61 Bitcoin Energy Consumption Statistics (2024)

Bitcoin's Energy Consumption

• One Bitcoin transaction can spend up to 1,200 kWh of energy - that is equivalent to almost 100,000 VISA transactions.
• Bitcoin currently consumes around 160 terawatt-hours of electricity annually - more than the entire country of Argentina.
• The Bitcoin network uses about 2% of the amount of electricity used by the U.S. every year.
• Bitcoin uses more electricity than many countries.
• Bitcoin is 56 times more energy efficient than the current banking system.
• The process of creating Bitcoin to trade or spend consumes around 91 terawatt-hours of electricity yearly, more than is used by Finland.
• The carbon footprint of a single mined Bitcoin is 223 tonnes CO2, much more than the carbon footprint of one Bitcoin's worth of gold mined - 9 tonnes CO2.

Bitcoin uses more renewable energy than most countries.

Image Source: Blockware Solutions⁽¹⁾

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

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

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

Every year, Bitcoin mining uses around 160 terawatt-hours of electricity.

Every year, approximately 160 terawatt-hours of electricity is used by Bitcoin mining.

This is equivalent to the output of around 46 coal-fired power plants.

Dogecoin's Energy Consumption

• Dogecoin's total energy consumption is comparable to the electricity consumption of a country like El Salvador.
• The average energy consumed per Dogecoin transaction is equivalent to more than 9 fully charged standard Tesla Model 3 batteries.
• Dogecoin uses 3.43 TWh of electrical energy, which is comparable to the power consumption of Botswana.
• 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

• Ethereum's total energy consumption is ~112 TWh/yr, comparable to that of the Netherlands
• 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.

How long does it take to mine one Bitcoin? (2010 to 2021)

Source: The New York Times ⁽²⁾

Today you need a lot of money, highly specialized machines, and a big space to be able to mine Bitcoin.

Bitcoin mining operations have consolidated so much - only seven mining companies own almost 80% of all computing power on the network.

Bitcoin mining costs (2009 vs 2021)

Source: The New York Times⁽²⁾

In 2009, you could mine one Bitcoin for a few seconds' worth of household electricity.

In 2021, it will take you 9 years to mine one Bitcoin, and about $12,500 worth of household electricity.

Bitcoin uses more electricity than many countries.

In 2009, you could mine one Bitcoin using your computer, and a few seconds' worth of household electricity.

Today, you’d need a room full of specialized machines, and 9 years' worth of household electricity.

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

How big is the Bitcoin mining industry?

The Bitcoin mining industry generated $63 million in a single day in 2021.

Cryptocurrency has become increasingly popular over the past few years. Bitcoin was designed as an investment that helps to weigh the cost of hardware and energy against the expected returns.

How much does Bitcoin mining generate in the world every year?

The revenue from Bitcoin mining has been going up consistently the last few years, and in the most recent years, Bitcoin mining has generated approximately $13 billion worldwide, and it is expected to hold steady or increase in the years to come.

This is just an average of what is generated in a year, which means that it could be higher or lower depending on the current market.

How much does Bitcoin mining generate in the world every month?

Back in January 2021, Bitcoin miners averaged a total of $1.1 billion for the month, and this is a general average every month, but since it is an average, this number could be lower or higher based on the number of transactions that each miner is capable of completing every month.

How much does Bitcoin mining generate in the world every day?

Every Bitcoin miner is expected to pay a mining pool fee of 1.25% every day, which leaves them left with approximately .0055 Bitcoin a day, which is about $216 a day with the current market⁽³⁾.

The daily electricity uses about $30 a day, which means that a Bitcoin miner will make roughly $186 a day. This is a lot, and if you look at the world average, the Bitcoin mining industry generates approximately $56 million on average every day.

Which country has the most Bitcoin miners?

For the past few years, China has been the leading nation when it comes to Bitcoin production. They make up about 21% of the global mining production in the entire industry. However, more miners are showing up in other countries as time progresses.

How many bitcoins have been mined?

As of August 2021, 83% (18.78 million) of all Bitcoins have already been mined. This leaves a little more than 2 million Bitcoins left to be mined.

Also, there will only ever be 21 million Bitcoins mined and allowed into circulation.

What percent of the world’s Bitcoin is mined in the U.S?

It wasn't until the last six months that the United States has begun showing its strength in the Bitcoin mining industry. Currently, the United States 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.

How much does the U.S. contribute to the global Bitcoin hash rate?

Over the past year, the United States has increased its global Bitcoin hash rate exponentially. Although they have not surpassed China, the United States now has a hash rate contribution that stands around 16.85% of the global Bitcoin market share.

How many Bitcoins are mined every day in the U.S?

The United States is responsible for approximately 17% of the Bitcoins that are mined every day, which comes to approximately 153 Bitcoins a day that is mined in the United States. This also means that approximately 25 blocks out of the 144 blocks that are mined every day are mined inside of the United States.

How much does Bitcoin mining generate in the U.S. every year?

According to statistics, the average amount of revenue that is generated in the United States through Bitcoin mining is approximately $2.2 billion a year. The United States is second to China in the Bitcoin mining industry, and it is expected to grow exponentially in the next few years.

