A study from Technological University of the Shannon models a 20 MW Bitcoin mine powered by a 100 MW Irish wind farm. At a Bitcoin price of €60,000, the project generates no return on investment within six years under any curtailment scenario tested. Bitcoin’s current price, near $63,600, already falls below the study’s lowest tested threshold. The research shows the model only becomes profitable when Bitcoin’s price growth significantly outpaces hashrate growth: a 30% annual Bitcoin increase against only 15% hashrate growth yields a positive NPV of €7.7 million, versus a loss of €10.1 million when both grow at the same rate. The 2028 halving, which will cut block rewards before the equipment’s end of life, and growing competition from AI contracts, which are absorbing an increasing share of miners’ power capacity, further complicate the profitability of these operations.
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