Mining Centralization / Worldwide Electricity Prices / and much more


#1

I’am trying to make an interesting topic based on electricity prices by countries and regions, but not limited to as i plan to include many other factors like: population, buy power just to mention some.

This is a step by step project as it consumes realy a lot of time for reading, researching, searching, translations, comparing and even listing and writing down all the info. In case you find this information usefull, feel free to donate (adresses at the end of the topic).

Here the first raw release on current electricity prices worldwide that affect crypto mining in general, so it does and will with ZEC in future. All used resources/sites/data will be posted in a later post in this topic so everybody can check themself the given electricity prices.

Some countries and regions are still under work, but i thought even with this list we allready get an idea, who pays how much with mining.

On next update on this list i plan to add daily, monthly, yearly electricity costs for a given ZEC mining unit. As well as profit/loss information. This will give us a good overview which countries/regions can still mine and which not. On a later release/update i plan to make some scenario cases, for example, double difficulty or a given price like $25 or $100. As these need a lot of calculations i need some time and i’am only willing to do it if the community is interested/supporting these calculations and comparisons.

This first list is for residential electricity prices, working currently on one for industrial prices so we can even further compare how private miners stay compared to these that have access to industrial electricity worldwide. I added just some non residential mining prices to the list so we can compare at least to Bitmain’s mining facilities with electricity costs.

Below i will add some more thoughts about this list, the value of it and just some explainations.

About the details:

  • USA, Russia, China, Canada, Australia are divided into regions/provinces/states/districts due different electricity prices in these and of course because these are the biggest countries area.
  • all other countries get just the continent location added, like Europe, South America, Asia …
  • all prices in US cents.
  • the prices do NOT include industrial prices (these will be added later, mostly on next release)
  • sometimes countries average prizes are used. In most cases that is just enough.
  • some minor countries are missing, i will try to add them as soon as i get information 2017+ for these.
  • 2017, 2018 means that the data used is from the year mentioned.
  • prices are in most cases raw, without transportation, distrubution, additional fees, whatever. In some cases these costs could as well be included. There is no general info on what is included and what not on all the prices. Hence it’s best to take these prices as raw ones and as a good guideline without pretending to be absolute accurate, as this would be taken a year or so to compile…

Residential Electricity Prices (lowest to highest)

