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Figure 38: Average electricity cost to mine 1 BTC From Table 11, we can see that on average, the countries in Asia have less electricity cost to mine 1 BTC compared to other continents. Europe Continent has extremely high electricity cost. It is a wrong decision if any miner or mining pool operates its Bitcoin mining farm on European countries especially those countries with higher electricity cost like Denmark, Germany, Netherlands, and Belgium, etc. Asian countries like China, India, and Nepal have less electricity cost to mine BTC. Venezuela has got the least average electricity cost to mine 1 BTC. This could be the potential place for Bitcoin miners to mine BTC and get much profit. Since the mining rigs produce a lot of heat during mining, miners often choose the cold place to mine bitcoins. The cold places having low average electricity cost would be the optimal place for miners to mine Bitcoin. A simple economic model to calculate the number of Bitcoins particular hardware can mine a day is calculated as [21]. Here it is assumed that hardware works 24 hours per day. 57PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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