I don't know the exact figures, it's dirt cheap in Iran but relatively expensive in the US. But the total numbers are insane. BitCoin alone is estimated to have consumed at least 180 TWh of energy in 2021. How much does 1 kilowatt hour of electricity cost in Turkey for instance? We can use that as a basis because Turkey is not very rich like Western Europe and it doesn't have large energy resources like Iran. So, it's a good example as an average country in this case.
I think if oil prices shoot up and pass the $100 barrier, BitCoin may drop even below $10K.
But if I understood you correctly, you think the price will bounce back before it goes below $20K?
I'm just trying to correlate with previous crashes. Especially while the leverage ratio is rapidly lowered, BTC never rises to the level everyone expects and is never lowered to the level everyone expects. I especially have weeks of overtime on the 2018 crash. Because the sound decisions I made during that collapse enabled me to save my investments without any loss.
There were sudden increases in electricity prices in Turkey. IMO miners were especially targeted in this increase, so if you go above the average household consumption, you have to pay 30-40% more per kilowatt of electricity. I'm not a miner, but I know that the average ROI times go from 6-12 months to 15-20 months. Crypto assets are basically at the level of July 21 in TL terms, but the costs are higher now.
edit:
For Turkey, electricity pricing differs according to the distribution company you are affiliated with. Depending on the guaranteed consumption and stays with the same distributor for a certain period of time, it is possible to get a discounted price, but I will not go into these details. To give an example from my own invoice (AYESAŞ):
3-time tariff
Daytime 06.00 - 17.00 1.370507 TL/kWh
Peak 17.00 - 22.00 2.159889 TL/kWh
Night 22.00 - 06.00 0.739241 TL/kWh
standart time(24 H same) electricity tariff
Electricity Fee (a) 0,794622 TL
Distribution Fee (b) 0,329483 TL
BTV * (a, 5%) (c) 0.039731 TL
VAT Base (a+b+c) (d) 1,163836 TL
VAT (d, 18%) (e) 0.209490 TL
Electricity Price (d+e) 1.370507 TL/kWh
For consumption over 150 KW, 50% more is billed per KW. Max 2.06 TL per kW, around 0.15 cent.
In other words, while a significant portion of the miners in Turkey was well below the world average (around 0.08 cents) on July 21, they have now risen above the world average with price hikes and tariffs that prevent overconsumption.
In some eastern provinces in Turkey, there is a loss and theft rate of up to 85%. The only problem for the miners in these areas was the overload of street transformers. However, the state now closely monitors large amounts of inefficient mining device purchases and sales just as it began to rapidly reduce the leakage rate. There have been reports recently that many bulk deliveries have been seized. On the institutional scale, large holdings have already shift their investments to countries such as Georgia and Kazakhstan for 5-6 years. Some of major capital groups of the country such as Çalık holding is among them.
