Is Bahrain one of the most expensive countries for bitcoin mining?

Infographic shows Kuwait is cheapest country in GCC for bitcoin mining

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Is Bahrain one of the most expensive countries for bitcoin mining? Bitcoin mining: easy money for Kuwaitis?
By  Mark Sutton Published  February 14, 2018

Kuwait is the cheapest country in the GCC to mine bitcoins, but Bahrain ranks as one of the most expensive in the world, according to estimates and an online infographic from Elite Fixtures.

The home lighting and fixtures site (I have no idea how a lighting company is involved in bitcoin...) has published a map showing the relative cost of mining a single bitcoin in 115 countries worldwide. The infographic is based on the average cost to mine one coin, averaged over three popular mining rigs, against the cost of electricity in each country.

Venezuela comes out as the cheapest country for bitcoin mining - the process of sharing PC power to process blockchain transactions, which are then rewarded with a share of new bitcoins - with a cost of just $531 per coin.

Kuwait is the leader in the GCC, with a rate of $1,983, making it highly profitable against the current rate of one bitcoin to just under $8,800. Saudi Arabia has an average price of $3,172, while mining a coin in the UAE would cost $3,569.

The energy required to mine one coin in Bahrain however, would cost $16,773, the figures claim, making it the third most expensive country in the world behind South Korea on $26,170 and the tiny South Pacific nation of Niue. Belgium, Germany and Portugal also had average costs over $10,000.

But before you rush to relocate your bitcoin farm to a cheaper domain, the figures for Bahrain seem unlikely, given that price per kWh listed by Bahrain's EWA are lower than those in the UAE, but the company didn't share its workings. The figures also don't account for differences in power tariffs charged to national and expat populations in the Gulf - or for the high cost of bandwidth in some countries in the Gulf, but here's the link anyway: https://imgur.com/a/ngs7m

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