The company Elite Fixtures carried out a study on the cost of mining bitcoins in different countries around the world and concluded that Venezuela is the country where it is most profitable to mine BTC due to the subsidy that the Venezuelan government offers to electricity consumption. They also reported that South Korea, one of the countries with the largest volume of cryptocurrencies transactions globally, is the most expensive country for mining.

To carry out this study, Elite Fixtures took the information provided by local governments and companies, as well as organizations such as the International Energy Agency to know the cost of consumption in each country. For the amount of energy consumed, an average of three different mining equipment was used: the AntMiner S7, the AntMiner S9 and the Avalon 6. These devices were chosen for their popularity with users.

In Venezuela, the cost to mine a bitcoin is approximately $531. To put this into perspective, the second cheapest country is Trinidad and Tobago, where it is necessary to invest $1,190 to mine a BTC. Considering that the price of the main market currency is around $11,800, for each bitcoin mined in Venezuela the miner obtains approximately $11,200 dollars, a huge profit.

On the other hand, in South Korea the cost is $26,170, more than double the current bitcoin price. So BTC mining in the Asian nation cannot make a profit.

Other important mining sites such as China, Russia and the United States present a similar cost, being cheaper in the first option, with a cost of $3,172. Russia and the United States have costs of $4,675 and $4,760 respectively and, in the U. S. nation, the cheapest state is Louisiana, where mining a bitcoin costs $3,224,1,500 less than this nation's overall average.

A similar cost presents Canada, specifically in Ontario, where an investment of $3,965 is needed to mine a bitcoin. This leaves a profit of approximately $7,800 at the current price of the currency.

It is important to remember that a few weeks ago Canada invited miners to settle on its land and use the excess energy generated for mining. Soon after, however, they announced that the nation was overstretched for all potential miners in the country.