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:

DescriptionMarch ValueMonthly changeTrend
Mining Revenue
Average Bitcoin Price$3,9486.99%
Average Price Volatility27.38%-12.33%
Mining Revenue from Fees$3,866,27737.95%
Mining Revenue from Blocks Mined$230,785,62722.97%
Total Mining Revenue$234,651,90423.19%
Mining Costs
Total Costs of Mining$215,266,34120.49%
Percentage of Total Revenue91.74%-2.19%
Total KWh Consumed4,305,326,82217.53%
Network Statistics
Total Transactions Processed9,466,3022.13%
Average KWh Consumed per TX45515.19%
Average Fee per Transaction$0.4136.67%
Energy cost per TX (at 5 cents per KWh)$22.7515.19%
Average Network Hashrate (GH/s)49,453,211,5723.48%
Average Network Effciency (J/GH)0.122.54%
Bounds
Economic Maximum KWh Consumed4,693,038,08223.19%
Technical Minimum KWh Consumed3,205,992,12314.62%

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 (numbers up to March)YTD 2019YTD 2018YoY Change
Mining Revenue
Average Bitcoin Price$3,775$10,542-64.19%
Average Price Volatility37.08%107.09%-65.37%
Mining Revenue from Fees$8,942,794$243,696,217-96.33%
Mining Revenue from Blocks Mined$623,923,983$2,114,968,705-70.50%
Total Mining Revenue$632,866,777$2,358,664,922-73.17%
Mining Costs
Total Costs of Mining$588,720,787$604,728,999-2.65%
Percentage of Total Revenue93.02%25.64%262.83%
Total KWh Consumed11,962,069,26212,094,579,990-1.10%
Network Statistics
Total Transactions Processed27,860,91520,059,37938.89%
Average KWh Consumed per TX429603-28.86%
Average Fee per Transaction$0.32$12.15-97.37%
Energy cost per TX (at 5 cents per KWh)$21.45$30.15-28.86%
Average Network Hashrate (GH/s)47,783,529,72023,776,052,810100.97%
Average Network Effciency (J/GH)0.120.24-50.79%
Bounds
Economic Maximum KWh Consumed12,657,335,54447,173,298,439-73.17%
Technical Minimum KWh Consumed8,992,181,5104,474,474,811100.97%

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).

Description20182017YoY Change
Mining Revenue
Average Bitcoin Price$7,559$4,37572.78%
Average Price Volatility64.38%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$2,911,553,352101.07%
Total Mining Revenue$6,145,542,346$3,453,233,09377.96%
Mining Costs
Total Costs of Mining$3,117,068,023$776,532,329301.41%
Percentage of Total Revenue50.72%22.49%125.55%
Total KWh Consumed62,349,831,16315,530,646,590301.46%
Network Statistics
Total Transactions Processed81,147,38292,167,146-11.96%
Average KWh Consumed per TX768169354.44%
Average Fee per Transaction$3.59$5.88-38.95%
Energy cost per TX (at 5 cents per KWh)$38.40$8.45354.44%
Average Network Hashrate (GH/s)39,983,103,5337,288,177,479448.60%
Average Network Effciency (J/GH)0.180.24-26.84%
Bounds
Economic Maximum KWh Consumed122,910,846,91069,064,661,86677.96%
Technical Minimum KWh Consumed40,416,917,3497,365,382,998448.74%