{"id":221837,"date":"2018-01-29T16:29:29","date_gmt":"2018-01-29T14:29:29","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=221837"},"modified":"2018-03-02T08:46:21","modified_gmt":"2018-03-02T06:46:21","slug":"the-cost-of-mining-bitcoin-in-south-africa-vs-other-countries","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/221837\/the-cost-of-mining-bitcoin-in-south-africa-vs-other-countries\/","title":{"rendered":"The cost of mining Bitcoin in South Africa vs other countries"},"content":{"rendered":"<p>Elite Fixtures has published a report detailing the cost of mining a Bitcoin in 115 countries across the world <span class=\"figure image\"><span class=\"figcaption\"><span class=\"caption\">based on average residential electricity prices.<\/span> <\/span><\/span><\/p>\n<p>According to the <strong><a href=\"http:\/\/www.ibtimes.com\/bitcoin-mining-cost-lowest-venezuela-highest-south-korea-report-finds-2646191\" target=\"_blank\" rel=\"noopener\">International Business Times<\/a><\/strong>, which published the group&#8217;s data, the consumption required to mine a Bitcoin was averaged from three different mining rigs \u2014 the AntMiner S7, the AntMiner S9, and the Avalon 6.<\/p>\n<p><strong><a href=\"https:\/\/www.elitefixtures.com\/blog\/post\/2683\/bitcoin-mining-costs-by-country\/\" target=\"_blank\" rel=\"noopener\">Elite Fixtures<\/a><\/strong> sourced its electricity price data provided by the government, and local utility companies, as well as the International Energy Agency, the IBTimes said.<\/p>\n<p>According to the data, Venezuela was named as the cheapest place in the world to mine a single Bitcoin &#8211; $530. This was followed by Trinidad and Tobago ($1,190), and Uzbekistan ($1,790).<\/p>\n<p>Traditionally Western European countries such as Belgium, Denmark and Germany are some of the most expensive countries to mine a Bitcoin while, Asia and Eastern Europe are some of the cheapest &#8211; with the exception of South Korea which is the most expensive country on the list at\u00a0$26,170.<\/p>\n<p>South Africa is considered slightly more expensive than average, costing $5,948 (R71,328) for a single coin.<\/p>\n<p>Taking the current (29 January 2018)\u00a0<a href=\"https:\/\/www.luno.com\/en\/price\/\" target=\"_blank\" rel=\"noopener\"><strong>Bitcoin<\/strong> <strong>price<\/strong><\/a> of R139,625, and the current dollar exchange rate, the average local miner therefore currently walks away with around R68,000, on balance.<\/p>\n<p>&nbsp;<\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/01\/Elite-Fixtures.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-221847 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/01\/Elite-Fixtures.jpg\" alt=\"\" width=\"789\" height=\"1280\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/01\/Elite-Fixtures.jpg 789w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/01\/Elite-Fixtures-185x300.jpg 185w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/01\/Elite-Fixtures-768x1246.jpg 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/01\/Elite-Fixtures-631x1024.jpg 631w\" sizes=\"auto, (max-width: 789px) 100vw, 789px\" \/><\/a><\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/finance\/221417\/bitcoin-vs-ethereum-vs-litecoin-what-vinny-lingham-is-looking-to-buysell-and-hold\/\" target=\"_blank\" rel=\"noopener\">Bitcoin vs Ethereum vs Litecoin \u2013 what Vinny Lingham is looking to buy, sell and hold<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elite Fixtures has published a report detailing the cost of mining a Bitcoin in 115 countries across the world based on average residential electricity prices.<\/p>\n","protected":false},"author":10,"featured_media":219467,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[5537,26],"class_list":["post-221837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bitcoin","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/221837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=221837"}],"version-history":[{"count":16,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/221837\/revisions"}],"predecessor-version":[{"id":228913,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/221837\/revisions\/228913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/219467"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=221837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=221837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=221837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}