The US is currently the world’s top bitcoin mining country around the world. And for US-based miners, a difference of a few pennies in the price of electricity per kilowatt-hour can be the difference between profit and loss.
In their latest study, 911 Metallurgist found that Hawaii is the least profitable state to mine crypto.
- The cost to mine one Bitcoin in Hawaii: $54,862
- The cost to mine one Ethereum in Hawaii: $231
- The cost to mine one Dogecoin in Hawaii: $0.30
The team developed an interactive, embeddable tool that calculates profitability by state that updates automatically with the latest Bitcoin, Ethereum and Dogecoin prices and local electricity costs:
Electricity prices fluctuate heavily across the U.S., resulting in a wide array of costs associated with mining cryptocurrency. A crypto miner generating one coin of Ethereum, for example, will spend more than three times as much in Hawaii as they would in Louisiana, where abundant natural gas resources provide the cheapest electricity in the country.
911Metallurgist calculated the cost of mining Bitcoin, Ethereum, and Dogecoin using data on the cost of electricity per kilowatt-hour from the World Bank, Cable.co.uk, and the U.S. Energy Information Administration. The data on the number of days and wattage required to mine each coin with a mid-range miner for each cryptocurrency was taken from Coinwarz. Profitability is calculated using live crypto values from Live Coin Watch.