THE BITCOIN ENERGY REVOLUTION

Our mission is to assist Bitcoin miners educate the public and accurately convey how Bitcoin mining is revolutionizing the energy sector.

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HOW BITCOIN MINERS CONTRIBUTE

Bitcoin miners are harnessing new technologies to tap into previously unused and wasted energy sources, such as flaring, excess methane, and surplus grid power for Bitcoin mining.

Additionally, they are contributing to the stability of the power grid by providing a flexible load that can be adjusted based on grid demand. This not only optimizes energy consumption but also aids in balancing supply and demand, reducing the need for traditional energy wastage methods and supporting a more sustainable energy ecosystem.

WHY BITCOIN

Bitcoin, with its fixed supply cap of 21 million, stands as the hardest form of money ever created. As a multifaceted digital asset, it serves as a commodity, property, and foundational layer of digital money.

And with its ability to bank the 1.5 billion people that are currently unbanked, it’s history as acting as a store of value over a 4 year period, it offers unparalleled economic empowerment to billions globally.

BITCOIN MINING BENEFITS

Bitcoin Mining and OIL DRILLING

In oil fields, natural gas, a byproduct of oil extraction, is often released into the atmosphere as methane. Bitcoin mining offers an innovative solution to this problem by using this excess natural gas to power mining operations.

Bitcoin Mining and Grid Stability

Bitcoin mining can play a pivotal role in enhancing grid stability. By acting as a controllable load option, mining operations can be ramped up during times of excess electricity generation and dialled down during peak demand periods.

Bitcoin Mining and Biogas

Similar to oil fields, landfills emit methane as organic waste decomposes. This gas can be captured and used as a power source for Bitcoin mining operations. By doing so, miners can reduce methane emissions, while generating economic value from waste.

Research and Innovation

The energy-intensive demands of Bitcoin mining drive ongoing research and innovation in computing, silicon chip technology, and energy efficiency, fostering greater sustainability. Miners are incentivized to find the most cost-effective and efficient energy sources, alongside the most powerful computing solutions, to maximize profitability.

COMMON MISCONCEPTIONS ABOUT BITCOIN MINING

GREEN ENERGY

Bitcoin mining is powered by a higher mix of sustainable energy than any major country or industry.

SUSTAINABLE

59.9% of Bitcoin Mining energy is from sustainable sources. 63.1% of Bitcoin Mining energy from the Bitcoin Mining Council Members is from sustainable sources.

TECHNOLOGY

Bitcoin Mining is technology intensive. It has become 58x more efficient over the last 8 years.

CONSUMPTION

Global Bitcoin Mining consumes just 0.21% of the world’s energy production.

Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/08/BMC-H1-2023-Presentation.pdf

H1 2023 Data

“GLOBAL BITCOIN MINING HAS A HIGHER SUSTAINABLE ENERGY MIX THAN ANY COUNTRY”

BITCOIN MINING VS COUNTRIES SUSTAINABLE/RENEWABLE USAGE (% of TWh)BITCOIN MINING ENERGY USAGE VS COUNTRIES

H1 2023 Data

  • BITCOIN MEMBER COUNCIL MEMBER DATA ⁱ 63.1% 63.1%
  • GLOBAL BTC MINING ⁱⁱ 59.9% 59.9%
  • GERMANY 48.5% 48.5%
  • EU 43.5% 43.5%
  • SOUTH KOREA 33.7% 33.7%
  • AUSTRALIA 32% 32%
  • USA 31.4% 31.4%
  • CANADA 22.5% 22.5%
  • BRAZIL 21.7% 21.7%
  • WORLD 21.7% 21.7%
  • RUSSIA 19.6% 19.6%
  • CHINA 16.4% 16.4%
  • JAPAN 16.3% 16.3%
  • INDIA 12.6% 12.6%

Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/08/BMC-H1-2023-Presentation.pdf

ⁱ Value represents data compiled from BMC Advisory Council miners. Annualized primary energy use.

ⁱⁱ Estimated global Bitcoin network annualized power based on BMC analysis, assumptions, and extrapolation.

