Bitcoin Mining Approaches its Zettahash Era
Washingtoner/10239207

MENLO PARK, Calif. - Washingtoner -- OrionX Research today released the eleventh edition of its CryptoSuper500 list, marking its fifth anniversary. The list recognizes cryptocurrency mining as a form of supercomputing application, tracks the top mining companies and pools, and offers a snapshot of the cryptocurrency industry. The CryptoSuper500 was developed by Dr. Stephen Perrenod, OrionX Partner and noted crypto analyst who has also created a top-ranking Bitcoin evaluation model and elucidated the concept of the "blockchain calendar".

"The computational resources that create and maintain Bitcoin execute a Reusable Proof of Work (POW) security protocol and comprise a decentralized supercomputer with millions of specialized ASICs that perform about 500 Exahashes/second of secure protocol calculations, that is, half a Zettahash/second," said Perrenod, OrionX Partner and Analyst. "The top 12 publicly traded Bitcoin mining companies have a collective market cap of over $8 billion and hold over $1 billion in Bitcoin in their corporate treasuries. They have roughly 100 Exahashes/sec of hash rate and they mine 20% of the 900 Bitcoins mined on an average day, primarily in North America."

More on Washingtoner

• Massive Acquisition Into Defense With STS for Virtuix Holdings; $40 Million Revenue Business Will Accelerate Growth Transforming Market Position
• Orlando Real Estate Broker Bent Danholm Wins 2026 Goody Business Book Award for The Architecture of Demand
• Commercial Sales for U.S.-Made, Preservative-Free Ketamine Amid Long-Runnin Shortage Following FDA Approval by NRx Pharmaceuticals, Inc
• Stamp Me Launches Web App Ahead of 15th Anniversary
• The King Returns: Satirical December 2026 Rematch Sees Challenger Delayed by a Christmas Light Installation

As with traditional supercomputers, energy efficiency is an important parameter for Bitcoin mining. Over the past four years the energy usage of Bitcoin has roughly doubled, but the energy efficiency of mining hardware has improved by well over a factor of two. Whereas most electricity is used for consumption, Bitcoin produces permanently reusable value.

Among the dozens of proof of work coins in existence, only Bitcoin and Dogecoin exceed 100 million dollars of annual production. Bitcoin's annual production rate (annual economic value) is currently $11.2 billion, while Dogecoin's is just $0.4 billion.

The first CryptoSuper 500 report was released five years ago in November 2018. Since that time there has been consolidation from six POW coins down to just two, Bitcoin and Dogecoin, that now pass the hurdle for the list. The Bitcoin market capitalization has compounded at 43% per annum over the interval and the global hash rate at 56% per annum. Both have risen faster than Moore's Law.

The annual production of top cryptocurrencies has grown more modestly, at 16% compounded per annum. The more modest rate of increase is a result of Ethereum switching to proof of stake and dropping out of the crypto super POW race in September 2022.

More on Washingtoner

• Spokane City Council Passes Chronic Nuisance Properties Ordinance
• City of Spokane and City Council Announce 2027 Legislative Priorities
• LCH2 Awarded Additional $1 Million to Advance Lewis County Clean Energy Campus
• Security Planning Tips For Your Holiday Event From Access Patrol Services
• Tacoma: Council Member Sandesh Sadalge Focuses Today's District 4 Town Hall on the City's Biennial Budget

The report also discusses central bank digital currencies (CBDCs). China was the first major country to implement such a currency. Having completed its investigation phase, it appears that the European Central Bank is committed to a CBDC, with a preparation phase starting earlier this month.

About OrionX

OrionX is a Silicon Valley consulting firm offering Technology Research, Market Execution, and Customer Engagement services to high tech companies. More than 70 financial institutions and technology leaders in virtually every technology segment have trusted OrionX to provide advice, help set new break-away strategies, ignite brands, and grow market share. Visit us at OrionX.net.

* Note: This effort is an analysis of the technologies and trends surrounding blockchain and cryptocurrencies. It is not, and must not be considered as, financial, investment, or legal advice.