Bahrain has third most expensive electricity in the world – Report (+ SEE IMPORTANT ADDENDUM AT END OF ARTICLE)

US based television news network CNBC in February broadcast a special feature relating to mining (electricity) costs for Bitcoin, the world’s best known virtual currency.
Mining digital currency uses up a lot of electricity, as miners utilize huge rigs of computers for the process. However, in return for their work, voluntary miners are rewarded with a sum of bitcoin as well as a transaction fee paid by people who transact with the cryptocurrency.
The Elite Fixtures study analyzed January 2018 electricity prices from 115 different countries, using data provided by governments, utility firms and the International Energy Agency.
South Korea comes in as the most expensive country for mining a single coin at $26,170.


The tiny South Pacific island of Niue came next, with a cost of $17,566

Bahrain came third with a cost of $16,773, but the country has announced plans to double its electricity prices in 2018 which will then make it by far the world’s most expensive.

In all above cases, the electricity costs to mine one bitcoin far exceeded the value of a coin (currently $11,000-$11,500).

As for other GCC states, Saudi Arabia came in at $3,172, Kuwait was $1,983, and the UAE was $3,569

Venezuela came in as the cheapest nation at $531 where electricity rates are heavily subsidized by the government.

The United States came in as the 41st cheapest country for mining at $4,758.

Russia was just a little below the U.S. at $4,675.

China came in as the 17th cheapest nation at $3,172.

Here are the least expensive places in which to mine bitcoin

Video and Film

Source: Elite Fixtures

And here are the most expensive

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Source: Elite Fixtures


The above is from an article by 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:

Bahrain –

Dubai –

Abu Dhabi –

We have contacted CNBC and Elite Fixtures for clarification and will publish their replies as soon as we receive them.