(June 30, 2023)

ⁱⁱⁱ Country data compiled from BP’s Statistical Review of World Energy (2022).

https://www.bp.com/en/global/corporate/energy-economics.html

Australian data: https://www.energy.gov.au/publications/australian-energy-statistics-table-o-electricity-generation-fuel-type-2021-22-and-2022

H1 2023 Data

AT JUST 0.21% OF WORLD ENERGY USAGE, BITCOIN MINING ENERGY USE IS TRIVIAL

BITCOIN MINING ENERGY USAGE VS COUNTRIES (TWh)

H1 2023 Data

GLOBAL BITCOIN MINING (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 0.17% 0.17%

TOTAL ENERGY GENERATED WORLDWIDE (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 100% 100%

CHINA (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 26.39% 26.39%

UNITED STATES (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 15.88% 15.88%

EUROPEAN UNION (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 9.63% 9.63%

INDIA (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 6.03% 6.03%

RUSSIA (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 4.78% 4.78%

JAPAN (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.95% 2.95%

CANADA (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.34% 2.34%

BRAZIL (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.22% 2.22%

SOUTH KOREA (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.10% 2.10%

GERMANY (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.04% 2.04%

IRAN (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.01% 2.01%

GLOBAL BITCOIN MINING (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 0.21% 0.21%

Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/08/BMC-H1-2023-Presentation.pdf

ⁱ BMC estimated Bitcoin mining energy use (June 30, 2023). Annualized values are used for Bitcoin mining energy & electricity use.

ⁱⁱ BP’s Statistical Review of World Energy (2022).

https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/primary-energy.

H1 2023 DATA

“GLOBAL BITCOIN MINING CONSUMES JUST 0.21% OF THE WORLD’S ENERGY PRODUCTION”

BITCOIN MINING ENERGY USE VS TOTAL GLOBAL ENERGY USE

H1 2023 Data

348 TWh

ENERGY CONSUMED BY BITCOIN MINING ON THE WORLD’S ELECTRIC GRID

(i)

167788 TWh

TOTAL ENERGY UTILIZED WORLDWIDE

(ii)

 

%

GLOBAL BITCOIN MINING CONSUMES JUST 0.21% OF THE WORLD'S ENERGY PRODUCTION

Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/08/BMC-H1-2023-Presentation.pdf

ⁱ BMC estimated Bitcoin mining energy use (June 30, 2023). Annualized values are used for Bitcoin mining energy & electricity use.

ⁱⁱ BP’s Statistical Review of World Energy (2022). https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/primary-energy.

GLOBAL BITCOIN MINING PRODUCES  JUST 0.107% OF THE WORLD’S CO2

BITCOIN MINING ENERGY USAGE VS OTHER INDUSTRIES (TWh)

H1 2023 Data

GLOBAL BITCOIN MINING (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 0.21% 0.21%

TOTAL ENERGY GENERATED WORLDWIDE (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 100% 100%

RESIDENTIAL BUILDINGS (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 15.78% 15.78%

ROAD VEHICLES (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 9.19% 9.19%

NON-RESIDENTIAL BUILDINGS (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 5.74% 5.74%

ROAD FREIGHT VEHICLES (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 4.80% 4.80%

MILITARY-INDUSTRIAL COMPLEX (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 3.99% 3.99%

AIR CONDITIONING - USA (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 3.74% 3.74%

CONSTRUCTION (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 3.48% 3.48%

FINANCE & INSURANCE (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.94% 2.94%

SHIPPING (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.42% 2.42%

AVIATION (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.41% 2.41%

HEALTH CARE (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 2.21% 2.21%

APPLICANCES (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 1.79% 1.79%

GOLD MINING (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 0.34% 0.34%

GLOBAL BITCOIN MINING (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 0.21% 0.21%

COMPUTER GAMES (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 0.13% 0.13%

HOLIDAY LIGHTS (TWh)

  • % OF TOTAL ENERGY GENERATED WORLDWIDE 0.12% 0.12%

Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/08/BMC-H1-2023-Presentation.pdf

ⁱ BMC estimated Bitcoin mining energy use (June 30, 2023). Annualized values are used for Bitcoin mining energy & electricity use. ⁱⁱ Estimated industry energy use based on several sources:

https://www.eia.gov/outlooks/ieo/pdf/transportation.pdf https://academic.oup.com/eurpub/article-abstract/30/supplement_5/ckaa165.843/5914601 https://smccook.medium.com/comparing-bitcoins-environmental-impact-f56b18014f64 https://bitcoinmagazine.com/business/introducing-cbei-a-new-way-to-measure-bitcoin-network-electrical-consumption