How much does Bitcoin mining generate in the U.S. every month?

Over the past year, the United States has taken advantage of China's drop in Bitcoin mining, and due to the efforts of the U.S.'s Bitcoin miners, the average revenue that is generated every month is approximately $187 million, which makes the Bitcoin industry an excellent opportunity for anyone looking for new investment and form of income.

How much does Bitcoin mining generate in the U.S. every day?

This year, the leading dollar amount of Bitcoins made in the United States totaled $63 million. This was the highest day revenue, but the average amount is still approximately $50 million, which is higher than in most other countries, except China, which is big in the Bitcoin industry.

What percent of the world’s Bitcoin is mined in China?

Due to the technology supply chains that are already established in China, it currently hosts close to 75% of all the world's bitcoin mining capacity, or in other words, "hashrate". This type of industry requires a substantial amount of energy, which China is capable of producing and providing to their Bitcoin miners.

How much does China contribute to the global Bitcoin hash rate?

Before the mining ban was imposed in China, they were responsible for 75.53% of the global Bitcoin hashrate, but after the mining ban, China is now only responsible for about 46.04% of the current global hashrate, which is a substantial decrease from when Bitcoin mining first became an industry.

How many bitcoins are mined every day in China?

Out of the estimated 900 bitcoins that are mined every day in the world, China is responsible for mining between 65% to 75% of that number⁽⁴⁾. So, on average, China is responsible for mining approximately 630 out of the daily 900 Bitcoins that are mined every day.

How much does Bitcoin mining generate in China every year?

Due to the number of Bitcoin miners in China, the total revenue that comes from Bitcoin mining in China is approximately $9.1 billion annually⁽⁵⁾. This is approximately 70% of the worldwide revenue that is generated through Bitcoin mining.

How much does Bitcoin mining generate in China every month?

When looking at monthly reports for Bitcoin mining, China used to bring in approximately $770 million every month from mining Bitcoins. This amount has decreased over the years, due to mining bans in China, but it is still the highest substantial amount. Currently, they bring in around $506 million.

How much does Bitcoin mining generate in China every day?

Even though China does not bring in the $32.2 million daily revenue that it used to a year ago, Chinese Bitcoin miners still make approximately $26 million every day⁽⁶⁾ on average amongst all of the miners.

How big is the cryptocurrency mining industry?

The cryptocurrency mining industry is expected to reach $2.6 billion by 2026. It is expected to increase at a CAGR of 16.8% every year from 2021 to 2026, which is a drastic increase from year to year for a single industry.

However, this industry can be difficult to get started in and it requires a substantial bankroll to get started for the average person.

What is the market size of the Bitcoin mining industry?

As of 2021, the Bitcoin mining industry is worth around $1.6 billion.

The industry is expected to grow at a CAGR of 13.8% every year for the next three to four years.

Although the Bitcoin mining industry is a little different than the cryptocurrency industry, it still falls into the same pattern.

What is the crypto mining industry growth rate?

The crypto mining industry growth rate is expected to continue to grow from now until 2026 at a CAGR of approximately 16.8%, which is a substantial increase compared to many other industries.

This industry also doesn't have a small shelf-life than other similar industries, like Bitcoin, has.

What is the Bitcoin mining industry growth rate?

The Bitcoin mining industry growth rate is expected to grow at 13.8% over the next few years.

It's important to note that there is a set amount of Bitcoins that will be brought into circulation, and once that number is hit, this industry will begin to hold at a steady rate without the potential for further growth.

Where is the largest Bitcoin mining hub?

The largest Bitcoin mining hub is located in the United States, based in Rockdale, Texas. It's owned by Riot Blockchain after they acquired Whinestone US. This mining facility can produce approximately 500 Bitcoin per month, which averages around $22 million at the current Bitcoin value.

This facility is over 320-acres, and it houses hundreds of machines that are more powerful than the average household computer. It is expected to provide a 24-hour mining operation in the next few months to offset the costs of running the business.

Which company has the most Bitcoin miners?

There are several Bitcoin companies throughout the world, but not all of them are capable of adequately producing the Bitcoins needed to keep the business up and running efficiently.

However, five companies have made it and are considered to be the best companies in the world with the most Bitcoin miners working for them. Currently, these five Bitcoin mining companies are:

• Elgius
• BTCC
• Slush Pool
• BitMain / Antpool
• F2Pool

It is hard to choose which of these companies is the best at what they do, because they all have different methods and mining operations that have helped to put them on top of the industry, and these five companies make up the majority of the revenue currently in the entire Bitcoin mining industry.

Who is the largest Bitcoin miner in the United States?

Core Scientific is the largest Bitcoin mining operation in the United States. Recently, they have announced that they plan on going public - they are expanding their business as the mining ban in China continues.

This has opened up a huge void to fill, and Core Scientific feels that they are adequately prepared to take on this endeavor and expand their operation.

Who is the largest Bitcoin miner in China?

Currently, BIT Mining is the largest Bitcoin mining company in China. Even they are considering moving out of China to be able to keep their business operations for the foreseeable future.

Bitcoin mining in China is slowly becoming less popular because of the Chinese government cutting down on Bitcoin mining in their country.