Is it worth mining bitcoin in Australia?

The fluctuating market for bitcoin and cost of producing coins mean players in the market need to think about whether mining is worth the cost.

With the price of bitcoin moving through peaks and troughs almost every week and energy costs on the rise, the question of whether it’s worth mining bitcoin needs to be addressed. It’s possible that trading coins that are already in the market is a better strategy that expending the energy to mine your own coins.

Reporting on data collated by Elite Fixtures that was sourced from Blockchain.info and reported by CNBC, bitcoin mining is most expensive in South Korea with Venezuela being the least expensive country in their survey.

When the Elite Fixtures study was released last month, it cost more money to make a bitcoin in 12 of the 115 countries they surveyed than it did to buy one. Unfortunately, it’s not easy to determine what variables they used to calculate the costs as the amount of energy they say is needed to mine one bitcoin is not obvious.

According to the Elite Fixtures report, it costs US$9,913 to produce a single bitcoin in Australia. When bitcoin’s price was around the $20,000 mark that was a good earner. But at the more recent mark of under $10,000, it’s a much tougher call.

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Source: Is it worth mining bitcoin in Australia? | finder.com.au