Bitcoin?

Bitcoin mining has evolved significantly over the years, with the introduction of mining farms, institutions, specialized mining machines, and pool mining. As mining difficulty and electricity consumption have increased significantly, the accessibility of mining is far less than in the early days.

A report calculated that the average residential electricity cost to mine one Bitcoin is around $46,291.24, with significant variations among different countries.

Among them, European countries have the highest average household electricity costs, at around $85,767.84. In contrast, electricity costs in Asia and Africa are generally lower, with an average of only $20,635.62 in Asia.

Countries with the Lowest Mining Costs

The report lists 10 countries with the lowest mining costs, mainly located in Asia and Africa.

However, the report also mentions that while low electricity costs may lead to profitability, some countries may face power outages, especially during high electricity consumption periods such as winter and summer, as is the case with Iran.

The list includes:

Countries with the Highest Mining Costs

As emphasized at the beginning of the report, European countries have the highest electricity costs, with 9 out of the top 10 countries being in Europe. Reasons for this include geopolitical tensions, disruptions in the supply of natural gas due to the Ukraine-Russia conflict, and other factors.

Changpeng Zhao: Why Aren't Low Electricity Cost Countries Mining?

CZ recently referenced the data from the report, questioning why people living in countries with low electricity costs are not participating in mining activities.

However, the crypto community immediately pointed out that countries with low electricity costs generally face the following issues:

• Geopolitical tensions

• Internal turmoil and conflict events

• Increased likelihood of power shortages in summer and winter

Why wouldn't they? 🤷‍♂️😂 pic.twitter.com/cD1TSgOZzx

— CZ 🔶 Binance (@cz_binance) August 19, 2023

Twitter user CryptoYoncé noted that the data apparently did not take into account the availability of electricity, as many African countries could not make the list at all.

Some community members even jokingly commented that the top-ranked country, Lebanon, does not even have electricity due to intensified conflicts with Israel.