The cost of mining Cryptocurrency is directly dependent on the cost of electricity, and cheaper electricity will yield more profit for you. Countries with cheap electricity tend to be more profitable for crypto mining. The price of electricity is different in every country which will ultimately affect the operating cost of your crypto farm. Certain countries are considered paradise for crypto mining due to their low cost of electricity and laws regarding cryptocurrency. Electricity is not the only thing that makes a country crypto-friendly laws of the countries are also a considerable part of it. The laws are also the reason for some of the countries being on this list. Not all of the countries in the world are welcoming to cryptocurrency. Below is the list of some countries that are considered paradise for the Crypto miners.
Venezuela is the country that has the lowest cost of electricity making it the most favorable country for crypto mining. The cost of a Bitcoin in Venezuela is $531 which is extremely low compared to all other countries of the world. Many miners across the globe have set up their mining rigs in Venezuela and are considered one of the most favored countries for crypto mining. Due to the cheap electricity large amount of miners are attracted to Venezuela which is creating competition for the local miners.
Iceland is attracting lots of crypto miners due to its cheap electricity and its crypto-friendly laws. Some major crypto farms have shifted their headquarters to Iceland, and the mining operation has increased in the country that has led to the increased demand for electricity. The average mining cost of a Bitcoin in Iceland is $4746 making it one of the cheapest countries for crypto mining. The electricity in the country is cheap due to a large number of resources available for making electricity. The cold climate of Ice land also reduces the cost of air conditioning making the country all the more favorable.
Canada is the cheapest country for crypto mining in North America making it a favored country for farming in North America. China has been implementing some very extreme regulation on the crypto miners had led to the shift of mining to Canada. The cold climate of China adds the advantage of reducing the cost of electricity that is required for air conditioning. The average cost of a Bitcoin in Canada is $3965 which is low compared to other countries.
Georgia has cheap electricity rates which are attracting lots of crypto miners. The country is friendly towards cryptocurrency, so many miners tend to shift their mining operation towards this small country. The taxation in the country also acts in the favors of miners and the policy of Georgia is attracting more miners. The average cost of mining one Bitcoin is $3316 in Georgia
United States of America
America is also a country favored by many crypto miners due to its low electricity cost, But the value of electricity is different in each state. The cost of one Bitcoin mining is $4758 in America, but it depends on the state too. Up until recently, the cost of one Bitcoin was lowest in New York, but due to the increased demand, the acceptance of new miners has been stopped. The cost of a single Bitcoin could be as low as $3232, but as we mentioned earlier, it depends on the state. Still, the cost of electricity in the USA is still comparatively lower. There are no restrictions on, and the country is friendly towards cryptocurrency making this country all the more favorable.