Bitcoin mining is powering more than just BTC

Mining Bitcoin isn’t just about earning digital coins—it’s powering a billion-dollar industry. From Texas to Kazakhstan, industrial-scale mining farms are creating jobs, revitalizing local economies, and even stabilizing power grids.

But as Bitcoin mining expands, so does scrutiny over its energy use. Can the industry stay profitable while going green?

Simply put, Bitcoin mining is the process of verifying transactions and generating new BTC. It works like a complex digital race, where powerful computers compete with each other to solve a complex math problem. The first one to solve it is rewarded with Bitcoin. 

Unlike regular coding or math problem-solving, Bitcoin mining requires specialized, high-powered machines that run 24/7. These machines usually consume a lot of energy, making mining a resource-intensive operation. 

Successful miners will keep earning BTC rewards until all 21 million BTC have been mined. So far, around 19.82 million BTC are already in circulation, leaving around 1.18 million left to be mined. 

The rise of the Bitcoin mining industry 

Because Bitcoin mining requires large-scale operations, it has grown into a massive industry, with several companies leading the way. 

Among mining firms, Marathon Digital Holdings currently holds the most BTC. The company currently has an impressive 45,659 BTC on its balance sheet. With Bitcoin priced at around $96k, their holdings are worth over $4.3 billion. In January alone, they mined 750 BTC. 

MARA’s January 2025 Bitcoin Production Update is here:

-- 218 Blocks Won in January, 12% Decrease M/M
-- Increased BTC Holdings to 45,659 BTC

Read the full update: https://t.co/obfjZ6IQCn pic.twitter.com/Iz3tf853zN

— MARA (@MARAHoldings) February 3, 2025

Riot Platforms is another major player. According to Bitcoin Treasuries by BitBo, the firm holds 18,221 BTC—valued at around $1.7 billion—as of January 31, 2025. Last month, they mined 527 BTC. 

Riot Announces January 2025 Production and Operations Updates.

“Riot mined 527 #bitcoin in January, marking the second consecutive month of increased production despite rising network difficulty,” said @JasonLes_, CEO of Riot. “During the month, we completed the commissioning of… pic.twitter.com/v0FIcBcf2i

— Riot Platforms, Inc. (@RiotPlatforms) February 4, 2025

Hut 8 Mining is also a top contender, with 10,096 BTC in its holdings (around $969.2 million) as of December 23, 2024. 

Bitcoin mining and job creation

While Bitcoin mining is a profitable way to earn BTC and keep the network running, it has also made a significant impact on the broader economy. 

A study commissioned by the Digital Chamber and Texas Blockchain Group and conducted by the Perryman Group found that the industry generated $2.58 billion in income. It also created 31,020 jobs, providing new livelihood opportunities for local communities. 

The Texas Blockchain Council highlighted the industry’s role in economic growth, stating on X, “By utilizing stranded energy and adjusting consumption in real-time, mining operations contribute to a stronger, more resilient power grid while driving investment and job creation.” 

Building on our previous insights, the following provides a deeper look at the findings from the @PerrymanGroup study, commissioned by the @TXblockchain_ and @DigitalChamber.

The report highlights the continued economic contributions and energy benefits of bitcoin mining in… pic.twitter.com/rhdFME23sZ

— Texas Blockchain Council (@TXblockchain_) February 15, 2025

Tackling Bitcoin mining’s energy concerns 

Despite its economic benefits, Bitcoin mining has raised concerns about its environmental impact due to its high energy consumption.

According to the US Energy Information Administration (EIA), crypto mining accounts for roughly 0.6% to 2.3% of electricity consumption across the country. As of August 2022, Bitcoin is estimated to account for 60% to 77% of total global crypto-asset electricity usage, while Ethereum accounts for 20% to 39%, according to a White House report.

However, some Bitcoin mining firms are actively addressing these concerns by adopting innovative solutions to reduce their environmental impact.

This is evident in the case of Green Mining DAO, which has found a creative way to repurpose the excess heat from Bitcoin mining operations. The company uses this heat to dry mangoes.

Last year, they told The Crypto Radio, “Our approach combines the use of 100% renewable energy sources, such as hydropower, with cutting-edge technology that repurposes excess heat from mining operations for practical applications—like drying fruits, including our now-famous Bitcoin mango.”

Other companies have also fully transitioned to renewable energy. Gryphon Digital Mining, for instance, operates entirely on 100% renewable energy, ensuring that its mining activities have minimal environmental impact. 

Gryphon is taking a bold step in #ESG leadership by publishing its #carbonemissions data publicly. Insight into our 100% renewable status is available here: https://t.co/1DV7bCYIp1 $GRYP #GryphonDigital pic.twitter.com/69jT2nCjWw

— Gryphon Digital Mining (@GryphonMining) March 26, 2024

In 2022, Michael Saylor, the founder of Strategy, also shared in a blog post, “Our metrics show ~59.5% of energy for bitcoin mining comes from sustainable sources and energy efficiency improved 46% YoY [year-on-year]. No other industry comes close (consider planes, trains, automobiles, healthcare, banking, construction, precious metals, etc).” 

Bitcoin mining is more than just earning BTC and validating transactions—it has evolved into a major industry that drives economic growth, job creation, and innovation. As BTC mining companies continue to explore sustainable energy solutions, the industry is showing how it can balance profitability with environmental responsibility.