What have you heard about Bitcoin Mining ?

In this paper we investigate the current marginal cost of creation of bitcoin; the composition, efficiency, electricity consumption and electricity sources of the Bitcoin mining network.

We also investigate trends in hashrate, hardware cost and hardware efficiency and present a 2-year extrapolation thereof.

Among our findings is a market-average marginal cost of creation of $6,400 per bitcoin, as of May 11, under our current assumptions.

Furthermore, we find that contrary to widely cited media sources, the Bitcoin mining network is mainly powered by renewable energy, with hydro being the dominant source. Download the whitepaper to dig into the findings.