Yesterday we published an article from CNBC, which was based on research by Elite Fixtures. It claimed that on examining the cost of Bitcoin mining in January 2018, Bahrain had the third most expensive electricity in the world.
We received much feedback in response to this article, including the accuracy of the figures presented being challenged. We don’t know how exactly the calculation for the cost of mining one bitcoin was done but it was allegedly based on electricity rates from 115 different countries, using data provided by governments, utility firms and the International Energy Agency.
In the article it stated that the cost for the electricity to produce one Bitcoin in the UAE was $3,569 compared to $16,773 in Bahrain. An examination of published electricity rates for Dubai and Bahrain shows that costs in Dubai to be higher – 45 fils/kwhr for the highest tariff in Dubai compared to 29 fils/kwhr in Bahrain.
We include below links showing published electricity rates for Bahrain, Dubai, and Abu Dhabi respectively:
We have contacted CNBC and Elite Fixtures for clarification and will publish their replies as soon as we receive them.