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Mine Bitcoin for Cheap: Top 3 Countries to Mine BTC in 2023

• Lebanon is the cheapest country for Bitcoin mining in 2023 with electricity costs of $266 per coin.
• Iran is second on the list, costing $532 per Bitcoin mined.
• Ethiopia follows with an estimated cost of around $1,600 per Bitcoin mined.

Cheapest Countries to Mine Bitcoin in 2023

As of 2023, Lebanon is statistically the cheapest country to mine Bitcoin. Lebanon’s household electricity cost allows solo miners to mine a single Bitcoin for just $266.

Iran

Iran is second on the list; one mined Bitcoin will cost $532. Yet, Iran uses enormous energy to support its thirst for BTC. For example, Bitcoin mining in Iran consumes more electricity than Finland annually.

Syria

According to research done by the data platform CoinGecko, Syria ranks third in the cheapest countries to mine BTC in. However, there is little information on how the Syrian mining sector operates.

Ethiopia

In Ethiopia, mining a single Bitcoin will cost around $1,600. Moreover, according to a report by the mining company Kafka Mining, Ethiopia offers opportunities such as low-cost labor and access to renewable energy sources.

Conclusion
< p >Bitcoin (BTC) mining has changed drastically over the last decade and can be costly. As of 2023 however , Lebanon is considered the cheapest country for mining with an average electricity price of only $266 . Iran , Syria and Ethiopia also have attractive options and prices that are worth considering when it comes to bitcoin mining . < / p >