Bitcoin Prices Still Not Enough for Viable Wind-Powered Mining Project

A recent study published in Energy Economics analyzed a hypothetical wind-powered mining project in Ireland and found that even at current Bitcoin prices, the model would not be viable. The researchers simulated a 20 MW mine connected to a 100 MW wind farm using hourly market data from 2024.

The study showed that when the BTC price falls to €60 thousand, the project does not recover its investment within six years at any level of generation curtailment tested. However, increasing the mine's capacity or absorption of curtailed energy did improve revenue.

The researchers also found a decisive relationship between Bitcoin appreciation and hashrate growth, with negative returns until both indicators grow well above the current levels.