Energy cost disparities shape mining returns globally. In 2024, Asia dominated profitability, with 20+ countries offering low-cost energy, while U.S. miners faced 50% losses per Bitcoin due to high electricity prices. Global mining energy use reached 2% of U.S. electricity in 2023, pushing local rate hikes and grid strain. Trend data suggests miners are migrating to regions like Iran, despite regulatory bans, where energy costs enable 42x higher returns than in Europe. Investment prospects favor large operations in low-cost regions, but regulatory crackdowns and environmental concerns cloud long-term returns.