HOW BITCOIN MINERS CONTRIBUTE
Additionally, they are contributing to the stability of the power grid by providing a flexible load that can be adjusted based on grid demand. This not only optimizes energy consumption but also aids in balancing supply and demand, reducing the need for traditional energy wastage methods and supporting a more sustainable energy ecosystem.
WHY BITCOIN
Bitcoin, with its fixed supply cap of 21 million, stands as the hardest form of money ever created. As a multifaceted digital asset, it serves as a commodity, property, and foundational layer of digital money.
And with its ability to bank the 1.5 billion people that are currently unbanked, it’s history as acting as a store of value over a 4 year period, it offers unparalleled economic empowerment to billions globally.
BITCOIN MINING BENEFITS
Bitcoin Mining and OIL DRILLING
In oil fields, natural gas, a byproduct of oil extraction, is often released into the atmosphere as methane. Bitcoin mining offers an innovative solution to this problem by using this excess natural gas to power mining operations.
Bitcoin Mining and Grid Stability
Bitcoin mining can play a pivotal role in enhancing grid stability. By acting as a controllable load option, mining operations can be ramped up during times of excess electricity generation and dialled down during peak demand periods.
Bitcoin Mining and Biogas
Similar to oil fields, landfills emit methane as organic waste decomposes. This gas can be captured and used as a power source for Bitcoin mining operations. By doing so, miners can reduce methane emissions, while generating economic value from waste.
Research and Innovation
The energy-intensive demands of Bitcoin mining drive ongoing research and innovation in computing, silicon chip technology, and energy efficiency, fostering greater sustainability. Miners are incentivized to find the most cost-effective and efficient energy sources, alongside the most powerful computing solutions, to maximize profitability.
COMMON MISCONCEPTIONS ABOUT BITCOIN MINING
GREEN ENERGY
Bitcoin mining is powered by a higher mix of sustainable energy than any major country or industry.
SUSTAINABLE
58.9% of Bitcoin Mining energy is from sustainable sources. 63.8% of Bitcoin Mining energy from the Bitcoin Mining Council Members is from sustainable sources.
TECHNOLOGY
Bitcoin Mining is technology intensive. It has become 58x more efficient over the last 8 years.
CONSUMPTION
Global Bitcoin Mining consumes just 0.17% of the world’s energy production.
“GLOBAL BITCOIN MINING HAS A HIGHER SUSTAINABLE ENERGY MIX THAN ANY COUNTRY”
BITCOIN MINING VS COUNTRIES SUSTAINABLE/RENEWABLE USAGE (% of TWh)BITCOIN MINING ENERGY USAGE VS COUNTRIES
Q4 2022 Data
- BITCOIN MEMBER COUNCIL MEMBER DATA ⁱ 63.8%
- GLOBAL BTC MINING ⁱⁱ 58.8%
- GERMANY 48.5%
- EU 43.5%
- SOUTH KOREA 33.7%
- AUSTRALIA 32%
- USA 31.4%
- CANADA 22.5%
- BRAZIL 21.7%
- WORLD 21.7%
- RUSSIA 19.6%
- CHINA 16.4%
- JAPAN 16.3%
- POLAND 15.6%
- INDIA 12.6%
Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/01/BMC-Q4-2022-Presentation.pdf
ⁱ Value represents data compiled from BMC Advisory Council miners. Annualized primary energy use.
ⁱⁱ Estimated global Bitcoin network annualized power based on BMC analysis, assumptions, and extrapolation. (December 31, 2022)
ⁱⁱⁱ Country data compiled from BP’s Statistical Review of World Energy (2022).
https://www.bp.com/en/global/corporate/energy-economics.html
Australian data: https://www.energy.gov.au/publications/australian-energy-statistics-table-o-electricity-generation-fuel-type-2021-22-and-2022
Q4 2022 Data
BITCOIN MINING ENERGY USAGE VS COUNTRIES
BITCOIN MINING ENERGY USAGE VS COUNTRIES (TWh)
Q4 2022 Data
GLOBAL BITCOIN MINING (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 0.17%
TOTAL ENERGY GENERATED WORLDWIDE (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 100%
CHINA (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 26%
UNITED STATES (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 15%
EUROPEAN UNION (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 10%
INDIA (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 5.20%
RUSSIA (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 5%
JAPAN (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 3%
CANADA (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 3%
GERMANY (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 2%
SOUTH KOREA (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 2%
BRAZIL (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 2%
IRAN (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 2%
GLOBAL BITCOIN MINING (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 0.17%
“GLOBAL BITCOIN MINING CONSUMES JUST 0.17% OF THE WORLD’S ENERGY PRODUCTION”
BITCOIN MINING ENERGY USE VS TOTAL GLOBAL ENERGY USE
Q4 2022 Data
275 TWh
ENERGY CONSUMED BY BITCOIN MINING ON THE WORLD’S ELECTRIC GRID
(i)
165317 TWh
TOTAL ENERGY UTILIZED WORLDWIDE
(ii)
%
GLOBAL BITCOIN MINING CONSUMES JUST 0.17% OF THE WORLD'S ENERGY PRODUCTION
Sources ⁱ BP STATISTICAL REVIEW OF WORLD ENERGY (2021), https://web.archive.org/web/20221230091745/ & https://bitcoinminingcouncil.com/wp-content/uploads/2023/01/BMC-Q4-2022-Presentation.pdf
ⁱⁱ BMC ESTIMATED BITCOIN MINING ENERGY USE (DECEMBER 31, 2022).
