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21 sats \ 1 reply \ @south_korea_ln 2 Sep \ on: How Much Electricity is Needed to Mine 1 Bitcoin charts_and_numbers
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.
100%. AFAIK, it’s the same for most (if not all) countries. I actually mentioned it here #1203129.
So end of the day the infographic author chose the simplest (and least accurate) approach by taking lowest available tariffs in each country and adjusting those numbers assuming one uses energy at those prices to mine 1 bitcoin (maybe taking probability into consideration).
We need to conduct proper research, take actual cost of electricity for the job (account for higher consumption) and consider other variables. That would be truly informative. Now the question is who’s gonna do it? 😅
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