Connect with us

Bitcoin

Most Traded Currencies in 2016

Published

on

Have you ever wondered which currencies receive the most trading action? The data for the following chart comes from a survey done every three years by the Bank of International Settlements (BIS).

Note that trading volume adds up to 200%, because each currency trade has a pairing.

The Most Traded Currencies in 2016

Chart courtesy of: Datashown

The Chinese yuan is now the 8th most traded currency in the world, for a total share of 4.0%.

That means its share has doubled since the 2013 BIS report:

RankSymbolCurrency2013 Share
1USDU.S. Dollar87.0%
2EUREuro33.4%
3JPYJapanese Yen23.0%
4GBPBritish Pound11.8%
5AUDAustralian Dollar8.6%
6CHFSwiss Franc5.2%
7CADCanadian Dollar4.6%
8MXNMexican Peso2.5%
9CNYChinese Yuan2.2%
10NZDNew Zealand Dollar2.0%

What about Bitcoin?

The BIS is an international financial institution that is owned by the world’s central banks. As a result, something like bitcoin isn’t considered in their triennial reports.

Bitcoin is ending 2016 on a tear, and it will likely finish as the top performing currency of 2016 – a title it would continue to hold from the previous year.

Bitcoin price

Chart courtesy of: BI Intelligence

But what is bitcoin’s trading volume like, relative to other currencies?

Bitcoin: In the last 30 days, about $3 billion of bitcoin has been traded, which averages out to $100 million per day.

Other Currencies: The total amount of forex transactions per day is $5.1 trillion. The estimated daily turnover of just the Chinese yuan is $202 billion per day.

That means that the yuan has approximately 2,000x the volume traded of bitcoin, while total forex is 51,000x the size. In other words, bitcoin has a way to go to become one of the world’s most traded currencies.

Want another look at the size of bitcoin in comparison to other markets? We put together a previous data visualization showing all the world’s money and markets compared against one another.

Click for Comments

Bitcoin

Top 10 Bitcoin Mining Countries & Their Renewable Electricity Mix

Bitcoin miners worldwide use about 348 TWh of electricity per year, as much as some countries, but just where does all that power come from?

Published

on

Teaser to an infographic showing the top 10 countries for Bitcoin mining, led by the U.S. Kazakhstan, and China, and their renewable electricity mix. Only China, Canada, Germany, and Ireland had renewable mixes above the global average of 30%.

Published

on

The following content is sponsored by HIVE Digital Technologies

Top 10 Bitcoin Mining Countries & Their Renewable Electricity Mix

Bitcoin miners use an estimated 348 terawatt hours of electricity per year, and with the world increasingly moving to renewables, some are asking the question: just where does Bitcoin get its electricity?

To answer that question, we partnered with HIVE Digital to visualize data from the Cambridge Centre for Alternative Finance and Ember, a climate-oriented energy think tank, to look at the Bitcoin network’s electricity mix. 

This is part one in our How Green is Bitcoin? series, which examines the cryptocurrency’s sustainability.  

The World According to Bitcoin

The top 10 countries for Bitcoin mining represent 93.8% of the entire network by hashrate—a measure of computational power—with the U.S., China, and Kazakhstan rounding out the top three. Together these three countries hosted nearly three-quarters of the network at the end of 2021. 

CountryHashrate (%)Renewable (%)
U.S.37.8%22.5%
China21.1%30.2%
Kazakhstan13.2%11.3%
Canada6.5%69.7%
Russia4.7%18.5%
Germany3.1%43.0%
Malaysia2.5%19.1%
Ireland2.0%38.6%
Singapore2.0%2.4%
Thailand1.0%15.5%
Rest of the World6.3%30.1%

Source: Hashrate (%): Cambridge Centre for Alternative Finance as of December 2021; Renewable (%) Ember, as of 2022.

China used to be the top spot for Bitcoin mining, up to 75% of global capacity, but a crackdown in the summer of 2021 saw their share drop to nil in just a couple months. Many miners relocated to nearby Kazakhstan, attracted by cheap electricity, loose regulations, and a ‘stable’ political climate, while others opted for the United States. A sizable covert mining scene has also emerged in China, now that the dust has settled.

At the bottom of the top 10 are Ireland, Singapore, and Thailand, which together host 4.9% of the network. Ireland’s reported share—and this applies to sixth-place Germany, as well—is thought to be a significant overstatement caused by miners in other countries masking their true locations.

The Role of Renewables

On a national basis, the U.S., China, and Kazakhstan each had renewable shares of 22.5%, 30.2%, and 11.3% respectively. For context, renewables made up 30% of the world’s electricity generation in 2022 (not including nuclear). 

Kazakhstan’s dismal renewable share is due to their heavy reliance on coal (60%), which is also a major export of the central Asian country. At the same time, coal contributes a similar amount of the electricity in China (61%), but their overall renewable share is higher because of their breakneck expansion of wind and solar power.

Wagons Ho?

Just where a Bitcoin miner sets up their rig is important, because unlike many other industries with factories or big head offices, they are mobile (Google ‘Bitcoin mining shipping containers’ if you need convincing).

Where they choose to put out their shingle is based on things like the regulatory regime, price of electricity, and because Bitcoin rigs generate a lot of heat, the average outdoor temperature. On this last point, here is how the top 10 breaks down by mean annual temperature:

Increasingly, though, with climate change driving the push to renewables, many Bitcoin miners are looking more closely at where their electricity is coming from. This could be why Canada—with its embarrassment of hydroelectric riches—has crept up the ranking from less than one percent of the network in 2019, to six-and-a-half percent at the end of 2021. 

But considering that top renewable countries such as Iceland, Paraguay, and Norway together only hosted just over one percent of the global network, there’s still a lot more room left for growth.

Visual Capitalist Logo

Learn more about how Bitcoin miner and data center operator HIVE Digital is using clean, renewable energy at its facilities in Canada, Sweden, and Iceland.

Click for Comments

You may also like

MSCI Climate Metrics Paper - A simple toolkit for climate investing

Subscribe

Continue Reading
VettaFi Exchange 2024 - Invest in your growth

Subscribe

Popular