Mining Bitcoin? Check Out the Cheapest Countries in 2023!

• Lebanon is the cheapest country for Bitcoin mining, with one mined BTC costing $266.
• Iran and Syria also have cheap electricity prices for Bitcoin mining, but come with their own restrictions.
• Ethiopia offers opportunities in the mining sector, but it is expensive compared to other countries.

Cheapest Place to Mine Bitcoin

Lebanon has been named as the cheapest place to mine Bitcoin (BTC) as of 2023. According to data, solo miners can mine a single BTC for just $266. This advantage has allowed some citizens of Lebanon to benefit from crypto amidst harsh financial conditions in the country.

Iran’s Mining Sector

Iran comes second on the list of cheapest countries for mining BTC, where it costs around $532 per coin mined. The Iranian government officially recognized Bitcoin mining as an economic sector in 2019 and its energy consumption uses more electricity than Finland annually. Moreover, 3.1% of all global Bitcoin mining takes place in Iran.

Syria’s Cryptocurrency Scene

Data provided by CoinGecko suggests that Syria ranks third on the list of cheapest countries for BTC mining; however, there is little known about how this sector operates in Syria due to many unfavorable organizations using cryptocurrency internally. It also remains unclear what stance the Syrian government has on digital currencies since it’s not specified whether they are legal or not under Syrian law.

Mining Prospects In Ethiopia

 The cost of mining one BTC in Ethiopia is around $1,600 according to a report by Kafka Mining Company; however, despite being more expensive than other countries on this list, it still provides opportunities within its own ecosystem such as providing jobs and boosting local economies through related activities like maintenance and repairs services etc..

Conclusion

As we can see from this article that bitcoin is being mined at different places around the world depending upon their own advantages and cost effectiveness factors – so while Lebanon boasts of being the cheapest place to mine bitcoin currently – other places have their own sustainable options which are worth exploring too!