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

• CAPHRA warns push for ASEAN vape ban ignores science
• Spokane: Egypt National Team to Hold Open Training Session at Gonzaga University Ahead of FIFA World Cup 2026™
• Your Mortgage Toolbox Launches Free Mortgage Calculators That Show the Real Monthly Payment and Cash Needed to Close
• ENTOUCH Recognized on Inc.'s 2026 Best Workplaces List for the Third Year Running
• P-Wave Classics Opens Pre-Orders for Volume II of Robert Bage's Hermsprong

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

• City of Spokane Launches New Webpage, Notice Document to Connect Residents with Eviction Prevention Resources
• Tuckwell Machinery Launches New Range of Woodworking Machinery
• A Brave Little Hero with Four Paws
• Arux Group CEO Calls on Security Industry to End Hidden Subcontracting and White-Papering
• Revenue Optics Expands Its Private Equity Practice as Sponsors Move Inside Sales to the Center of Distribution Value Creation

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.