Bitcoin mining has always been an intriguing concept to cryptocurrency enthusiasts all over the world. Running a profitable mining operation has become increasingly difficult, mostly due to the electricity prices in one’s country. As it turns out, there are quite a few countries in the Western world where mining bitcoin would make no financial sense whatsoever.
Although Spain has proven to be rather open-minded when it comes to bitcoin and cryptocurrency, setting up a mining operation will be out of the question for most people. Access to cheap electricity is not exactly possible, as the average rate – as of 2015 – is $0.1104 per kWh. Even though mining hardware has become more efficient over the past few months, the block reward halving combined with that electricity price is anything but favorable right now.
The difference in price between Spain and Portugal can be mostly neglected, albeit Portugal is slightly more expensive.The latest statistics indicate Portugal’s average electricity price sits around $0.1105 right now, which is not the best basis to run a profitable mining business. Even with the most energy-efficient hardware, it becomes very difficult to not operate at a loss. Breaking even is still possible, albeit it may require a substantial investment to do so.
One of the Western countries that hardly ever gets a mention in the bitcoin world is Belgium. Bitcoin activity is virtually non-existent in this country, except for a few small initiatives. With electricity prices of $0.1107 per kWh, mining is out of the question for anyone living in Belgium. Electricity prices in the country continue to go up on a near yearly basis as of late, which is not helping matters by any means.
3. United Kingdom
Albeit the United Kingdom has a semi-positive relationship with bitcoin – other than its banks, that is – the local electricity prices do not bode well for mining farms. Unless one has access to renewable energy, mining is not profitable by any means. Right now, the average price per kWh sits around $0.1416. Albeit that may be lower than some other countries, it is nearly twice as expensive when compared to Canada, for example.
It is rather surprising to think of Germany as the most expensive European country for electricity. About the country has a very strong economy – or so experts claim, at least – the costs of electricity are one of the sacrifices people have to make in exchange. Priced at $0.1522 per kWh, Germany is very close to being the world’s most expensive nation for electricity. Luckily for them, there is one country that’s about 4% more expensive, according to the 2015 statistics.
There are quite a few problems in Italy right now, the least of which is the current electricity price. To be more specific, the price of $0.157 per kWh is anything but positive news for bitcoin mining operations in the country. However, the population has a looming banking crisis to worry about as well, which could eventually lead to even higher electricity prices in the future.
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