Worldwide Average Electricity Price: 14.00 cents per kw/h

Venezuela - South America| 0.09| 2016| subsidized,
Russia - Irkutsk Region| 1.50| 2018|
China - Yunnan| <2.00| 2018| Bitmain Mining facility 2, hydropower, (just for comparison added!)
China - Sichuan| ~2.00| 2018| different Mining facilities, hydropower, (just for comparison added!)
Egypt - Africa| 2.00| 2018|
Burma - Asia| 2.00| 2018|
Kyrgyz Republic - Asia| 2.50| 2018|
Russia - Khakassia| 3.00| 2018|
Uzbekistan - Asia| 3.00| 2018|
Qatar - Asia| 3.00| 2018|
Kuwait - Asia| 3.00| 2018|
Iran - Asia| 3.00| 2018|
Iraq - Asia| 3.00| 2018|
Russia - Krasnoyarsk Region| 3.50| 2018|
Russia - Dagestan| 3.60| 2018|
Russia - Novosibirsk Region| 3.70| 2018|
Russia - Chechnya| 3.80| 2018|
Russia - Crimea| 3.90| 2018|
Russia - Murmansk Region| 3.90| 2018|
China - Inner Mongolia| 4.00| 2018| Bitmain Mining facility 1 (just for comparison added!)
Azerbaijan - Asia| 4.00| 2018|
Algeria - Africa| 4.00| 2018|
Bahrain - Asia| 4.00| 2018|
China - Zhejiang| 4.10| 2017| 22:00-8:00, could be a reason for spikes!
Russia - Tyumen Region| 4.10| 2018|
Russia - Khanty-Mansiysk| 4.10| 2018|
Russia - Yamalo-Nenets| 4.10| 2018|
Russia - Orenburg Region| 4.30| 2018|
Russia - Bashkortosan| 4.40| 2018|
Russia - Transbaikal Region| 4.40| 2018|
Russia - Chelyabinsk| 4.60| 2018|
Russia - Kemerovo Region| 4.80| 2018|
Russia - Chuvashia| 4.80| 2018|
Russia - Kurgan Region| 4.90| 2018|
Russia - Tomsk Region| 4.90| 2018|
Russia - Karelia| 4.90| 2018|
Congo - Africa| 5.00| 2018|
Zambia - Africa| 5.00| 2018|
Saudi Arabia - Asia| 5.00| 2018|
Russia - Saratov Region| 5.00| 2018|
Russia - Penza Region| 5.00| 2018|
Ukrainie - Europe| 5.00| 2018| average
Kazakhstan - Asia| 5.00| 2018|
Russia - Ingushetia| 5.10| 2018|
Russia - Tyva| 5.10| 2018|
Russia - Mordovia| 5.10| 2018|
Russia - Nizhny Novgorod Reg.| 5.20| 2018|
Russia - Lipetsk Region| 5.20| 2018|
Russia - Yaroslavkaya Oblast| 5.20| 2018|
Russia - Bryansk Region| 5.30| 2018|
Russia - Amur Region| 5.30| 2018|
Russia - Primorsky Krai| 5.40| 2018|
Russia - Kabardino| 5.40| 2018|
Russia - Voronesh Region| 5.40| 2018|
Russia - Udmurtia| 5.40| 2018|
Russia - Tatarstan| 5.40| 2018|
Russia - Ulyanovsk Region| 5.40| 2018|
Russia - Mari El| 5.40| 2018|
China - Yunnan| 5.50| 2018|
Russia - Oryol Region| 5.50| 2018|
Russia - Smolensk Region| 5.50| 2018|
Russia - Kirov Region| 5.50| 2018|
Russia - Rostov Region| 5.60| 2018|
Russia - Tambov Region| 5.60| 2018|
Russia - Belgorod Region| 5.60| 2018|
Russia - Kursk Region| 5.60| 2018|
Russia - Omsk Region| 5.60| 2018|
Russia - Altai Region| 5.70| 2018|
Russia - Buryatia| 5.70| 2018|
Russia - Sverdlovsk Region| 5.70| 2018|
Russia - Perm| 5.70| 2018|
Russia - Cherkessia| 5.80| 2018|
Russia - North Ossetia| 5.80| 2018|
Russia - Samara| 5.80| 2018|
Russia - Kaliningrad Region| 5.90| 2018|
Russia - Sakhalin Region| 6.00| 2018|
Russia - Leningrad Region| 6.00| 2018|
Bangladesh - Asia| 6.00| 2018|
Malaysia - Asia| 6.00| 2018|
Ghana - Africa| 6.00| 2018|
Russia - Volgograd Region| 6.10| 2018|
Russia - Tula Region| 6.10| 2018|
Russia - Pskov| 6.20| 2018|
