Cheapest Countries To Mine Bitcoin

How much does it cost to produce a Bitcoin? The answer depends more on the country than on the computational power (hash rate) available. While in Iran, it takes just over $1,300 in electricity costs to mine a single Bitcoin, in Italy, the cost exceeds $306,000. This enormous gap reveals more than just a difference in electricity costs: behind those numbers are energy policies, state subsidies, regulated (or unregulated) markets, and governments that encourage or hinder cryptocurrencies.

In Tehran, for example, electricity costs a few cents, and mining can become a strategic economic tool in times of sanctions. Elsewhere, such as in Milan or Rome, where the same process would cost almost three times the current value of a Bitcoin, mining Bitcoin is uneconomical. Therefore, arguably the most globalized digital asset in the world, which should also be the most democratic, depends radically on local conditions.

But which countries are most profitable for mining? And what does this mean for investors and savers, while the price of BTC hovers around $109,500?

Bitcoin mining hotspots, the 2025 ranking

According to the latest findings, Iran leads the world ranking with an average cost of around $1,300 to mine one Bitcoin. Ethiopia follows with less than $2,000, then Bhutan, Russia, and China, where, despite official bans, some regions continue to power mining farms with low-cost energy. Countries like Kazakhstan, Venezuela, and Uzbekistan also offer favorable conditions, thanks to state-controlled electricity tariffs and an low-cost energy mix.

Here is the ranking of the countries where mining costs the least:

Behind the apparent convenience of some countries, however, lies a very complex reality. We often talk about countries where electricity is subsidized or the energy markets are still very weak. Consequently, the cost of a kilowatt is much lower than in the West. However, this situation brings with it risks. In countries like Venezuela or Nigeria, for example, economic instability and frequent blackouts make Bitcoin mining a much more uncertain and risky activity. Nevertheless, those who manage to set up mining operations in these territories can mine Bitcoin at costs significantly lower than the market price, achieving much higher profit margins.

🌏 Cost of mining 1 BTC based on electricity prices:

💡Cheapest:
🇮🇷 Iran — $1,300
🇸🇩Sudan — $3,900
🇱🇾 Libya — $5,300

💸 Most expensive:
🇮🇹 Italy — $306,000
🇦🇹 Austria — $274,000
🇮🇪 Ireland — $321,000

— Constantin Kogan (@constkogan)

Where is it worth mining Bitcoin today: not in Europe

While Asia and Africa offer opportunities, Europe remains the least hospitable region for mining. Italy is the most expensive country in the world, with $306,000 for each BTC mined, followed by Austria, Switzerland, and Bahamas, all above $230,000. It’s not just expensive electricity here. The regulatory burden and limited incentives also make mining unsustainable.

In the United States, the situation is more nuanced. The national average cost is over $100,000, but in some states (such as Washington) with abundant dams and hydroelectric power, it drops to around $3,000. This proves that mining isn’t just a matter of borders, but also of local policies, natural resources, and the ability to innovate.

For investors, this scenario isn’t a technical detail. Production costs establish the price floor for sustainability: if Bitcoin were to fall below $20,000, a large portion of the world’s miners would go out of business. Conversely, high prices like the current ones guarantee profits even where there is inefficiency.

Original article published on Money.it Italy 2025-09-28 07:03:00. Original title: La classifica dei Paesi dove il mining di Bitcoin costa meno