124 Countries Ranked by their Green and Cheap Crypto Mining potential
Renewable Energy for Mining Clean, Green Crypto

124 Countries Ranked by their Green and Cheap Crypto Mining potential

By crush89 | Global Crypto | 18 Aug 2021


Our financial and environmental policies suck

As some of us know, Proof-of-Work (PoW) cryptocurrencies like Bitcoin (BTC), Etherium v1 (ETH) and Monero (XMR) require a lot of computational power to run, and this requires electricity. The cheaper this is, the quicker the miner can recover they’re computational investment and make a profit.

In another front, humanity is in the middle of a climate crisis, which CO2 emissions are partly to blame for. The use of renewable energy such as Solar, Hydroelectric, Wind, Thermal can help to mitigate climate change in the future.

Therefore, it is my view that the most responsible thing to do is to get miners to power their rigs using renewable sources without paying a premium for it. The future of decentralized PoW cryptos depends on this decentralized network of miners who validate transactions while keeping the network safe. In this way, we can slowly but surely stray away from the current corrupt centralized financial system we depend on.

How to rank countries by their ability provide cheap and environmentally-friendly electricity

This morning in the shower I thought, "how can I make a measure to include both cheap and renewable electricity?" As such this very simple index ranks countries in its ability to provide both cheap and environmentally-friendly electricity (at least in CO2 terms). It gives equal weight to the cost of electricity in a country in terms of USD/kWh and its % of electricity coming from renewable energy sources.

I managed to get data for 124 countries from the freely available online sources noted at the bottom of the article. I made sure the weighing of the ‘cheap’ and ‘green’ component were fairly compares by statistical normalization of each, before summing them up into the final index.

124 countries ranked by the Cheap and Green Crypto Mining Index (CGCMI)

Behold the data below, ranked by score. Does your country appear ranked as you expected? What is your real mining experience there? Looking forward to hearing you opinions.

