Bitcoin Mining Energy Consumption Rebounds from Post-Halving Dip

Bitcoin mining energy consumption has surged following a post-halving trough, according to the latest data from S&P Global Commodity Insights. The Bitcoin Energy Consumption Index recorded an increase to 938.37 MWh/Bitcoin on May 16, up from 907.19 MWh/Bitcoin on May 10, according to Spglobal.

This rebound comes as bitcoin miners ramp up activity, driven by recovering power prices. The index measures energy consumption per bitcoin mined using the Antminer S19 Pro, which operates at 110 TeraHashes per second (TH/s) and consumes 3.25 kilowatts.

The return of Finland’s 1.6 GW Olkiluoto-3 (OL3) reactor on May 16 significantly impacted power prices. Finnish power prices fell sharply to Eur11.65/MWh on May 17 after spiking earlier in the month due to delays in OL3’s return. This price fluctuation has influenced mining profitability, which saw a notable rebound.

In Norway, bitcoin mining profitability exceeded $50/MWh on May 15, thanks to a 17% week-on-week increase in hydro power stocks, reaching 38.92 TWh or 30.7% of total capacity. This increase resulted in a multi-month low for power prices, enhancing mining profitability.

The Renewable Bitcoin Quarq Spread Index, which tracks mining profitability based on renewable energy usage, also showed improvement. Finnish and Norwegian markets particularly benefited from the resurgence in hydro power and stabilized power prices.

In Spain, strong solar generation impacted power prices, leading to near-zero solar capture prices from February to May. For the first time this summer, weekly solar output surpassed wind output, with wind generation falling to its lowest level since mid-September.