Russia - Novgorod Region| 6.20| 2018|
Russia - Tver Region| 6.20| 2018|
Russia - Ivanovo Region| 6.30| 2018|
Russia - Kostromo Region| 6.30| 2018|
Russia - Ryazan Oblast| 6.40| 2018|
Russia - Vladimir Region| 6.40| 2018|
China - Kunming| 6.50| 2018|
China - Tianjin| 6.50| 2018|
China - Shenyang| 6.50| 2018|
Russia - Khabarovsk Region| 6.50| 2018|
Russia - Vologodskaya Oblast| 6.50| 2018|
Russia - Stavropol Region| 6.60| 2018|
China - Chongqing| 6.70| 2018|
Russia - Kraznodar| 6.70| 2018|
Russia - Adygea| 6.70| 2018|
Russia - Kalmykia| 6.70| 2018|
Russia - Kaluga Region| 6.70| 2018|
Russia - Komi| 6.70| 2018|
China - Harbin| 6.80| 2018|
China - Chengdu| 6.80| 2018|
Russia - Astrakhan| 6.90| 2018|
China - Beijing| 7.00| 2018|
Russia - Arkhangelsk Region| 7.00| 2018|
Vietnam - Asia| 7.00| 2018|
Pakistan - Asia| 7.00| 2018|
China - Xi’an| 7.10| 2018|
China - Changchun| 7.10| 2018|
Russia - Altai| 7.30| 2018|
Russia - Nenets| 7.40| 2018|
Kosovo - Europe| 7.40| 2017|
China - Nanjing| 7.50| 2018|
China - Wuhan| 7.50| 2018|
Georgia - Asia| 7.70| 2018|
Russia - Moskov Region| 7.70| 2018|
China - Jinan| 7.80| 2018|
Russia - Moskov| 7.90| 2018|
Paraguay - South America| 7.92| 2017|
India - Asia| 8.00| 2018| average, working on finding low electricity regions!
China - Changsha| 8.00| 2018|
Mexico - North America| 8.00| 2018| average
Belarus - Europe| 8.00| 2018|
Nigeria - Africa| 8.00| 2018|
UA Emirates - Asia| 8.00| 2018|
China - Hefei| 8.10| 2018|
China - Zhengzhou| 8.10| 2018|
Canada - Quebec| 8.13| 2017|
Czech Republic - EU| 8.30| 2018|
Serbia - Europe| ~8.50| 2018|
Russia - Yakutia 8.60| 2018|
China - Guangzhou| 8.80| 2018|
China - Shanghai| 8.80| 2018|
Macedonia - Europe| 8.80| 2018|
China - Haikou| 8.87| 2018|
Turkey - Asia/Europe| 9.00| 2018| average
Jordan - Asia| 9.00| 2018|
Cameroon - Africa| 9.00| 2018|
USA - Louisiana| 9.28| 2018|
Indonesia - Asia| 9.40| 2017|
Albania - Europe| 9.7| 2017|
Bosnia & Herzegovina - Europe| 9.7| 2017|
Russia - Kamchatka Region| 9.80| 2018|
USA - Washington| 9.90| 2018|
Argentina - South America| 10.00| 2018|
Ecuador - South America| 10.00| 2018|
Tanzania - Africa| 10.00| 2018|
Dominicanian Rep. - Caribic| 10.00| 2018|
USA - Arkansas| 10.05| 2018|
Canada - Manitoba| 10.07| 2017|
USA - Idaho| 10.32| 2018|
USA - Tennessee| 10.59| 2018|
USA - Utah| 10.62| 2018|
USA - Kentucky| 10.70| 2018|
USA - Oklahoma| 10.85| 2018|
USA - Mississippi| 10.86| 2018|
Canada - Alberta| 10.86| 2017|
USA - Missouri| 10.98| 2018|
Russia - Madadan Region| 11.00| 2018|
Bulgartia - EU| 11.00| 2018|
South Korea - Asia| 11.00| 2018| average
Morocco - Africa| 11.00| 2018|
USA - West Virginia| 11.24| 2018|
USA - Oregon| 11.29| 2018|
USA - Florida| 11.31| 2018|
USA - Ohio| 11.39| 2018|
USA - Texas| 11.59| 2018|
USA - North Carolina| 11.60| 2018|
USA - Nevada| 11.72| 2018|
USA - Montana| 11.78| 2018|
Canada - Brit. Columbia| 11.83| 2017|
Russia - Chukchi Region| 12.00| 2018|
Lithuana - EU| 12.00| 2018|
Moldova - Europe| 12.00| 2018|
Montenegro - Europe| 12.00| 2018|
Ivory Coast - Africa| 12.00| 2018|
Bolivia - South America| 12.00| 2018|
