Bitcoin Energy Consumption Index approaches almost all-time high

Bitcoin global energy consumption reverted in early December, on a course to the all-time high of 1,230 MWh per bitcoin, according to S&P Global Commodity Insights Bitcoin Energy Consumption Index data.

The index reflects energy consumption per bitcoin mined using a standard graphic card, Antminer S19 Pro. This card has an average of 110 TeraHashes per second (TH/s) and consumes 3.25 KW.

Power price volatility continues to weigh on bitcoin mining profitability variability despite higher bitcoin energy consumption and a rise in bitcoin price to a new record all-time high.

In Germany and Spain, bitcoin mining profitability remained mostly out-of-money across November amid higher demand and colder temperatures boosting the gas-for-power demand across the major European power markets. However, strong wind output on Nov. 24 flipped bitcoin mining profitability to in-the-money of $75.24/MWh and $68.24/MWh for Germany and Spain, respectively. Strong wind output usually weighs on the power prices, as renewable generation reduces the reliance on conventional gas-fired generation. Meanwhile, high seasonal winter power demand also results in higher gas-storage utilization rates, additionally supporting higher power prices.

European wind output in November fell on average 25% on the year, despite the winter storm on Nov. 24 raising the wind output to an almost record high in France for the day and few negative hourly power prices registered in Germany.

Commodity Insights' Renewable Bitcoin Quarq Spread Index presents bitcoin mining profitability on grid-based delivered electricity accounting for renewable certificates in 43 regions across the US and Europe.

Bitcoin miners have the flexibility, to provide demand flexibility at times of higher power demand or tight supply and compensated. Meanwhile, they also remain profitable by mining bitcoin at in-the-money power prices. Across 10 major European power markets, a record of 2,863 negative hourly power prices were registered in 2024, compared to the previous high of 1,277 negative hourly prices for 2023.

Similarly to Spain and Germany, power prices across the Nordic region, Finland, Sweden, and Denmark, have registered increased volatility due to seasonal winter demand. Meanwhile, the spot power prices in the Norway NO4 region remained relatively stable, supporting a rangebound bitcoin mining profitability rate.

Bitcoin mining profitability in Norway NO4 was between $55-$80/MWh through November. Meanwhile, nuclear outages in Finland and Sweden resulted in a dip in bitcoin profitability amid seasonal power demand in the region. Nordic hydro output was also lower on the year in November by 5% at 19.4 TWh, while Nordic hydro stocks remain above the five-year averages.

Platts assessed Nordic hydro guarantees of origin certificates at 38 euro cent/MWh on Dec. 5.

Platts is part of Commodity Insights.