Where in the world is bitcoin mining the most profitiable? This is a question for Bitcoin miners. High cost of electricity can really cut down on the profitability of Bitcoin mining. I want to know what geographic location has the cheapest electricity and thus most profitable Bitcoin mining in the world?
According to the EIA:
http://www.eia.gov/emeu/international/elecprih.html

The cheapest electricity prices from their available data would be Kazakhstan at .052USD/kWh.

Although electricity cost itself would not be the only determining factor of profitability, it would be a major part.

Currently FPGA's seem to be the answer for best performance/kWh.  Some other factors to think about would be(not 100% inclusive of all the factors):


Difficulty in sourcing equipment to the country of choice.
Governmental taxes
Employee Cost
Weather Conditions(HVAC)
Government stability (Politics in General)
Ability of the power distribution network to handle your load.