Russia has emerged as a very profitable Bitcoin mining region based on electricity and mining costs per BTC.
Bitcoin mining has been a profitable sector since the birth of the cryptocurrency market. However, as miner rewards decrease after every Bitcoin halving event and the cost of mining equipment rises, investors have to be strategic about their firm locations. This is due to varying costs of electricity, tax policies, and other factors that slash profit margins across different regions.
A recent report by NFT Evening has analyzed mining costs across different regions globally, considering electricity costs in each location. According to the data, Russia has ranked as the most profitable BTC mining region. It costs approximately $39k to mine 1 BTC, worth $95k in the current market price.
A country like Germany costs $230k while the U.S costs $85K per Bitcoin mined. There exists a significant profit margin for investors mining in Russia due to affordable energy, as Western nations face low cost-efficiency in the mining process.
Russia’s energy advantage could reshape the BTC mining industry and global hashpower distribution.
