How Much Electricity is Needed to Mine 1 Bitcoin \ stacker news ~charts_and

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How Much Electricity is Needed to Mine 1 Bitcoin

1441 sats \ 6 comments \ @Tony 9h charts_and_numbers

Iran mining a Bitcoin for less than $2k can't be right.

It actually is quite accurate. Outages and government restrictions for some residential areas are not accounted for here, but reported prices seem to match the infographic.

The residential electricity price in Iran is IRR 1,943.000 per kWh or USD 0.004. These retail prices were collected in December 2024 and include the cost of power, distribution and transmission, and all taxes and fees

Residential electricity prices in Iran are 2.35% of the world average electricity price

https://www.globalpetrolprices.com/Iran/electricity_prices/

0 sats \ 2 replies \ @OT 8h

I guess their people will wake up sooner or later.

0 sats \ 1 reply \ @Tony OP 8h

Well, “normal” people there don’t really have an opportunity to mine, and consequences for disobeying higher leadership directives are very strict. While mining is legal on paper, it requires a separate license, which is quite costly + miners face higher energy tariffs.

This actually is where the infographic is faulty — the author seems to have taken the reported minimum kWh price for a household in each country and used that to calculate the price of mining one bitcoin. It does not account for peculiarities of each country’s laws.

21 sats \ 0 replies \ @OT 8h

Yeah, there's a reason most miners are now set up in the US. Security.

Still having such a big difference in costs I'm sure there will be some people trying it. Maybe not in Iran, but also Cuba or Ethiopia. Pay a small militia to protect the hardware and arbitrage that sh$t!

0 sats \ 0 replies \ @south_korea_ln 23m

Electricity is tiered in South Korea. The more you consume, the higher you pay per kWh. These prices seem to be based on the lowest Tier 1. But if you use more than 400 kWh (inevitable for mining 1 Bitcoin), Tier 3, you'll end up paying more than double what is reported here. You can likely brush off 20% of that by getting an industrial contract instead of using residential tariffs, but even then, it likely won't be profitable. And I'm very skeptical you'll get an industrial contract and rates to mine Bitcoin.

There's been a recent study on Bitcoin mining by the Korean Electric Power corporation (KEPCO) to leverage surplus electricity: https://arxiv.org/pdf/2505.00303, but not sure where that actually stands in terms of implementation.