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Lebanon Reported As Cheapest Country To Mine Bitcoin, Who’s Going To Tell Them?
A Twitter post shared by the account World of Statistics has identified Lebanon as the cheapest country to mine bitcoin, based on how much it would cost a household to mine 1 coin of the cryptocurrency. The number is estimated at $0.26k, half of second place Iran’s $0.52k. But, seriously, who’s going to tell them?
Household electricity cost to mine 1 Bitcoin:
— World of Statistics (@stats_feed) August 22, 2023
🇱🇧 Lebanon: $0.26k
🇮🇷 Iran: $0.53k
🇮🇶 Iraq: $3.9k
🇪🇬 Egypt: $7.2k
🇳🇬 Nigeria: $7.7k
🇶🇦 Qatar: $8.5k
🇦🇷 Argentina: $9k
🇺🇦 Ukraine: $10.7k
🇻🇪 Venezuela: $12.2k
🇲🇾 Malaysia: $12.5k
🇰🇿 Kazakhstan: $12.9k
🇧🇩 Bangladesh: $13.8k
🇵🇰…
As our many electricity thieves know, Lebanon has some electricity issues. Just some minor little things, nothing big. We don’t know how efficient bitcoin mining would be in the 0 minutes to 6 hours of electricity that we get per day. Fortunately, some users have already fallen for the trap, so get ready to rake in that sweet bitcoin tourism money guys.
BRB moving to Lebanon for infinite money glitch
— greg (@greg16676935420) August 22, 2023
i’m moving to Lebanon
— Souki (@yungsoupkitchen) August 22, 2023
Welcome to Lebanon, habibi! The best place to mine and use fake currencies on the planet, right on the picturesque shores of the Mediterranean. If you’re an aspiring bullshitter, there really is no better country for you than Lebanon.
You’re all most welcomed in 🇱🇧Lebanon pic.twitter.com/Kyajoc7cCX
— Sahar®️AlAtrash سَحَرْ (@SahaR_bei) August 22, 2023
Of course, other than the whole electricity rationing thing, there’s the whole exchange rate mess. Twitter user Michel-Ange actually did the maths, and the real cost of mining 1 bitcoin in Lebanon would be $40.2k, around 55% more than the $26k value of 1 bitcoin. Again, that’s if we actually had the electricity for it.
Price for Lebanon is outdated, you all missed your chance 😄
— Michel-Ange (@MAMedlej) August 22, 2023
Real price now exceeds $40.2k assuming mining 1 Bitcoin requires around 155,000 kWh… 🤷🏻♂️
To everyone looking to set up their bitcoin empires in the Lebanese heartlands, we’re sorry to be the bearers of bad news. Did you hear that we’re an oil and gas now guys? Here are some hilarious reactions to Berri and Mikati’s visit to block number 9.
