Bitcoin mining is costing the South Koreans a lot of money.
The extraction of just one Bitcoin in one of the largest digital currency markets in the world costs US $ 26,170, according to data published by lighting and furniture firm Elite Fixtures.
The so-called Bitcoin miners are vital to maintain the underlying chain of blocks. A blockchain network is essentially a large decentralized database that keeps a record of transactions and other data in continuous growth.
Miners solve complex mathematical problems to validate transactions and add them to the block chain.
Elite Fixtures data also showed that Venezuela is the most economical country to mine bitcoins. US $ 531 costs to extract the most known virtual currency in the world.
Some Venezuelans have turned to Bitcoin mining to survive in the economically struggling South American country.
And the president of Venezuela, Nicolás Maduro, is betting on a cryptocurrency called "Petro", backed by the country's reserves of oil, gas, gold and diamonds, as a way to avoid US sanctions. UU
The digital mining currency consumes a lot of electricity, since the miners use huge computer platforms for the process. However, in exchange for their work, volunteer miners are rewarded with a sum of bitcoins, as well as a transaction fee paid by people who make transactions with the cryptocurrency.
According to the data of Blockchain.info, the total income obtained by all Bitcoin miners reached a historical maximum of US $ 53 million on December 17, the same day that Bitcoin reached its highest price of US $ 19,783.21.
The Elite Fixtures study analyzed the electricity prices of 115 different countries, using data provided by governments, utilities and the International Energy Agency. Solved the price of energy consumption based on the averages of three popular cryptocurrency mining platforms.
These are the least expensive places to mine Bitcoins.
It is just cool that people are making a living mining when there is no other work or hyper infalation.