USA - Virginia| 12.08| 2018|
USA - Georgia| 12.09| 2018|
USA - Illinois| 12.19| 2018|
USA - North Dakota| 12.23| 2018|
USA - Wyoming| 12.23| 2018|
USA - Nebraska| 12.28| 2018|
USA - Indiana| 12.33| 2018|
USA - South Carolina| 12.37| 2018|
USA - Delaware| 12.38| 2018|
USA - Alabama| 12.47| 2018|
USA - Colorado| 12.55| 2018|
USA - Columbia| 12.56| 2018|
USA - South Dakota| 12.83| 2018|
Canada - Newfoundland| 12.83| 2017|
USA - Kansas| 12.86| 2018|
USA - Arizona| 12.91| 2018|
Chile - South America| 13.00| 2018|
Hungary - EU| 13.00| 2018|
USA - New Mexico| 13.10| 2018|
USA - Iowa| 13.23| 2018|
USA - Maryland| 13.29| 2018|
Thailand - Asia| 13.40| 2018|
USA - Pennsylvania| 13.76| 2018|
South Africa - Africa| 14.00| 2018|
Hong Kong - Asia| 14.00| 2018|
Gibraltar - EU| 14.40| 2018|
USA - Minnesota| 14.57| 2018|
USA - Wisconsin| 14.88| 2018|
Canada - New Brunswick| 14.92| 2017|
Singapur - Asia| 14.97| 2017|
Romania - EU| 15.00| 2018|
Estonia - EU| 15.00| 2018|
Croatia - EU| 15.00| 2018|
Malta - EU| 15.00| 2018|
Costa Rica - Latin America| 15.00| 2018|
Kenya - Africa| 15.00| 2018|
Colombia - South America| 15.00| 2018|
Israel| 15.35| 2017|
USA - Michigan| 15.40| 2018|
USA - New Jersey| 15.53| 2018|
Poland - EU| 16.00| 2018|
USA - Maine| 16.01| 2018|
Taiwan - Asia| 16.10| 2017|
Finnland - EU| 16.12| 2018|
Canada - Nova Scotia| 16.95| 2017|
Iceland - EU| 17.00| 2018|
Latvia - EU| 17.00| 2018|
Brazil - South America| 17.00| 2018| average
Panama - Latin America| 17.00| 2018|
Uganda - Africa| 17.00| 2018|
Peru - South America| 17.70| 2018|
USA - Vermont| 17.95| 2018|
Slovakia - EU| 18.00| 2018|
Slowenia - EU| 18.00| 2018|
Australia - North Territory| 18.06| 2018|
Australia - Tasmania| 18.22| 2018|
Canada - Saskatchewan| 18.33| 2017|
Canada - Ontario| 18.62| 2017|
Canada - Prince Edward Is.| 18.88| 2017|
Luxembourg - EU| 19.00| 2018|
Netherlands - EU| 19.00| 2018|
Philippines - Asia| 19.00| 2018|
USA - New York| 19.28| 2018|
Australia - Victoria| 19.39| 2017|
USA - California| 19.39| 2018|
New Zealand - Oceania| 19.67| 2018|
Australia - Capital Territory| 19.68| 2017|
USA - New Hampshire| 19.87| 2018|
Australia - West Australia| 19.93| 2018|
France - EU| 20.00| 2018|
Norway - EU| 20.00| 2018|
Aruba - Caribic| 20.00| 2018|
Australia - Queensland| 20.41| 2018|
Cyprus - EU| 21.00| 2018|
Greece - EU| 21.00| 2018|
United Kingdom - EU| 21.00| 2018|
Belize - Latin America| 21.00| 2018|
Austria - EU| 22.00| 2018|
Sweden - EU| 22.00| 2018|
USA - Connecticut| 22.05| 2018|
USA - Massachusetts| 22.15| 2018|
USA - Rhode Island| 22.32| 2018|
USA - Alaska| 22.76| 2018|
Italy - EU| 23.00| 2018|
Uruguay - South America| 23.00| 2018|
Australia - New South Wales| 23.44| 2018|
Guatemala - Latin America| 24.00| 2018|
Portugal - EU| 25.00| 2018|
American Samoa - Oceania| 25.40| 2017|
Japan - Asia| 26.00| 2018| average price
Belgium - EU| 27.00| 2018|
Ireland - EU| 27.00| 2018|
Spain - EU| 27.00| 2018|
Barbados - Caribic| 28.00| 2018|
Sri Lanka - Asia| 29.33| 2017|
Australia - South Australia| 30.72| 2018|
USA - Hawaii| 32.29| 2018|
Germany - EU| 33.00| 2018|
Denmark - EU| 35.00| 2018|