BITCOIN MINING ENERGY USAGE VS OTHER INDUSTRIES
ENERGY USAGE OF BITCOIN MINING VS OTHER INDUSTRIES (TWh)
Q4 2022 Data
GLOBAL BITCOIN MINING (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 0.17%
TOTAL ENERGY GENERATED WORLDWIDE (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 100%
RESIDENTIAL BUILDINGS (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 16.01%
ROAD VEHICLES (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 9.32%
NON-RESIDENTIAL BUILDINGS (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 5.82%
ROAD FREIGHT VEHICLES (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 4.87%
MILITARY-INDUSTRIAL COMPLEX (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 4.05%
AIR CONDITIONING - USA (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 3.80%
CONSTRUCTION (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 3.53%
FINANCE & INSURANCE (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 2.99%
SHIPPING (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 2.46%
AVIATION (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 2.45%
HEALTH CARE (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 2.25%
APPLICANCES (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 1.81%
GOLD MINING (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 0.350%
GLOBAL BITCOIN MINING (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 0.17%
COMPUTER GAMES (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 0.13%
HOLIDAY LIGHTS (TWh)
- % OF TOTAL ENERGY GENERATED WORLDWIDE 0.13%
GLOBAL BITCOIN MINING PRODUCES JUST 0.107% OF THE WORLD’S CO2
BITCOIN MINING CARBON EMISSIONS VS TOTAL GLOBAL CARBON EMISSIONS
Q4 2022 Data
34.8 BMt
TOTAL ESTIMATED CO2 GENERATED GLOBALLY
(i)
0.04 BMt
ESTIMATED CO2 GENERATED BY BITCOIN MINING ON THE WORLD’S ELECTRIC GRID
(ii)
%
GLOBAL BITCOIN MINING IS 0.107% OF THE WORLD’S CO2 PRODUCTION
Sources ⁱ BP STATISTICAL REVIEW OF WORLD ENERGY (2021), https://web.archive.org/web/20221230091745/ & https://bitcoinminingcouncil.com/wp-content/uploads/2023/01/BMC-Q4-2022-Presentation.pdf
ⁱⁱ BMC ESTIMATED BITCOIN MINING ENERGY USE (DECEMBER 31, 2022).
BITCOIN MINING TECHNOLOGY EFFICIENCY GAINS
BITCOIN MINING IS 5,814% MORE EFFICIENT OVER
THE LAST 8 YEARS. IT’S ESTIMATED THAT THE
GLOBAL J/TH EFFICIENCY IS 46.0.
