Graphic from Elite Fixtures also says Bahrain is the most expensive places in the world
Kuwait is the cheapest country in the GCC to mine bitcoins, according to estimates from Elite Fixtures – although miners may want to avoid Bahrain.
A map published by the home lighting and fixtures company based in new Jersey – who probably know more about electricity costs than cryptocurrencies – charts the cost of mining a single Bitcoin in 115 countries based on the three most popular mining “rigs”, or supercomputers used in the mining process.
‘Mining’ is the process by which computers verify transactions on the Bitcoin blockchain by solving a series of increasingly complex mathematical problems.
This activity is central to the decentralised nature of the cryptocurrency and, as a result, is rewarded through a payment in the new Bitcoins it creates.
Kuwait is the cheapest in the GCC, with a rate of $1,983 per Bitcoin, making it highly profitable considering Bitcoin’s recent rally to $11,500 – and around two-thirds of the cost to mine in Saudi Arabia, where mining one Bitcoin will cost $3,172.