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:

DescriptionValueMonthly changeTrend
Mining RevenueFor May 2021
Average Bitcoin Price$47,326-17.14%
Average Price Volatility65.55%33.53%
Mining Revenue from Fees$126,358,604-39.57%
Mining Revenue from Blocks Mined$1,326,097,992-15.17%
Total Mining Revenue$1,452,456,596-18.05%
Mining Costs
Total Costs of Mining$498,569,86320.76%
Percentage of Total Revenue34.33%47.36%
Total KWh Consumed9,971,397,25220.76%
Network Statistics
Total Transactions Processed7,844,185-6.80%
Average KWh Consumed per TX1,27129.56%
Average Fee per Transaction$16.11-35.14%
Energy cost per TX (at 5 cents per KWh)$63.5529.56%
Average Network Hashrate (GH/s)181,372,457,57514.41%
Average Network Effciency (J/GH)0.072.21%
Bounds
Economic Maximum KWh Consumed29,049,131,919-18.05%
Technical Minimum KWh Consumed4,652,791,40118.15%

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.

DescriptionYTD CurrentYTD PreviousYoY Change
Mining RevenueFor 2021For 2020numbers up to May
Average Bitcoin Price$47,957$8,240482.00%
Average Price Volatility72.07%60.95%18.24%
Mining Revenue from Fees$786,791,674$126624116342.85%
Mining Revenue from Blocks Mined$6,626,889,046$2,119,544,561212.66%
Total Mining Revenue$7,413,680,720$2,119,544,687249.78%
Mining Costs
Total Costs of Mining$1,894,578,995$1,509,888,50925.48%
Percentage of Total Revenue25.56%71.24%-64.13%
Total KWh Consumed37,891,579,90130,197,770,18125.48%
Network Statistics
Total Transactions Processed44,652,10846,016,068-2.96%
Average KWh Consumed per TX84965629.42%
Average Fee per Transaction$17.62$0.00#DIV/0!
Energy cost per TX (at 5 cents per KWh)$42.45$32.8029.42%
Average Network Hashrate (GH/s)160,865,707,206108,019,291,59748.92%
Average Network Effciency (J/GH)0.070.08-15.69%
Bounds
Economic Maximum KWh Consumed148,273,614,40142,390,893,742249.78%
Technical Minimum KWh Consumed51,334,885,70847,622,942,0167.79%

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).

Description2020201920182017
Mining Revenue
Average Bitcoin Price$11,054$8,472$7,559$4,375
Average Price Volatility47.35%59.07%64.38%66.78%
Mining Revenue from Fees$151,123,924$146,041,838$291,320,194$541,679,741
Mining Revenue from Blocks Mined$4,647,830,236$4,539,781,369$5,854,222,152$2,911,553,352
Total Mining Revenue$4,798,954,159$4,685,823,207$6,145,542,346$3,453,233,093
Mining Costs
Total Costs of Mining$3,543,503,205$2,628,628,083$3,117,068,023$776,532,329
Percentage of Total Revenue73.84%56.10%50.72%22.49%
Total KWh Consumed70,870,064,10552,572,561,65362,349,831,16315,530,646,590
Network Statistics
Total Transactions Processed113,017,71593,410,28481,147,38292,167,146
Average KWh Consumed per TX627563768169
Average Fee per Transaction$1.34$1.56$3.59$5.88
Energy cost per TX (at 5 cents per KWh)$31.35$28.15$38.40$8.45
Average Network Hashrate (GH/s)118,556,161,32073,060,732,05339,983,103,5337,288,177,479
Average Network Effciency (J/GH)0.070.080.180.24
Bounds
Economic Maximum KWh Consumed95,979,083,18693,716,464,141122,910,846,91069,064,661,866
Technical Minimum KWh Consumed49,134,536,66843,970,936,23440,416,917,3497,365,382,998