GLOBAL BITCOIN MINING PRODUCES  JUST 0.107% OF THE WORLD’S CO2

BITCOIN MINING CARBON EMISSIONS VS TOTAL GLOBAL CARBON EMISSIONS

H1 2023 Data

34.8 BMt

TOTAL ESTIMATED CO2 GENERATED GLOBALLY

(i)

0.05 BMt

ESTIMATED CO2 GENERATED BY BITCOIN MINING ON THE WORLD’S ELECTRIC GRID

(ii)

 

%

GLOBAL BITCOIN MINING IS 0.135% OF THE WORLD’S CO2 PRODUCTION

Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/08/BMC-H1-2023-Presentation.pdf

ⁱ CO2 emissions are estimated by extrapolating U.S. carbon emissions generated by electrical generation. https://www.eia.gov/tools/faqs/faq.php?id=74&t=11

ⁱⁱ Bitcoin mining estimate is derived from the H1 2023 BMC estimated TWh electricity consumed globally.

BITCOIN MINING EFFICIENCY HAS
INCREASED 58X IN 8 YEARS

JOULE/TERAHASH – EFFICIENCY OVER TIME ⁱ

The lower the Joule per Terahash the better.

This graph begins with the ASIC U1, which had an efficiency of 1250 Joules per Terahash. Earlier processors exhibited much higher inefficiencies, reaching up to 877,193 Joules per Terahash.

H1 2023 Data

  • ASIC – U1 – 1250 JL/TH
  • ASIC – BF864C55 – 500 JL/TH
  • ASIC – RockerBox – 316 JL/TH
  • ASIC – BE3000 – 187 JL/TH
  • ASIC – BM1385 – 181 JL/TH
  • ASIC – PickAxe – 140 JL/TH
  • ASIC – Antminer S9 – 98 JL/TH
  • ASIC – Antminer R4 – 97 JL/TH
  • ASIC – Ebang Ebit 10 – 92 JL/TH
  • ASIC – Antminer S15 – 59 JL/TH
  • ASIC – Antminer S19 Pro – 29 JL/TH
  • ASIC – Intel Bonanza – 26 JL/TH
  • ASIC – MicroBT M50S – 26 JL/TH
  • ASIC – Antminer S19 XP – 21.5 JL/TH

BITCOIN MINING TECHNOLOGY EFFICIENCY GAINS

BITCOIN MINING IS 5,814% MORE EFFICIENT OVER
THE LAST 8 YEARS. IT’S ESTIMATED THAT THE
GLOBAL J/TH EFFICIENCY IS 46.0.

COMBINED

HARWARE NAME

DATE

JOULES /TERAHASH

CPU ARM Cortex A9 3-Jan-09877,193
GPUKnCMiner Jupiter23-Sep-09264,550
FPGAX6500 FPGA Miner 29-Aug-1143,000
ASICCanaan AvalonMiner Batch 1 1-Jan-139,351
ASICKnCMiner Jupiter 5-Oct-131,484
ASICAntminer U1 1-Dec-131,250
ASICBitfury BF864C55 3-Mar-14500
ASICRockerBox  22-Jul-14316
ASICBE3000 ASICMiner 16-Sep-14187
ASICBM13859-Aug-15181
ASICPickAxe23-Sep-15140
ASICAntminer S9 – 11.5TH 1-Jun-1698
ASICAntminer R4 1-Feb-1797
ASICEbang Ebit 10 15-Feb-1892
ASICAntminer S15 9-Apr-1859
ASICAntminer S17 9-Apr-1939.5
ASICAntminer S19 Pro 23-Mar-2029.5
ASICIntel Bonanza 13-Jan-2326
ASICMicroBT M50S 15-Jul-2226
ASICAntminer S19 XP 12-Nov-2121.5

Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/08/BMC-H1-2023-Presentation.pdf

ⁱ Hardware data compiled from respective hardware manufacturer websites. Older generation model efficiency data from “The Cost of Bitcoin Mining Has Never Really Increased” (2020) https://arxiv.org/pdf/2004.04605.pdf.

H1 2023 Data

BITCOIN MINING STATISTICS

BITCOIN HASHRATE ⁱⁱ

The Bitcoin Hashrate increased 70%, from 213.3 EH to 363.6 EH over the last 12 months. The hash rate is the amount of calculations per second.