  Rank         Country          USD/kWh   % Renewables   CGMI   
 ------ ---------------------- --------- -------------- ------- 
     1   Ethiopia               0.008     93.6%          1.000  
     2   Zambia                 0.029     95.0%          0.977  
     3   Paraguay               0.058     100.0%         0.961  
     4   Kyrgyzstan             0.01      86.7%          0.960  
     5   DR Congo               0.061     100.0%         0.956  
     6   Norway                 0.094     97.2%          0.893  
     7   Albania                0.11      100.0%         0.884  
     8   Venezuela              1E-06     67.6%          0.873  
     9   Angola                 0.019     70.3%          0.859  
    10   Georgia                0.06      80.7%          0.855  
    11   Namibia                0.131     99.3%          0.850  
    12   Iceland                0.136     100.0%         0.846  
    13   Costa Rica             0.141     97.7%          0.827  
    14   Sudan                  0.007     56.7%          0.804  
    15   Suriname               0.015     58.3%          0.801  
    16   Mozambique             0.141     83.7%          0.752  
    17   Brazil                 0.133     80.4%          0.746  
    18   Burma                  0.037     52.6%          0.738  
    19   Zimbabwe               0.035     51.9%          0.737  
    20   Uruguay                0.199     96.5%          0.735  
    21   Laos                   0.054     53.1%          0.716  
    22   Canada                 0.111     65.0%          0.696  
    23   Ecuador                0.096     60.2%          0.692  
    24   Kenya                  0.214     90.7%          0.682  
    25   Cameroon               0.089     52.4%          0.661  
    26   New Zealand            0.204     83.9%          0.660  
    27   Ghana                  0.062     42.9%          0.650  
    28   Colombia               0.139     62.9%          0.644  
    29   Panama                 0.161     66.6%          0.631  
    30   Croatia                0.161     65.2%          0.624  
    31   Pakistan               0.056     32.7%          0.604  
    32   Togo                   0.207     73.1%          0.598  
    33   Vietnam                0.082     38.6%          0.597  
    34   Sweden                 0.164     57.1%          0.576  
    35   Northern Macedonia     0.091     36.7%          0.574  
    36   Turkey                 0.079     32.9%          0.571  
    37   Armenia                0.081     32.2%          0.565  
    38   Tanzania               0.099     37.1%          0.564  
    39   Austria                0.237     74.3%          0.561  
    40   Gabon                  0.22      68.4%          0.554  
    41   Sri Lanka              0.074     27.7%          0.551  
    42   Lithuania              0.157     49.4%          0.545  
    43   Cambodia               0.149     47.2%          0.545  
    44   Argentina              0.06      21.5%          0.538  
    45   El Salvador            0.203     60.7%          0.538  
    46   Iran                   0.005     5.8%           0.535  
    47   Bosnia & Herz.         0.105     31.5%          0.526  
    48   Nigeria                0.059     18.6%          0.524  
    49   Cuba                   0.008     4.5%           0.524  
    50   Latvia                 0.19      54.2%          0.522  
    51   China                  0.084     24.4%          0.518  
    52   Honduras               0.182     50.1%          0.512  
    53   Kazakhstan             0.041     11.3%          0.512  
    54   Iraq                   0.024     6.4%           0.510  
    55   Russia                 0.063     16.9%          0.509  
    56   Peru                   0.185     50.1%          0.508  
    57   Libya                  0.004     0.0%           0.506  
    58   Malaysia               0.058     13.7%          0.500  
    59   Switzerland            0.226     59.8%          0.499  
    60   Azerbaijan             0.041     8.8%           0.498  
    61   India                  0.077     18.1%          0.495  
    62   Egypt                  0.045     8.2%           0.489  
    63   Nicaragua              0.212     53.3%          0.485  
    64   Finland                0.184     44.2%          0.478  
    65   Romania                0.175     41.4%          0.476  
    66   Chile                  0.182     43.3%          0.476  
    67   Mexico                 0.081     15.3%          0.474  
    68   Oman                   0.026     0.0%           0.473  
    69   Ukraine                0.048     5.6%           0.471  
    70   Kuwait                 0.03      0.1%           0.468  
    71   Qatar                  0.032     0.3%           0.466  
    72   Algeria                0.039     0.6%           0.457  
    73   Madagascar             0.115     20.8%          0.454  
    74   Indonesia              0.1       15.9%          0.450  
    75   Bahrain                0.048     0.0%           0.441  
    76   Saudi Arabia           0.048     0.0%           0.441  
    77   Trinidad & Tobago      0.052     0.0%           0.435  
    78   Dominican Republic     0.09      10.4%          0.435  
    79   Bangladesh             0.066     1.8%           0.424  
    80   Guatemala              0.251     51.7%          0.419  
    81   Tunisia                0.076     3.0%           0.416  
    82   Thailand               0.114     13.1%          0.414  
    83   Lebanon                0.077     2.8%           0.413  
    84   Belarus                0.075     1.2%           0.408  
    85   Portugal               0.27      53.5%          0.401  
    86   Ivory Coast            0.13      15.0%          0.401  
    87   Morocco                0.131     14.8%          0.398  
    88   Bulgaria               0.137     15.7%          0.394  
    89   United Arab Emirates   0.081     0.3%           0.394  
    90   Philippines            0.169     24.3%          0.393  
    91   Jordan                 0.1       4.9%           0.391  
    92   Taiwan                 0.101     4.2%           0.386  
    93   Moldova                0.106     5.3%           0.384  
    94   Serbia                 0.094     2.0%           0.384  
    95   Hungary                0.125     10.1%          0.382  
    96   Spain                  0.23      38.1%          0.377  
    97   USA                    0.148     14.7%          0.373  
    98   Slovenia               0.21      30.6%          0.367  
    99   Malta                  0.157     15.6%          0.364  
   100   South Korea            0.111     2.8%           0.363  
   101   Botswana               0.109     0.2%           0.353  
   102   Denmark                0.335     60.5%          0.343  
   103   Slovakia               0.204     24.5%          0.343  
   104   Estonia                0.161     12.5%          0.342  
   105   Greece                 0.217     27.4%          0.339  
   106   Italy                  0.261     37.3%          0.328  
   107   Australia              0.228     27.7%          0.325  
   108   South Africa           0.147     3.2%           0.313  
   109   Poland                 0.192     15.5%          0.312  
   110   United Kingdom         0.26      33.0%          0.306  
   111   Netherlands            0.187     12.1%          0.302  
   112   Senegal                0.185     10.4%          0.295  
   113   France                 0.214     17.5%          0.291  
   114   Singapore              0.169     1.6%           0.272  
   115   Israel                 0.175     2.5%           0.268  
   116   Luxembourg             0.247     20.8%          0.260  
   117   Germany                0.364     46.2%          0.224  
   118   Ireland                0.292     24.7%          0.215  
   119   Czech Republic         0.245     11.3%          0.212  
   120   Japan                  0.259     15.0%          0.211  
   121   Cyprus                 0.238     8.7%           0.209  
   122   Belgium                0.311     16.6%          0.144  
   123   Jamaica                0.292     8.2%           0.127  
   124   Benin                  0.36      3.2%           0.000  

Methodology:

Countries with unavailable data were filtered out. Both electricity price data and %renewable data was normalized (link to normalization, wiki). The CGCMI is the addition of the normalized electricity price and normalized %renewable, and then normalized to range between 0 and 1.

Sources:

Electricity price data for December 2020, retrieved 17/08/21 from https://www.globalpetrolprices.com/electricity_prices/

% Electricity from renewable sources data for November 2018, retrieved 17/08/21 from https://en.wikipedia.org/wiki/List_of_countries_by_renewable_electricity_production. This data is supposedly from https://iea.org

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