Some Conclusions on why several low electricity countries are not mining even if they have generally low electricity costs:

  • Climate: We see some Asian and African countries with very low electricity costs but i guess the climate and heat doesn’t favour mining there.
  • Religon: I guess as well that some low electricity countires are not able to mine due religous factors. Example would be some arabic countries, Iran to come first into my mind.
  • Buy Power: I will try to include that factor at some time. But what does it help if a given country as low electricity prices but 0 buy power to buy hardware to use it? I think Burma is a good examample for this.
  • Limited Electricity: Even while in theory electricity prices are low, in reality this might be very limited electricity. Might apply to some countries in asia, africa, south and latin america.
  • Internet Infrastructure: Some regions might as well be limited to missing internet infrastructure.
  • Regulatations: In some countries it might be just forbidden and illegal to mine or very restricted.

Penalty versus China miners (private and enterprises):

  • Miners from china, no matter if private or enterpises, have a big advantage in generally. They don’t pay international shipping costs, no custom tax fee and some other expenses. There is no easy way to calculate this advantage, but in generally we can add a penalty to every outside China miner as the additionally costs influence the ROI and break even point for sure. Everybody from outside China can comfortably add 10-25% to their domestic electricity price to have some inclusion of these costs as the lists here won’t include hardware and other prices in any way but are fully limited to electricity prices and the centralization factor.

Any dissusion, toughts, ideas are more than welcome…

In case you won’t to donate for this project, i won’t say no: :joy:

ZEC (T-adress): t1KbbGJqihYmAg6Sv37m1gaKyg3rWou94fo
ZEC (Z-adress): zs1jhzek8qhg6sym65ugjsv4dvh0u9sknhqsyfz609wtqglknursapgcflcum6sdjs28j7eyql9fn6
LTC: LS96D2hug7qYXLGMiVc8TsEBKVsF4YQZyh
ETH: 0xA483f37FA36602c9827fC6aAfDE5409AA28EEC88
BTC: 1PZPrvbaRQt9EVcGjnWCQiBzJ7tCcuha3f

Merry Christmas everybody :kissing_closed_eyes:


"lower prices lead to centralization"
Let’s talk about ASIC mining
#2

Just made a first test on todays BTC price:

to get a result of 0, means no profit, no lose just mining for nothing and whole mining reward used for electricity the line/factor would be 8,66 cents per kw/h right now. Calculation made with an Bitmain Antminer S9 13.5 unit.

If we take the hardware price per current available S9j miner, $307 (without shipping, custom, whatever) and use a ROI of 2 years the miner must make a profit of $0.42 per day (at current todays difficutly!). This reflects at least or lower electricity costs of 7.38 cent. This still would not include the recovery of all costs and still no profit…

Gives a good idea where BTC mining currently is possible and what regions/countries are allready out of mining…


#3

funny, when i said that electricity below 0.02 possible in russia, you said that im crazy.

now you want donations for this info.

made my day, lol


#4

Actually it’s not possible, just because in Irkutsk it’s 2 cents doesn’t mean there are miners and there are not, for several reasons, but i will explain that later.

Russia is one of the countries, like Bulgaria and some others from the previous eastern block where industrial electricity prices are higher than residential ones. This applies to most regions in Russia, if not all (not yet ready with the industrial electricity price analyzis).

So, you can laugh as much as you want, and poisen this topic as well, doesn’t change anything at all. Take it or leave it …


#5

Thank you boxalex for your time and for sharing all this information.

+++

Merry xmas (:


#6

This post was flagged by the community and is temporarily hidden.


#7

I would like to share the following price adjustement for Belgium.

As the average electricity price fluctuates around 23 cents per kw/h electricity transportation and distribution costs ad another 34 cents per kw/h for Residential Electricity Prices. So with 57 dollar cents per kw/h to high for domestical mining as I presume?


