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221 sats \ 3 replies \ @0fje0 19 Aug 2023 \ on: Wow, in Lebanon, it only costs $266 to produce 1 BTC. bitcoin
Very interesting - if true.
But it sounds unbelievable, so I tried to *DTV this, because if true, it is something I'd like to dig deeper into.
What I found, was the original article here:
https://en.bitcoinsistemi.com/coingecko-published-the-costs-needed-to-produce-1-bitcoin-how-much-in-the-us/
Despite saying "according to CoinGecko data" (and using CoinGecko's name in their link), they never reveal where CoinGecko supposedly published this report they're mentioning repeatedly in their article.
If the data is in fact from a CoinGecko report, then I would expect it to be on CoinGecko.com somewhere, but couldn't find it. If anyone can help, I'd appreciate it. Thanks!
*Don't Trust, Verify
In Lebanon indeed is $0.26k according to coingecko
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A few spot-checks on globalpetrolprices.com show that the price of 1 kWh of electricity typically is around 10% that of 1 litre of fuel in other countries. In Lebanon, it amounts to 0.13% the price of 1 litre of fuel. Which explains the $0.26k/BTC, but not how Lebanon can have such seemingly dirt cheap electricity.
Still need to investigate further, but I'm thinking there could be a problem with the exchange rate calculations on globalpetrolprices.com.
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Thank you for the link!
From the link:
The cost of electricity for 147 countries in the format of USD per kWh was obtained from globalpetrolprices.com, and is accurate as of December 2022.
I still wonder how Lebanon's electricity cost can be so low, but haven't yet done a check on globalpetrolprices.com.
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