Bitcoin mining has come a long way in its 14-year history. What started as a simple task with desktop computers has now grown into an industry with many high-tech machines. With the popularity of BTC mining, electricity costs have also increased over time. This has made the activity all the more expensive to carry out.
Also Read: Bitcoin Mining Difficulty Rises 6.17%, Hitting New Highs
It takes around 266,000 kilowatt hours (kWh) of electricity to mine a single bitcoin (BTC). This equates to almost seven years of uninterrupted mining with a monthly energy consumption of 143 kWh. With the cost of electricity soaring, there are few countries where BTC mining can be profitable. Let’s take a look at some of them in the Middle East.
Top Bitcoin Mining Countries in the Middle East
Source: BeinCrypto
Lebanon:
Although cryptocurrency trading is officially banned in Lebanon, there is no enforcement. Additionally, mining as a business seems to have caught the attention of many crypto enthusiasts in the country.
Electricity costs are among the cheapest in the region at around $0.002 per kWh, according to an April report by The Underfloor Heating Store. The average cost of electricity in the country is about $266.02 per month. This makes Bitcoin (BTC) mining in the country quite profitable. The area around the Chouf Mountains is particularly popular for mining due to the constant availability of electricity.
Libya:
Libya comes second with electricity costs around US$0.004 per kWh. However, crypto mining is a prohibited activity in Libya. Still, it’s growing in popularity as the country accounts for 0.6% of the world’s mining capacity, according to a 2021 study. The country also has the highest share of bitcoin in all of Africa.
Iran:
Iran ranks third with an average electricity cost of about $0.005 per kWh. Additionally, the country recognizes crypto mining as a legal economic activity. Iran was also the first country to use cryptocurrencies in its reserves to pay for imports and exports to evade Western sanctions.
Sudan:
Energy costs in Sudan are also very cheap at US$ 0.008 per kWh. Although the Central Bank of Sudan has warned against using cryptocurrencies, there are no concrete laws so far. The cheap cost of electricity could make it a lucrative place for Bitcoin (BTC) mining operations. However, the lack of laws could pose a risk to such activities.
Also Read: UAE Prepares to Become Bitcoin Mining Hub
The Middle East is slowly becoming a hub for crypto-related businesses. Dubai in particular has made significant developments to accommodate the growing industry. Many companies have decided to relocate their offices to the region due to the crypto-friendly laws. However, Dubai is not a cheap place for BTC mining.
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