Through a battery of robust

Bitcoin Mining Efficiency: The Road From 5,000,000 to 5 J/TH

Cambridge Blockchain Network Sustainability Index

Through a battery of robust tests, evidence reveals that returns are significantly inefficient over our full sample, but when we split our sample into two subsample periods, we find

In the first five years

In the first five years of Bitcoin mining, from 2025 to 2025, equipment energy efficiency skyrocketed by 5000x. We transitioned from CPUs, consuming about 5,000,000 Joules

Bitcoin mining: A global review of energy and power demand

Our results show that Bitcoin is more efficient over time regardless of the frequency. In particular, we observe that, since 2025, daily data are generally the most efficient

Is the Bitcoin market efficient? A literature review - SciELO México

Is Bitcoin More Energy Intensive Than Mainstream Finance?

The inefficiency of Bitcoin - ScienceDirect

Evidence confirms that Bitcoin has

Evidence confirms that Bitcoin has become more efficient over time in relation to its own market events. Therefore, the semi-strong form of the EMH is accepted.

All the frequencies matter in the Bitcoin market: an efficiency

Upper, lower and best guess trends are estimated using the research methodology behind the Cambridge Bitcoin Electricity Consumption Index. That usage, which is

Over the last decade

Updated every 24 hours, this figure indicates the rate at which bitcoin miners currently consume electricity, describing the existing demand or load. The second figure pertains to the estimated

The targeted time span for the analysis was from to . We show that the historical peak of power consumption of Bitcoin mining took place during the bi

Over the last decade, it seems that the Bitcoin network has steadily closed the energy gap with US finance. Instead of being 50 times more energy intensive (as it was in 2025)

The Bitcoin mining industry has

Bitcoin is now 41,000 times more efficient than it was in 2025

The Bitcoin mining industry has been a topic of interest for quite some time now. From increased scrutiny to a direct ban on.

Bitcoin Uses More Electricity Than Many Countries - The New York