Bitcoin Miners Recommit to Efficiency and Renewable Energy at the World Digital Mining Summit

Asic Miner

Bitmain unveiled its advanced Antminer S21 and S21 Hydro ASIC miners during the World Digital Mining Summit (WDMS) in Hong Kong on September 22, providing key performance details long-awaited by the industry.

The Antminer S21 boasts a hash rate of 200 terahashes per second (TH/s) with an energy efficiency of 17.5 joules per terahash (J/T), while the S21 Hydro achieves 335 TH/s with 16 J/T, noteworthy as most Bitcoin ASICs previously operated above 20 J/T.

In a landscape where electricity costs continue to escalate, coupled with the looming Bitcoin halving projected for April 2024, miners are shifting their focus towards ASIC efficiency and incorporating renewable energy sources into their operations. Sustainability emerged as a central theme at WDMS, with participants from Terrawulf, Core Scientific, CleanSpark, and Iris Energy discussing how integrating renewable energy will become a vital strategy post the 2024 halving. 

This event will require miners to either increase their reliance on sustainable energy sources or optimize the efficiency of their ASIC fleets to maintain or enhance profitability. 

Despite ongoing debates about Bitcoin’s environmental impact, some, like Hong Kong Sustaintech Foundation professor Haitian Lu, argue that Bitcoin mining promotes renewable energy adoption and sustainability as the industry becomes more energy-efficient and shifts towards cleaner energy sources.

According to Lu:

“Bitcoin mining is promoting renewable energy adoption in many areas.”

Either way, the efficiency advancements of next-generation ASICs like the Antminer S21 will reduce mining energy consumption while boosting profits.