COMBINED | HARWARE NAME | DATE | JOULES /TERAHASH |
CPU | ARM Cortex A9 | 3-Jan-09 | 877,193 |
GPU | KnCMiner Jupiter | 23-Sep-09 | 264,550 |
FPGA | X6500 FPGA Miner | 29-Aug-11 | 43,000 |
ASIC | Canaan AvalonMiner Batch 1 | 1-Jan-13 | 9,351 |
ASIC | KnCMiner Jupiter | 5-Oct-13 | 1,484 |
ASIC | Antminer U1 | 1-Dec-13 | 1,250 |
ASIC | Bitfury BF864C55 | 3-Mar-14 | 500 |
ASIC | RockerBox | 22-Jul-14 | 316 |
ASIC | BE3000 ASICMiner | 16-Sep-14 | 187 |
ASIC | BM1385 | 9-Aug-15 | 181 |
ASIC | PickAxe | 23-Sep-15 | 140 |
ASIC | Antminer S9 – 11.5TH | 1-Jun-16 | 98 |
ASIC | Antminer R4 | 1-Feb-17 | 97 |
ASIC | Ebang Ebit 10 | 15-Feb-18 | 92 |
ASIC | Antminer S15 | 9-Apr-18 | 59 |
ASIC | Antminer S17 | 9-Apr-19 | 39.5 |
ASIC | Antminer S19 Pro | 23-Mar-20 | 29.5 |
ASIC | Intel Bonanza | 13-Jan-23 | 26 |
ASIC | MicroBT M50S | 15-Jul-22 | 26 |
ASIC | Antminer S19 XP | 12-Nov-21 | 21.5 |
BITCOIN MINING EFFICIENCY HAS
INCREASED 58X IN 8 YEARS
JOULE/TERAHASH – EFFICIENCY OVER TIME ⁱ
Q4 2022 Data
- ASIC – U1 – 1250 JL/TH
- ASIC – BF864C55 – 500 JL/TH
- ASIC – RockerBox – 316 JL/TH
- ASIC – BE3000 – 187 JL/TH
- ASIC – BM1385 – 181 JL/TH
- ASIC – PickAxe – 140 JL/TH
- ASIC – Antminer S9 – 98 JL/TH
- ASIC – Antminer R4 – 97 JL/TH
- ASIC – Ebang Ebit 10 – 92 JL/TH
- ASIC – Antminer S15 – 59 JL/TH
- ASIC – Antminer S19 Pro – 29 JL/TH
- ASIC – Intel Bonanza – 26 JL/TH
- ASIC – MicroBT M50S – 26 JL/TH
- ASIC – Antminer S19 XP – 21.5 JL/TH
Sources: ⁱ Hardware data compiled from respective hardware manufacturer websites. Older generation model efficiency data from “The Cost of Bitcoin Mining Has Never Really Increased” (2020) https://arxiv.org/pdf/2004.04605.pdf.
Q4 2022 Data
BITCOIN MINING STATISTICS
BITCOIN HASHRATE ⁱⁱ
The Bitcoin Hashrate increased 45%, from 169.9 EH to 245.9 EH over the last 12 months. The hash rate is the amount of calculations per second.
MINING EFFICIENCY ⁱⁱ
Bitcoin mining efficiency increased from 19.3 EH/GW (ExaHashes per gigawatt) to 22.3 EH/GW over the last 12 months. This is a computation power / energy metric. The more EH/GW the better.
HASHRATE VS ENERGY ⁱⁱ
Bitcoin mining hashrate is up 45% YoY while energy usage is up 25% YoY, due to an increase in efficiency of 16%.
ELECTRICITY ⁱⁱ
Fleet electricity consumption increased 25%, from 8.8 GW to 11 GW over the last 12 months.
Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/01/BMC-Q4-2022-Presentation.pdf
Sources: ⁱ Data compiled from BMC Advisory Council members. Annualized values are used for Bitcoin mining energy and electricity use.
ⁱⁱ Estimated global Bitcoin network annualized power based on BMC analysis, assumptions, and extrapolation.
ⁱⁱⁱ As of Q4-21, BMC Sustainability Electricity Value no longer takes into account Renewable Energy Credits (REC).
Q4 2022 Data
BITCOIN MINING HASHRATE
As of the 31st December 2022, the Bitcoin Network hash rate was 245.9 EH.
245.9 ExaHash = 245,900,000,000,000,000,000 hash calculations per second.
WORLDWIDE INFLATION
The annual rate of inflation worldwide, as measured by the consumer price index (CPI), accelerated to 9.2 % in March 2022, up from 7.5 per cent in February 2022, 6.8 % in January 2022 and 6.4 % in December 2021.
%
WORLDWIDE INFLATION RATE
RISING COSTS AND UNCERTAIN TIMES
From 1 July 2022, the DMO prices in New South Wales, south-east Queensland and South Australia will increase for households (between 1.7% and 8.2% above inflation) and small businesses (0.2% and 13.5% above inflation), largely due to significant rises in wholesale electricity costs over the past year.
%
MINIMUM INCREASE IN ENERGY COSTS FOR HOUSEHOLDS ABOVE INFLATION
%
MAXIMUM INCREASE IN ENERGY COSTS FOR HOUSEHOLDS ABOVE INFLATION
%
MINIMUM INCREASE IN ENERGY COSTS FOR BUSINESSES ABOVE INFLATION
%
MAXIMUM INCREASE IN ENERGY COSTS FOR BUSINESSES ABOVE INFLATION
DECENTRALIZED
DIGITAL ASSEST
DIGITAL PROPERTY
DIGITAL MONEY
DIGITAL GOLD
DIGITAL COMMODITY
DIGITAL ENERGY
PEER TO PEER
UNCENSORABLE
21,000,000 ONLY
DISRUPTIVE
IMMUTABLE
TRUSTLESS
INDESTRUCTIBLE
BORDERLESS
TIMELESS
OPEN SOURCE
TRANSPARENT LEDGER
ECONOMIC EMPOWERMENT
HOPE