In-Depth | Indonesia Has the Potential to Mine Hundreds of Bitcoin Worth IDR 738 Billion
Indonesia indeed has very abundant energy reserves, including from renewable energy. This is considered very suitable for building Bitcoin mining, which has the potential to transform the face of Indonesia's economy.
As information, geothermal energy in Indonesia currently has the potential to be very large, reaching around 23 gigawatts (GW) to 29 GW, making it the largest geothermal energy reserve in the world after the United States.
In fact, Indonesia has about 40% of the world's geothermal reserves and hydropower potential of up to 95 GW. However, the utilized geothermal energy is only 2.3 GW or 12%, while new energy used is less than 7% or 6.65 gigawatts in 2023.
Interestingly, mining 1 Bitcoin on average 'only' consumes about 266,000 kWh. Therefore, Indonesia could have 432 Bitcoin by utilizing the available energy. Its value even reaches IDR 738 billion.
By comparison, the largest Bitcoin miner in the world, such as Marathon Digital Holdings (MARA), has mined 2,285 BTC or worth IDR 3 trillion in the first quarter, with a total ownership of 49,179 BTC or worth IDR 84.5 trillion.
Moreover, several parts of Indonesia are close to geothermal sources, water, or wasted energy, which are ideal for mining locations. This makes Indonesia have great potential as a promising Bitcoin mining hub with its wealth of renewable energy resources.
Energy for Bitcoin mining has not yet utilized all the energy reserves available in Indonesia. There is still electricity, natural gas, coal, solar energy, and even wind energy that can be used.
Furthermore, power plants in the Java region alone have experienced an oversupply of electricity reaching 27,659 GW in 2022, which controls 81% of the national total surplus.
