Home
News
- 1 A new study claims Bitcoin mining to be less expensive than drying clothes.
- 2 The study compares the power usage of the machine and the mining rig.
Bitcoin Mining is often criticized for being energy intensive, but a new study says that mining 1 BTC is less expensive than drying clothes. There have been extravagant claims that Bitcoin consumes more energy to suffice a small nation or emits more carbon than a simple Visa transaction. This debate may never end but a study claims that mining one Bitcoin is cheaper than a simple household activity.
Bitcoin Mining and Electricity Bills in Different Countries
Data suggest an average bill for mining one BTC per household standard is around $46,291. BTC is trading at $25,778.33 at press time, falling 0.58% in 24 hours and 0.68% in the last seven days. There is a significant difference between the price of mining and the actual price of Bitcoin.
It should be noted that the average electricity cost could vary for different geographical locations. However, the average cost of mining is 35% more than the actual price of BTC. For instance, in Italy, a miner has to pay around $208K to mine one Bitcoin, an Austrian miner would pay $184.35K, in Belgium $172.38K, in Denmark $166.79K, while a German miner would pay $166.33K.
Continuing the similar scenario in countries believed to be most profitable for miners. Lebanese miners pay $266, Iranian miners pay $532, a Syrian miner will pay $1,330, a Sudanian miner will pay $2,128, while a BTC miner in Ethiopia will pay $1,596 to mine one Bitcoin. If watched closely, the difference between Italy and Lebanon is a striking 783 times.
How is Bitcoin Mining Cheaper than Drying Clothes?
The difference mentioned above is according to the electricity rate available in those locations. But the amount of electricity the machines use per hour remains more or less the same. They might consume more when the difficulty is high, and vice versa. Things become clear when these mining rigs are compared with everyday household items based on energy used.
Generally, every household in America has a few everyday items, like a washing machine, a dryer, etc. Studies suggest that electricity consumption for mining 1 BTC is more than that of a gaming PC, a leaf blower, an air conditioner, and similar items. However, drying clothes in a dryer consumes more power than mining BTC. Drying clothes consumes 5 kWh of electricity, while Bitcoin mining machines use 4.6 kWh.
An electric kettle uses 3.5 kWh, a leaf blower comes at 2.5 kWh, an air conditioner at home, a dishwasher, and an electric kettle consumes 1.5 kWh. A laptop and a 37-inch LED TV consume 0.12 kWh and 0.07 kWh, respectively. If the above data is accurate, Bitcoin mining at home is a viable option, but as it turns out, it is not.
If Bitcoin Mining Costs Less than Drying Clothes, Should One Start Mining at Home?
It seems profitable to start mining at home if it consumes less power than a tumble drying machine. But using a personal computer to mine BTC lost its relevance long ago. With the constant increase in mining difficulty lever, rendering becomes challenging for an individual compared to mining BTC and earning rewards.
Currently, the Bitcoin mining difficulty is around 55.62 Trillion, meaning that only 1 in 55.62 Trillion guesses will be correct. Also, if they wish to use dedicated ASICs to mine BTC, they might get higher speeds, but they might not be able to compete with substantial mining pools. Even if Bitcoin mining consumes less power than drying clothes, it is still challenging. Miners would continue to face these difficulties until the BTC price is significantly above $40,000.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
