CoinShares, the cryptoasset investment and research platform, released a new 19-page report titled: “The Bitcoin Mining Network—Trends, Marginal Creation Cost, Electricity Consumption & Sources.” The report analyzes the geographic distribution, composition, efficiency, electricity consumption, and electricity sources of the Bitcoin mining network. Additionally, the white paper examines trends in hash rate, marginal creation cost, hardware costs, and hardware efficiency. This report is the second edition of CoinShares bi-annual mining report. The firm’s first report of Bitcoin mining was published in May 2018.
CoinShares starts off the report by noting that in the second half of 2018, several next-generation mining units were introduced onto the market. These mining units saw significant improvements in both gigahash-per-joules (GH/J) efficiency and investment cost per terahash-per-second. On average, the efficiency of hardware introduced since CoinShare’s last report has fallen along the previously identified trendline, while the cost of the hardware has fallen below the previous trendline, and the network’s hashrate has grown faster than the two-year average, but slower than the all-time average.