Mining Lab · Analysis
We ran every one of the 126 machines in the catalogue against the electricity price of each of the 69 countries. The result is a single number: above 15.7 cents per kilowatt-hour, not one machine earns more than its power costs. In only 32 of 69 countries does the household tariff sit below that.
The telling figure is not the tariff but what comes out of it: what does the electricity cost to mine one whole bitcoin with the most efficient of the 126 machines? For comparison, a bitcoin is worth 74,873 € right now.
In Ireland the power for one bitcoin costs 239,408 € — more than the result is worth. Mining there loses money on every bitcoin produced, whichever machine you buy. That is not a footnote; it is the entire reason mining does not happen there.
Sorted by household tariff, cheapest at the top. The line marks the break point at 15.7 cents. On the right is how many machines earn more than their power costs at that tariff. For the countries at the bottom it is none.
Every country with both tariffs, the number of machines that pay for themselves, and the power cost per bitcoin. Click a name for that country’s page and calculator.
| # | Country | Household ct | Business ct | in profit | Power per BTC |
|---|---|---|---|---|---|
| 1 | Saudi Arabia | 4.8 | 5.1 | 116 | 22,621 € |
| 2 | Kazakhstan | 5.4 | 5.9 | 113 | 25,449 € |
| 3 | Paraguay | 5.5 | 5.1 | 111 | 25,920 € |
| 4 | Malaysia | 5.6 | 6.3 | 111 | 26,391 € |
| 5 | India | 7.6 | 9.1 | 88 | 35,817 € |
| 6 | United Arab Emirates | 7.8 | 7.2 | 83 | 36,760 € |
| 7 | Vietnam | 7.9 | 7.4 | 82 | 37,231 € |
| 8 | Oman | 7.9 | 7.1 | 82 | 37,231 € |
| 9 | Georgia | 7.9 | 7.4 | 82 | 37,231 € |
| 10 | Argentina | 8.2 | 9.0 | 80 | 38,645 € |
| 11 | Hungary | 9.1 | — | 55 | 42,886 € |
| 12 | Taiwan | 9.2 | 8.6 | 53 | 43,357 € |
| 13 | Serbia | 9.2 | 9.8 | 53 | 43,357 € |
| 14 | Indonesia | 9.4 | 8.8 | 53 | 44,300 € |
| 15 | Armenia | 9.6 | 9.1 | 44 | 45,243 € |
| 16 | Bosnia | 10.1 | 10.6 | 33 | 47,599 € |
| 17 | Turkey | 10.2 | 9.6 | 32 | 48,070 € |
| 18 | North Macedonia | 10.4 | 11.1 | 31 | 49,013 € |
| 19 | Mexico | 10.4 | 12.1 | 31 | 49,013 € |
| 20 | Montenegro | 11.0 | 11.6 | 19 | 51,840 € |
| 21 | Albania | 11.2 | 11.8 | 18 | 52,783 € |
| 22 | South Korea | 11.3 | 10.9 | 18 | 53,254 € |
| 23 | Thailand | 11.8 | 11.2 | 10 | 55,611 € |
| 24 | Canada | 12.4 | 10.6 | 9 | 58,438 € |
| 25 | Malta | 13.0 | 15.9 | 5 | 61,266 € |
| 26 | Moldova | 13.2 | 13.8 | 5 | 62,208 € |
| 27 | Bulgaria | 13.6 | — | 5 | 64,094 € |
| 28 | Colombia | 14.2 | 13.0 | 3 | 66,921 € |
| 29 | Iceland | 14.6 | 8.2 | 3 | 68,806 € |
| 30 | Peru | 14.8 | 13.4 | 3 | 69,749 € |
| 31 | South Africa | 15.2 | 13.7 | 1 | 71,634 € |
| 32 | Israel | 15.7 | 14.2 | 1 | 73,990 € |
| 33 | United States | 16.8 | 12.9 | 0 | 79,174 € |
| 34 | Brazil | 16.9 | 14.3 | 0 | 79,646 € |
| 35 | Kenya | 17.1 | 16.2 | 0 | 80,588 € |
| 36 | Chile | 17.3 | 15.1 | 0 | 81,531 € |
