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Analysis of institutional authors

Delgado-Mohatar OAuthorFelis-Rota MAuthor

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September 25, 2019
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The Bitcoin mining breakdown: Is mining still profitable?

Publicated to:Economics Letters. 184 108492-e108492 - 2019-11-01 184(), DOI: 10.1016/j.econlet.2019.05.044

Authors: Delgado-Mohatar, Oscar; Felis-Rota, Marta; Fernandez-Herraiz, Carlos

Affiliations

Autonomous Univ Madrid, Dept Econ Anal, E-28049 Madrid, Spain - Author
Autonomous Univ Madrid, Super Polytech Sch, Dept Comp Sci, Madrid 28019, Spain - Author
Univ A Coruna, Business & Econ Sch, 15071 Campus Elvina, La Coruna, Spain - Author
Universidad Autónoma de Madrid - Author
Universidade da Coruña - Author
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Abstract

© 2019 We provide an updated estimation of the energy consumption of the Bitcoin network, and a calculation of the evolution of the production cost of Bitcoin over time. Using these data, we conclude that since June 2018 Bitcoin mining is no longer profitable for commodity miners without access to electricity prices below 0.14 $/kWh. This phenomenon explains why many Western miners have dropped out of the circuit, further increasing the centralization of mining activity in China. In addition, we estimate that the marginal cost of the production of bitcoin is around 1,952 US dollars. Below this price the cost of mining would not be profitable, even with the most efficient equipment and the lowest possible price for the energy required. This could lead to a massive exit of the biggest mining players, with unpredictable consequences for the future of this cryptocurrency.

Keywords

BitcoinCost–benefit analysisCryptocurrency

Quality index

Bibliometric impact. Analysis of the contribution and dissemination channel

The work has been published in the journal Economics Letters due to its progression and the good impact it has achieved in recent years, according to the agency Scopus (SJR), it has become a reference in its field. In the year of publication of the work, 2019, it was in position , thus managing to position itself as a Q1 (Primer Cuartil), in the category Finance.

From a relative perspective, and based on the normalized impact indicator calculated from World Citations provided by WoS (ESI, Clarivate), it yields a value for the citation normalization relative to the expected citation rate of: 2.49. This indicates that, compared to works in the same discipline and in the same year of publication, it ranks as a work cited above average. (source consulted: ESI Nov 14, 2024)

This information is reinforced by other indicators of the same type, which, although dynamic over time and dependent on the set of average global citations at the time of their calculation, consistently position the work at some point among the top 50% most cited in its field:

  • Weighted Average of Normalized Impact by the Scopus agency: 1.77 (source consulted: FECYT Feb 2024)
  • Field Citation Ratio (FCR) from Dimensions: 14.87 (source consulted: Dimensions Oct 2025)

Specifically, and according to different indexing agencies, this work has accumulated citations as of 2025-10-28, the following number of citations:

  • WoS: 25
  • Scopus: 28

Impact and social visibility

From the perspective of influence or social adoption, and based on metrics associated with mentions and interactions provided by agencies specializing in calculating the so-called "Alternative or Social Metrics," we can highlight as of 2025-10-28:

  • The use of this contribution in bookmarks, code forks, additions to favorite lists for recurrent reading, as well as general views, indicates that someone is using the publication as a basis for their current work. This may be a notable indicator of future more formal and academic citations. This claim is supported by the result of the "Capture" indicator, which yields a total of: 102 (PlumX).

It is essential to present evidence supporting full alignment with institutional principles and guidelines on Open Science and the Conservation and Dissemination of Intellectual Heritage. A clear example of this is:

  • The work has been submitted to a journal whose editorial policy allows open Open Access publication.
  • Assignment of a Handle/URN as an identifier within the deposit in the Institutional Repository: https://repositorio.uam.es/handle/10486/710610

Leadership analysis of institutional authors

There is a significant leadership presence as some of the institution’s authors appear as the first or last signer, detailed as follows: First Author (DELGADO BEN MOHATAR, OSCAR) .