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.
The highlights of the past month are as follows:
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|
Year-end performance is available in the table below as of 2017 (the year in which the Bitcoin Energy Consumption Index was launched).
|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%|
|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%|
|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%|
|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%|