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10 sats \ 2 replies \ @drlh 19 Aug 2023 \ parent \ on: Wow, in Lebanon, it only costs $266 to produce 1 BTC. bitcoin
https://www.coingecko.com/research/publications/bitcoin-mining-cost
In Lebanon indeed is $0.26k according to coingecko
A few spot-checks on globalpetrolprices.com show that the price of 1 kWh of electricity typically is around 10% that of 1 litre of fuel in other countries. In Lebanon, it amounts to 0.13% the price of 1 litre of fuel. Which explains the $0.26k/BTC, but not how Lebanon can have such seemingly dirt cheap electricity.
Still need to investigate further, but I'm thinking there could be a problem with the exchange rate calculations on globalpetrolprices.com.
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Thank you for the link!
From the link:
The cost of electricity for 147 countries in the format of USD per kWh was obtained from globalpetrolprices.com, and is accurate as of December 2022.
I still wonder how Lebanon's electricity cost can be so low, but haven't yet done a check on globalpetrolprices.com.
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