Where to Mine Bitcoin: Electricity Rates by Country, 2026
Electricity rate is the single largest variable in mining profitability. Same hardware, same algorithm, same network conditions — a rig at $0.04/kWh prints money while one at $0.18/kWh loses it. This guide breaks down the regions where mining is currently economic, with specific industrial-rate ranges and the trade-offs of each.
How electricity rate translates to profit
A modern flagship like the Antminer S21 XP draws 3,645 W. Run continuously for a year (8,760 hours), that’s ~31,900 kWh per unit. At common rates:
| Rate (USD/kWh) | Annual electricity cost | Daily cost | Profitability at 2026 conditions |
|---|---|---|---|
| $0.03 | $960 | $2.63 | Strong margin (~$5–7/day net) |
| $0.06 | $1,920 | $5.26 | Comfortable margin (~$3–5/day net) |
| $0.10 | $3,200 | $8.77 | Marginal (~$0–2/day net) |
| $0.15 | $4,800 | $13.15 | Loss (negative net) |
The break-even electricity rate moves with BTC price and difficulty. As of 2026 with BTC near recent ranges, profitability cuts off around $0.10–0.12/kWh for current-generation hardware. Older S19-class rigs need sub-$0.05.
North America
Texas, USA — $0.03–0.06/kWh industrial
The dominant mining destination for the past three years. ERCOT grid, abundant natural gas and wind, mining-friendly regulation, demand-response programs that pay miners to shut off during peak demand. Major hosting facilities cluster around Rockdale, Dallas, and the Permian Basin. Risk: summer heat and grid instability — miners regularly curtail during August peaks.
Quebec, Canada — $0.04–0.07/kWh industrial
Hydroelectric grid, cool climate (reduces cooling costs), stable politics. Hydro-Québec rates for industrial customers are some of the lowest in North America. Risk: provincial moratoriums on new mining capacity have been declared and partially lifted multiple times since 2018.
Pacific Northwest, USA — $0.04–0.07/kWh
Hydroelectric (Columbia River system). Cool ambient temperatures help cooling efficiency. Risk: drought years can spike rates; some PUDs (Public Utility Districts) have moved to ban new crypto mining loads.
Europe
Iceland — $0.05–0.08/kWh industrial
100% renewable (geothermal + hydro), naturally cold ambient (free cooling), grid surplus. The original mining destination. Risk: limited capacity to add new load; long lead times on new connection contracts.
Norway — $0.04–0.06/kWh
Hydroelectric, cool climate, stable jurisdiction. Industrial rates among the lowest in Europe. Risk: tax authorities have been increasingly skeptical of mining tax exemptions historically applied to “data centers.”
Sweden / Finland — $0.05–0.09/kWh
Hydroelectric (Sweden) and nuclear (Finland), cold climate. Stable policy. Marginally less attractive than Norway/Iceland but still viable. EU regulations apply (energy taxonomy, ESG reporting) which adds compliance cost for institutional operations.
Asia
Kazakhstan — $0.04–0.08/kWh industrial
Coal-heavy grid, cheap industrial rates, historically friendly to mining. Risk: 2022 grid crisis led to government rationing of mining capacity; ongoing regulatory uncertainty. The cheap-rate window has narrowed.
Singapore — $0.18–0.25/kWh
Not viable for home or industrial mining at residential rates. Useful as a logistics hub: warehousing, customs clearance, regional distribution to lower-cost facilities. Our partner facility in Singapore is for staging and inspection, not mining itself. SEA-region buyers typically host in Kazakhstan, Bhutan, or Paraguay.
Bhutan — $0.03–0.05/kWh (state-controlled)
Hydroelectric, government-operated mining via Druk Holding. Not generally accessible to private operators, but the Bhutan sovereign mining operation is among the largest in the world. A signal that hydroelectric mining is competitive at scale.
Latin America
Paraguay — $0.04–0.06/kWh
Itaipú hydroelectric dam (one of the world’s largest) creates surplus power that’s exported to Brazil at low margin. Itaipú surplus is a meaningful capacity for mining. Risk: regulatory pendulum swings; recent crackdowns on illegal mining operations stealing grid power have made authorities skeptical of all mining.
El Salvador — $0.05–0.08/kWh
Government-promoted mining via geothermal volcanic energy. State-run mining operation; private mining permitted but smaller scale.
Africa
Ethiopia — $0.025–0.04/kWh
Grand Ethiopian Renaissance Dam (GERD) hydroelectric output exceeds local demand. Government has explicitly courted miners as a way to monetize surplus capacity. Risk: telecommunications and physical security infrastructure are less mature than other destinations; rig damage and theft are real concerns.
Decision matrix
If you’re choosing where to deploy:
- Sub-$0.05/kWh + stable jurisdiction: Texas, Quebec, Norway, Pacific NW. The mainstream answer.
- Sub-$0.05/kWh + frontier risk: Kazakhstan, Paraguay, Ethiopia. Higher returns, higher operational risk.
- $0.05–0.08/kWh + premium reliability: Iceland, Sweden, Finland. Lower margins, no surprises.
- >$0.10/kWh: don’t mine at home; use a hosted facility in one of the regions above instead.
For a specific cost model with your numbers, run our per-miner profitability calculator with your local rate. The full economic picture (including depreciation, cooling, hosting fees, and pool fees) is in the Total Cost of Ownership Guide.