The Cambridge Centre for Alternative Finance (CCAF) has published its second edition of the Global Cryptoasset Benchmarking Study, revealing significant growth in the cryptocurrency sector during 2017, followed by a rapid cooldown.
Key Findings from the Report
1. Rapid User Growth with Low Activity Levels
- Total user accounts across service providers exceeded 139 million, with 35 million verified users—a fourfold increase from 2017.
- Despite growth, only 38% of users are considered "active," highlighting passive engagement trends.
2. Expansion of Cross-Sector Operations
- 57% of crypto service providers now operate in at least two market segments (up from 31% in 2017), offering integrated solutions like exchanges and custodial services.
3. Surge in Multi-Coin Support
- Support for multiple cryptocurrencies jumped from 47% (2017) to 84% (2018), driven by standardized token platforms like Ethereum’s ERC-20.
- This fueled a rapid increase in token supply and interoperability.
4. Renewable Energy Dominates Mining
- Top six Proof-of-Work (PoW) cryptocurrencies consume 52–111 TWh annually (midpoint: 82 TWh, equivalent to Belgium’s total energy use).
- Renewable sources account for a significant share of mining energy, often leveraging excess capacity in hydro/green-energy regions.
5. Decentralized Mining Distribution
- Mining operations are geographically dispersed, countering perceptions of centralization.
6. Industry Maturity and Self-Regulation
- Participants proactively adopt compliance-aligned measures, even without legal mandates.
- Rise in self-regulatory initiatives and professional services reflects sector maturation.
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FAQs
Q1: How much energy does cryptocurrency mining consume?
A1: The top PoW coins use 82 TWh/year—less than 0.01% of global energy production. Renewables play a key role in mitigating environmental impact.
Q2: Are most cryptocurrency users active?
A2: No. Only 38% of accounts show regular activity, indicating passive holdings dominate.
Q3: Why are multi-coin platforms growing?
A3: Standards like ERC-20 enable seamless token integration, expanding supported assets from 47% to 84% of providers.
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Methodology: Data sourced from 180+ entities across 47 countries.
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