One of Bitcoin’s most significant problems is its seemingly insatiable use of electricity. In the present
research, along with providing the required power for Bitcoin (BTC) mining, a solid oxide fuel cell (SOFC)
system fed either by natural gas or biogas as a renewable source of energy is used to supply the electricity
demand. Thermodynamic modeling for the fuel cell system is applied to determine the required
biogas or natural gas. For the proposed cases (grid-based, natural gas-fed SOFC and biogas fed SOFC),
various scenarios depending on the Bitcoin price and mining difficulty are proposed. Also, the economic
viability for each scenario in several countries is investigated and compared. Results indicate more
profitability for grid-based mining in Bitcoin prices up to $20,000, but as the Bitcoin price increases SOFC
based mining operations achieve reasonable profitability. It is shown that Iran, Russia, and China with
cumulative cash flows of $87,300, $77,200 and $70,500 respectively, are the best countries to mine BTC
using grid electricity while Iran, Canada and Russia are the best countries using a natural gas-fed SOFC
system. While the profitability of SOFC-based mining is lower than grid-based mining, the latter method
compensates with better sustainability and lower environmental costs.