Bitcoin Historic Sustainability Performance

Digiconomist is committed to promoting (the development of) sustainable blockchain technology. Blockchain protocols such as Bitcoin currently run on the energy-slurping proof-of-work algorithm (creating these proofs of work is better known as “mining”). The Bitcoin Energy Consumption index is a key tool that was created to provide insight into this energy consumption amount, and raise awareness on the environmental damage caused of the proof-of-work algorithm. This page uses historical data from the Bitcoin Energy Consumption Index to summarise the sustainability progress and performance of the Bitcoin protocol over the past month.

For a daily estimate of Bitcoin’s energy consumption make sure to visit the Bitcoin Energy Consumption Index.

Monthly Changes

The highlights of the past month are as follows:

Description Value Monthly change Trend
Mining Revenue For March 2020
Average Bitcoin Price $6,891 -28.52%
Average Price Volatility 80.22% 105.53%
Mining Revenue from Fees $22 -21.13%
Mining Revenue from Blocks Mined $404,503,507 -21.46%
Total Mining Revenue $404,503,529 -21.46%
Mining Costs
Total Costs of Mining $317,638,854 4.50%
Percentage of Total Revenue 78.53% 33.06%
Total KWh Consumed 6,352,777,082 4.50%
Network Statistics
Total Transactions Processed 9,145,801 -3.30%
Average KWh Consumed per TX 695 8.09%
Average Fee per Transaction $0.00 #DIV/0!
Energy cost per TX (at 5 cents per KWh) $34.75 8.09%
Average Network Hashrate (GH/s) 103,667,722,098 -6.66%
Average Network Effciency (J/GH) 0.08 4.83%
Bounds
Economic Maximum KWh Consumed 8,090,070,588 -21.46%
Technical Minimum KWh Consumed 3,771,039,583 -0.32%

Year-to-Date Sustainability Performance

Apart from the changes in monthly performance, numbers on the current year to date (YTD) performance are found in the following table.

Description YTD Current YTD Previous YoY Change
Mining Revenue For 2020 For 2019 numbers up to March
Average Bitcoin Price $8,245 $3,775 118.41%
Average Price Volatility 54.99% 37.08% 48.30%
Mining Revenue from Fees $76 $8,942,794 -100.00%
Mining Revenue from Blocks Mined $1,392,977,971 $623,923,983 123.26%
Total Mining Revenue $1,392,978,047 $632,866,777 120.11%
Mining Costs
Total Costs of Mining $932,433,257 $588,720,787 58.38%
Percentage of Total Revenue 66.94% 93.02% -28.04%
Total KWh Consumed 18,648,665,140 11,962,069,262 55.90%
Network Statistics
Total Transactions Processed 28,181,299 27,860,915 1.15%
Average KWh Consumed per TX 662 429 54.31%
Average Fee per Transaction $0.00 $0.32 -100.00%
Energy cost per TX (at 5 cents per KWh) $33.10 $21.45 54.31%
Average Network Hashrate (GH/s) 215,539,523,904 86,915,273,029 147.99%
Average Network Effciency (J/GH) 0.04 0.06 -37.14%
Bounds
Economic Maximum KWh Consumed 27,859,560,937 12,657,335,544 120.11%
Technical Minimum KWh Consumed 23,034,418,404 9,287,320,856 148.02%

Annual Performance

Year-end performance is available in the table below as of 2017 (the year in which the Bitcoin Energy Consumption Index was launched).

Description 2018 2017 YoY Change
Mining Revenue
Average Bitcoin Price $7,559 $4,375 72.78%
Average Price Volatility 64.38% 66.78% -3.59%
Mining Revenue from Fees $291,320,194 $541,679,741 -46.22%
Mining Revenue from Blocks Mined $5,854,222,152 $2,911,553,352 101.07%
Total Mining Revenue $6,145,542,346 $3,453,233,093 77.96%
Mining Costs
Total Costs of Mining $3,117,068,023 $776,532,329 301.41%
Percentage of Total Revenue 50.72% 22.49% 125.55%
Total KWh Consumed 62,349,831,163 15,530,646,590 301.46%
Network Statistics
Total Transactions Processed 81,147,382 92,167,146 -11.96%
Average KWh Consumed per TX 768 169 354.44%
Average Fee per Transaction $3.59 $5.88 -38.95%
Energy cost per TX (at 5 cents per KWh) $38.40 $8.45 354.44%
Average Network Hashrate (GH/s) 39,983,103,533 7,288,177,479 448.60%
Average Network Effciency (J/GH) 0.18 0.24 -26.84%
Bounds
Economic Maximum KWh Consumed 122,910,846,910 69,064,661,866 77.96%
Technical Minimum KWh Consumed 40,416,917,349 7,365,382,998 448.74%