Key Stats on Bitcoin Mining

 Key Stats on Bitcoin Mining

Bitcoin Energy Consumption Statistics

o   One bitcoin transaction can spend up to 1,200 kWh of energy, which is equivalent to almost 100,000 VISA transactions.

o   Bitcoin mining consumes roughly 0.5% of all energy consumption worldwide.

o   Bitcoin uses more than 7 times as much electricity as all of Google’s global operations.

o   Bitcoin mining uses about the same amount of electricity as the state of Washington does every year.

o   Bitcoin currently consumes approximately 160 terawatt-hours of electricity annually -more than the entire country of Argentina- This is equivalent to the output of around 64 coal-fired power plants.

o   The Bitcoin network uses about 2% of the amount of electricity used by the USA every year.

o   The process of creating Bitcoin to trade or spend consumes around 91 terawatt-hours of electricity yearly, more than is used by Finland, a country with around 5.5 million people.

o   Producing Bitcoin generates around 22-23 million metric tons of Carbon dioxide every year.

o   Bitcoin energy consumption emits some 65 megatons of carbon dioxide into the atmosphere annually.

o   The Bitcoin mining industry generates approx. $56 million on average every day.

o   Bitcoin is 56 times more energy efficient than the current banking system.

o   The carbon footprint of a single mined Bitcoin is 223 tones CO2, muct more than the carbon footprint of on Bitcoins worth of gold mine (which is 9 tonnes CO2)

 

Dogecoin’s Energy Consumption

o   Dogecoin’s total energy consumption is comparable to the electricity consumption of a country like EI Salvador.

o   The average energy consumed per Dogecoin transaction is equivalent to more than 9 fully charge standard Tesla Model 3 batteries.

o   Dogecoin used 3.43 TWh of electrical energy, which is comparable to the power consumption of Botswana.

o   One Dogecoin transaction uses 172.67 kWh of electrical energy, which is equivalent to the power consumption of an average U.S. household over 5.84 days.

 

Ethereum’s Energy Consumption

o   Ethereum’s total energy consumption is ~ 112 TWh/year, comparable to that of the Netherlands.

o   A single Ethereum transaction uses 182.84 kWh of electrical energy, which is equivalent to the power consumption of an average U.S. household over 6.18 days.

 

In 2009, you could mine one Bitcoin using your computer, and a few second’s worth of household electricity. Today, you would need a room full of specialized machines and 9 years worth of household electricity.

Annually, total electricity costs for Bitcoin mining is $6,722,288,442 and the total value of mining rewards sums up to $7,721,850,090.

 

In a single day in 2021, the Bitcoin mining industry made $63 million.

 

Bitcoin mining has generated approx. $13 billion worldwide in a year.

 

In Jan, 2021, the Bitcoin miners averaged a total of $1.1 billion for the month.

 

China has been the leading nation when it comes to Bitcoin production that makes up 21% of the global mining production in the entire industry.

 

Currently, the U.S. accounts for nearly 17% of the Bitcoins that are mined every day, which is second to China who still has about a 46% of the market share. U.S. mines approx around 153 Bitcoins a day; and China mines appox around 630 Bitcoin (out of daily 900 Bitcoins that are mined every day).

 

U.S. contributes around 16.85% of the Global Bitcoin hash rate; while China hosts close to 75% of the mining capacity or the ‘hashrate’.

However, before the mining ban was imposed in China, they were responsible for 75.53% of the global Bitcoin hashrate, but after the ban, they contribute only 46.04% of the current global hashrate. Similarly, China used to bring in approximately $770 million every month from mining Bitcoins but due to the bans in China, they now bring around $506 million.

 

The average amount of revenue that is generated in the U.S. through Bitcoin mining is $2.2 billion a year; while it is approx. $187 million every month.

 

The cryptocurrency mining industry is expected to reach $2.6 billion by 2026; which is expected to grow at a CAGR (Compound Average Growth Revenue) of 13.8% every year for the next three to four years.

 

Note CAGR is measures your investments' average annual growth over a given period.

 

The largest Bitcoin mining hub is located in the United States, based in Rockdale Texas owned by Riot Blockchain after they acquired Whinestone US (over 320-acres). This mining farm can produce 500 BTC a month, which averages around $22 million at the current Bitcoin value.

 

Which company has the most Bitcoin miners?

 

The top-five are Elgius, BTCC, Slush Pool, Bitmain/Antpool and F2Pool.

 

Who is the largest Bitcoin miner in the US?

 

Core Scientific is the largest Bitcoin mining operation in the US.

Who is the largest Bitcoin miner in China?

Currently, BIT mining is the largest Bitcoin mining company in China.

 

Note: Information as of Jan, 2023

Source: Internet