Wind-Powered Bitcoin Mining Still Loses Money Despite Revenue Increases

A new study by researchers at the Technological University of the Shannon models a 20 MW Bitcoin mine connected to a hypothetical 100 MW Irish wind farm, using hourly market data from 2024.

The modeled project captures 83.1% of the wind farm's annual dispatch-down energy and generates revenue that climbs from €22.2 million to €29.2 million, a 32% increase, even with 25% of the wind farm's output curtailed.

However, at lower Bitcoin prices or higher hashrate growth rates, the project fails to recover its investment within the six-year equipment horizon.

The researchers tested various scenarios, including different levels of curtailment and Bitcoin price growth rates. They found that even if Bitcoin's price rises by 30% annually, the modeled project still loses money as long as hashrate keeps pace.