Mining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko
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There is a significant worldwide contrast in household electricity expenses for individual Bitcoin (
On Aug. 19, Binance CEO Changpeng “CZ” Zhao posted a screenshot of this report’s data on X (formerly Twitter), questioning his 8.6 million followers why individuals in these countries with low electricity wouldn’t mine Bitcoin.
Why wouldn’t they? ♂️ pic.twitter.com/cD1TSgOZzx
— CZ Binance (@cz_binance) August 19, 2023
However, CZ remained skeptical and believes there might be more factors to think about. Yet, he suggested it’s worth exploring further:
“The report probably didn’t consider feasibility and other logistics. But if the data is true, there definitely seems to be some potential opportunities.”
CZ acknowledged an X user who explained that many of these countries lack sufficient electricity for them to make the most of the cheap electricity costs.
“Most of these countries are facing a shortage of electricity and usually turn off their heavy industries in the summer or during peak hours” the X user stated.
