Report: China is the country with the lowest mining cost. The cost of mining in Iran is higher than the cost of China's medium electricity price.

According to the Planetary Daily report, based on the assumption that the total network computing power is 46.31EH/S, the bitcoin system averages one block every ten minutes, and the cooling power consumption ratio is 30%, China is the country with the lowest mining cost. Since China's electricity price fluctuates between 0.06 and 0.5 yuan, it is divided into three gears, and the corresponding mining power costs are US$507.6, US$1711.01 and US$4277.53 respectively. According to official data, the average on-grid price corresponds to a mining cost of $4562.7, which compares the current price of Bitcoin to $5546.44, indicating that mining in China is profitable even with a price of 0.5 yuan. As for the “mining paradise” of Iran, the mining cost is even higher than the cost of China’s medium electricity price. In addition, the Czech Republic, the United States, and Israel are all high-cost mining sites, and it is not cost-effective to deploy mining machines in these countries.