Shouldn't mining arbitrage make it so the price difference to mine 1BTC in different countries is not so big? what am I missing?
According to an analysis by CoinGecko, the most profitable countries to mine #Bitcoin based on energy costs are:
1 - Lebanon - $266.02
2 - Iran - $532.04
3 - Syria - $1330.1
4 - Ethiopia - $1596.12
5 - Sudan - $2128.17
6- Libya - $2660.21
7 - Kyrgyzstan - $2660.21
8 - Angola - $3724.29
9 - Zimbabwe - $3990.31
10 - Bhutan - $4256.33
If any plebs in these countries can confirm, that would be great, are your electricity costs really that low?
https://void.cat/d/CyoJzJUAHvu6pSxG854hio.webp
https://www.coingecko.com/research/publications/bitcoin-mining-cost
Discussion
I think these are crude calculations that don't factor in availability and only price of electricity locally, while the cost might be low they might not be able to produce enough that if miners came online they wouldn't bang up prices in the region or have to mine intermittedly