| 37 | Philippines | 17.4 | 15.9 | 0 | 82,002 € |
| 38 | Croatia | 17.7 | — | 0 | 83,416 € |
| 39 | Slovakia | 20.8 | — | 0 | 98,025 € |
| 40 | Uruguay | 21.4 | 19.2 | 0 | 100,853 € |
| 41 | Singapore | 21.7 | 18.4 | 0 | 102,267 € |
| 42 | New Zealand | 21.8 | 15.3 | 0 | 102,738 € |
| 43 | Lithuania | 22.6 | — | 0 | 106,508 € |
| 44 | Netherlands | 23.5 | — | 0 | 110,750 € |
| 45 | Slovenia | 24.2 | 15.4 | 0 | 114,049 € |
| 46 | Japan | 24.7 | 19.8 | 0 | 116,405 € |
| 47 | Estonia | 25.4 | — | 0 | 119,704 € |
| 48 | Greece | 26.9 | 16.1 | 0 | 126,773 € |
| 49 | Australia | 27.6 | 21.4 | 0 | 130,072 € |
| 50 | Portugal | 27.7 | 16.8 | 0 | 130,544 € |
| 51 | Latvia | 28.0 | — | 0 | 131,957 € |
| 52 | Poland | 29.3 | 17.9 | 0 | 138,084 € |
| 53 | Romania | 29.9 | — | 0 | 140,912 € |
| 54 | Finland | 30.1 | 7.5 | 0 | 141,854 € |
| 55 | France | 30.4 | 19.6 | 0 | 143,268 € |
| 56 | Sweden | 30.7 | 9.7 | 0 | 144,682 € |
| 57 | Norway | 31.1 | — | 0 | 146,567 € |
| 58 | Luxembourg | 31.4 | — | 0 | 147,981 € |
| 59 | Cyprus | 32.4 | 21.2 | 0 | 152,693 € |
| 60 | Spain | 32.9 | 18.9 | 0 | 155,050 € |
| 61 | Italy | 33.3 | 18.8 | 0 | 156,935 € |
| 62 | Switzerland | 33.4 | — | 0 | 157,406 € |
| 63 | United Kingdom | 34.1 | 26.8 | 0 | 160,705 € |
| 64 | Denmark | 35.8 | 21.0 | 0 | 168,717 € |
| 65 | Austria | 36.7 | 18.5 | 0 | 172,958 € |
| 66 | Belgium | 38.1 | 21.8 | 0 | 179,556 € |
| 67 | Czechia | 39.2 | 16.2 | 0 | 184,740 € |
| 68 | Germany | 43.8 | 22.6 | 0 | 206,419 € |
| 69 | Ireland | 50.8 | 25.5 | 0 | 239,408 € |
For each machine: hashrate times network share gives the daily yield in bitcoin, less two percent pool fee. Times the price gives the daily yield in euros. From that we subtract consumption times 24 hours times the electricity price. If anything remains, the machine counts as in profit. Calculated with a bitcoin price of 74,873 €, a network hashrate of 973 EH/s and a block reward of 3.125 BTC.
Electricity only. It excludes the purchase price of the machine, cooling, space, noise abatement, maintenance and downtime — all of which tip a marginally positive calculation quickly. These figures are therefore a ceiling, not a business plan. To see when a particular machine pays for itself, the miner comparison has a calculator with purchase price and payback. Price and difficulty also move constantly: a rising price pushes the break point up, rising network hashrate pushes it down.
Electricity prices for EU countries from Eurostat, 2. Halbjahr 2025, for all others from GlobalPetrolPrices and national regulators, 2025. The figure is the price for medium consumers including all taxes and levies. Machine consumption comes from manufacturer specifications and public measurements; the machine data is as of 22.09.2026. We sell no hardware and earn nothing from any link on this page.
Run the numbers country by country
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