Looking for a place to mine bitcoin?

Look no further than Egypt or Burma.

Right now, in the US, it costs roughly $.13 per kWh for electricity.

That isn't terrible compared to some places in the world, but it makes it tough to mine bitcoin profitably at those prices.

It becomes much easier in places where the electricity costs are much lower, places like Burma or Egypt for example:

(Source: https://twitter.com/hodler_of_xrp/status/1171073382705696769)

There is a bit more to the story as well...

There are several other costs that go into mining bitcoin as well, so don't take this as financial advice but more an informative piece about electricity costs.

What's more, the break-even points will also vary based on what equipment you use.

Here is a list of the current profitability numbers for different mining equipment based on $.06 kWh:

(Source: https://twitter.com/AlexKernA/status/1171058656022073344)

As you can see, people mining in cheap electricity locations are turning a rather large profit at current prices with the latest mining technology.

Heck, even the older mining rigs are showing profitability in many locations at current prices!

Unfortunately I am of the opinion that profitable miners represent the largest sellers of bitcoin and biggest drain on prices.

Which means, the larger the spread between the cost of mining and bitcoin prices, the more selling by miners we will see.

The good news is that difficulty keeps going up and up and up, closing that profitability gap.

Stay informed my friends.

-Doc