MINING EFFICIENCY ⁱⁱ

Bitcoin mining efficiency increased from 21.1 EH/GW (ExaHashes per gigawatt) to 26.1 EH/GW over the last 12 months. This is a computation power / energy metric. The more EH/GW the better.

HASHRATE VS ENERGY ⁱⁱ

Bitcoin mining hashrate is up 70% YoY while energy usage is up 38% YoY, due to an increase in efficiency of 24%.

ELECTRICITY ⁱⁱ

Fleet electricity consumption increased 38%, from 10.1 GW to 13.9 GW over the last 12 months.

Sources: https://bitcoinminingcouncil.com/wp-content/uploads/2023/08/BMC-H1-2023-Presentation.pdf

Sources: ⁱ Data compiled from BMC Advisory Council members. Annualized values are used for Bitcoin mining energy and electricity use.

ⁱⁱ Estimated global Bitcoin network annualized power based on BMC analysis, assumptions, and extrapolation.

ⁱⁱⁱ As of Q4-21, BMC Sustainability Electricity Value no longer takes into account Renewable Energy Credits (REC).

BITCOIN MINING HASHRATE

As of the 31st December, the Bitcoin Network hash rate was 245.9 EH.

245.9 ExaHash = 245,900,000,000,000,000,000 hash calculations per second.

MEMPOOL DASHBOARD

This is where transactions sit, waiting to enter the Bitcoin Blockchain. Priority is given to those transactions that are willing to pay a premium fee.

Source: https://mempool.space/

BITCOIN MINING INFRASTRUCTURE

Riot’s Rockdale Facility is a total of seven buildings, with two buildings deploying immersion-cooling technology, the largest immersion-cooling infrastructure, and the remaining five utilizing air-cooling solutions.

BITCOIN MINING AND

OIL FIELDS

CEO and Founder of Upstream Data Inc., Steve Barbour, walks you through a Canadian well site that is mitigating methane venting via Bitcoin Mining.

BITCOIN MINING AND

LANDFILL

Vespene has partnered with Viridi Energy, a full-service renewable natural gas platform, to develop a 2 MW landfill gas to energy (LFGTE) project.

WORLDWIDE INFLATION

The annual rate of inflation worldwide, as measured by the consumer price index (CPI), accelerated to 9.2 % in March 2022, up from 7.5 per cent in February 2022, 6.8 % in January 2022 and 6.4 % in December 2021.

*Source: https://ilostat.ilo.org/inflation-more-than-doubled-between-march-2021-and-march-2022/

%

WORLDWIDE INFLATION RATE

RISING COSTS AND UNCERTAIN TIMES

From 1 July 2022, the DMO prices in New South Wales, south-east Queensland and South Australia will increase for households (between 1.7% and 8.2% above inflation) and small businesses (0.2% and 13.5% above inflation), largely due to significant rises in wholesale electricity costs over the past year.

*Source: https://www.aer.gov.au/news-release/aer-sets-energy-price-cap-to-protect-consumers

%

MINIMUM INCREASE IN ENERGY COSTS FOR HOUSEHOLDS ABOVE INFLATION

%

MAXIMUM INCREASE IN ENERGY COSTS FOR HOUSEHOLDS ABOVE INFLATION

%

MINIMUM INCREASE IN ENERGY COSTS FOR BUSINESSES ABOVE INFLATION

%

MAXIMUM INCREASE IN ENERGY COSTS FOR BUSINESSES ABOVE INFLATION

BITCOIN IS ECONOMIC EMPOWERMENT

Here’s a playlist featuring some of our favorite Michael Saylor videos. Leading off is an interview between Michael Saylor and Peter Diamandis, both of whom are Astronautical and Aeronautical Engineers and MIT alumni.

DECENTRALIZED

DIGITAL ASSEST

DIGITAL PROPERTY

DIGITAL MONEY

DIGTITAL GOLD

DIGITAL COMMODITY

DIGITAL ENERGY

PEER TO PEER

UNCENSORABLE

21,000,000 ONLY

DISRUPTIVE

IMMUTABLE

TRUSTLESS

INDESTRUCTIBLE

BORDERLESS

TIMELESS

OPEN SOURCE

TRANSPARENT LEDGER

ECONOMIC EMPOWERMENT

HOPE