With the price of bitcoin rebounding to over 10000 more attention is being paid to the power consumption and cost of mining bitcoins worldwide. Mining is basically the backbone of the bitcoin economy. It works by using computing power to update the blockchain that bitcoin runs on. As people transact coins, the transaction is "mined" and is then recorded on the two parties wallets.
With an increase in prices we have seen more activity on the bitcoin servers and thus more mining. In South Korea the mining of one bitcoin costs almost 16000 while it costs only 500 dollars in Venezuela. This discrepancy will likely even out over time but it's incredible to look at the difference in prices across the world for mining.
