Recent research finds Bitcoin mining unrealistic and unfeasible to invest in for UK businesses. Businesses in the Manufacturing industry are the most likely to succeed, however, their success probability in Bitcoin mining is 52 in 17.59 trillion and if successful, the profit only comes to £4,799.89.

Bitcoin, Ethereum and Dogecoin have all seen an increase in Google search popularity over the last couple of months. With Bitcoin bouncing around a valuation just short of £30,000 per coin, it’s the most popular and expensive digital currency currently available. Investing in the cryptocurrency is a viable pathway to attempt to increase business profit margins but it puts capital at risk due to the volatility of Bitcoin price. Purely looking at profit, a more feasible option would be to go into Bitcoin mining.

Researching the 21 most common UK business industries, Utility Bidder revealed the top 12 industries that would have the highest success probability in mining Bitcoin, and which industry would earn the most profit. Looking at businesses annualised yearly energy usage, how much power one bitcoin rig requires and the cost of powering each rig, Utility Bidder worked out the success probability and estimated each sector’s annual profit, if successful. 

The report builds on recent research with focus on their yearly energy usage versus potential scale of returns across an array of sectors. A common outcome is that concentrating energy usage on existing business goals would likely bring a higher level of profit than Bitcoin mining and that unless industries vastly increased their annual energy usage the odds of generating a return are extremely slim.

Other interesting findings from the research include;

•The difficulty level gets harder to mine Bitcoin in the competitive market

•Bitcoin mining is unsustainable and is detrimental to the environment

•The vast use of electricity required to successfully run Bitcoin mining machinery necessitates huge additional power consumption to cool the rig equipment

Below you’ll find a breakdown of the top three industries with the highest success probability.

For more information about Bitcoin mining potentials for UK businesses and full list of industries please see Utility Bidder’s article: https://www.utilitybidder.co.uk/compare-business-energy/is-bitcoin-mining-practical-for-uk-business/

1. Manufacturing

• Annualised average energy usage: 1,372,608 kWh
• Annualised average energy cost: £164,713
• How many rigs you could power for a year: 52.2
• Success probability: 52 in 17.59 trillion
• Profit if successful: £4,799.89

2. Environmental

• Annualised average energy usage: 1,194,552 kWh
• Annualised average energy cost: £143,346
• How many rigs you could power for a year: 45.4
• Success probability: 45 in 17.59 trillion
• Profit if successful: £26,166.89

3. Education

• Annualised average energy usage: 1,039,980 kWh
• Annualised average energy cost: £124,798
• How many rigs you could power for a year: 39.57
• Success probability: 40 in 17.59 trillion
• Profit if successful: £44,714.89