#8

New York is .12 per KW/h. Actual upstate is .10. Your number could be for New York City. The Big Apple but not rest of New York state.


#9

Could it be that the difference comes form distribution, transportation, green tax or similars? I took the prices from the US Energy Information Admistration (EIA) so i woud say that the average prices they list for each district should be very accurate, not?

https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a


#10

I can’t add for each country transportation, distributin, green taxes, whatever, as this would take mostly a year to find out for each region, state, country, district … Most prices are listed as raw average electricity prices per country and state. The Belgium info is from the EU energy page.

with 57 cents it’s too high to mine currently ZEC for sure. I will make some exact data in some days what the minimum for ZEC is currently. If that helps you meanwhile, in a test some days ago it was about 24 cents to cover only electricity, if i remember right… It’s for sure in that range somewhere at the moment…


#11

Which numbers are not correct? I’am more than willing to adjust the prices for a given region/state/country/disctrict in case there is more accurate information about raw electricity prices available and. Just share the number in question with some source or proof and i’am more than willing to update the list to keep it as accurate as possible.


#12

#13

Kyrgyzstan - Asia| 2.50| 2018


#14

thx, added: Kyrgyz Republic - Asia| 2.50| 2018|


#15

Some ZEC calculations:

Data as of today:

Difficulty: 43M
Network hashrate right now: 2.35 Gh/s
Network hashrate highest: 3.0072 Gh/s (18. Dec. 2018)
Price: ~$60

Hardware:
Z9 mini: 10 kh/s @ 300W, overclocked ~15kh/s @ 450W, Raw Price without shipping, custom, taxes, whatever = ~$800.

Zero Calculation today:
Outcome to be 0 (without ROI of hardware): $0.20 electricity cost.
Means, to have 0 profit, cover with all mining rewards electricity costs the zero point is 20 cents right now. If the miner has higher electricity costs he is allready mining at a daily loss.

Zero Calculation today including ROI of raw hardware without shipping, custom fees, whatever (Z9 mini example):
Price: $800 / 730 days (2 years) = $1.1 profit must be made per day to cover raw hardware ROI.

Electricity price must be 4.79 at current difficutly, network hashrate, ZEC price, just to cover electricity for 2 years and the Z9 mini hardware cost. This still does not give any profit.

This calculation still does not include any shipping costs for hardware, custom fees, other taxes, price for PSU and some other minor costs.

Example comparision of some different countries mining 2 years with a Z9 mini at current price, hashrate, difficulty if bought today:

Germany @ 33 cents per kw/h: daily -$0.94 = -$686 + -$800 = -$1,486,2 loss for 2 years. Profit = 0.
USA-Texas @ 11.59 cents per kw/h: daily +$0.60 = +$438 + -$800 = -$362 loss for 2 years. Profit = 0.
Kyrgyz Republic @ 2.5 cents per kw/h: daily +$1.25 = +$912.5 + -$800 = +$112.5. Profit = $112.5
compared to the Bitmain Mining facility, used estiminated USD 200 price per unit.
Bitmain Sichun @ . cents per kw/h: daily +$1.29 = 941.7 + -$200 = +$741.7. Profit = $741.7

Comparison to direct coin buy:
Germany: Instead of wasting 1,486$ for mining the guy could have bought 24.76 ZEC for that money.
USA Texas: Instead of buying a unit for $800 he could have bought 13.33 ZEC for that money.
Kyrgyz: The Kyrgyz guy made a profit worth of 1.875 ZEC.
Bitmain: Bitmain would mine 12.36 ZEC which makes sense of course due the low hardware cost.


#16

The Kyrgyz guy with A9 would earn
Hourly - 0.00431 ZEC
Daily - 0.103 ZEC
Weekly - 0.723 ZEC
Monthly - 3.10 ZEC / 177 - 200 $ after electricity

If someone is interested, welcome to Kyrgyz Republic.


#17

Found the miners in Irkutsk!


#18

Damn, my vault, messed them geographically up up in my comment with Kamtchatka … :frowning: Thx for the correction!


#19

There’s a news article about her, apparently shes bullish!