The cheapest — and most expensive — countries to mine bitcoin


And Venezuela President Nicolas Maduro is banking on a cryptocurrency called “petro,” backed by the country’s oil, gas, gold and diamond reserves, as a way to get around U.S. sanctions.

Mining digital currency uses up a lot of electricity, as miners utilize huge rigs of computers for the process. However, in return for their work, voluntary miners are rewarded with a sum of bitcoin as well as a transaction fee paid by people who transact with the cryptocurrency.

According to data, the total revenue earned by all bitcoin miners hit an all-time high of $53 million on December 17, the same day that bitcoin notched its highest price ever of $19,783.21.

The Elite Fixtures study analyzed electricity prices from 115 different countries, using data provided by governments, utility firms and the International Energy Agency. It worked out the price of power consumption based on averages from three popular cryptocurrency mining rigs.

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