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A report by CoinGecko reveals that Europe is home to nine out of the ten least profitable countries for Bitcoin mining based on household electricity costs. The average household electricity cost to mine one Bitcoin is $46,291.24, which is higher than the average daily price of 1 BTC in July 2023. Italy is identified as the costliest country for household Bitcoin production, followed by Austria and Belgium. On the other hand, Lebanon has significantly lower household electricity rates, making it 783 times cheaper to mine a Bitcoin compared to Italy. Additionally, 150,000 pieces of cryptocurrency mining equipment were recently seized in Iran. However, there are concerns about electricity shortages and peak hour restrictions affecting mining profitability in certain countries.
AI Sentiment: Neutral
