Welcome to ETC Group

ETC Group logo

Please select your country of residence and investor profile in order to access content and information around our ETC products

Cookie Settings

Required cookies

These cookies are necessary to ensure the smooth functioning of this website (e.g. session cookies, cookie to store the selected cookie preferences, etc.). These required cookies can thereforce not be deactivated.

Optional cookies

Functional cookies are used to ensure the smooth functioning of all tools on the wesites. The entire and proper function of the webite is available to the user only with the use of functional cookies. The use of analysis cookies serves the ongoing quality improvement of this website and its content. By using them, wa aim to maximise user satisfaction.

Avis Important

Des produits tels que BTCetc - ETC Group Physical Bitcoin ("BTCE") sont des Exchange Traded Commodities ("ETC"), instruments financiers considérés comme des titres de créances complexes par l'Autorité des Marchés Financiers présentant des risques difficilement compréhensibles par le grand public. A ce titre, leur distribution en France répond à des règles spécifiques. Il relève de la responsabilité des intermédiaires et investisseurs professionnels souhaitant offrir des ETCs à leurs clients de s'assurer que leur distribution auxdits clients est réalisée dans le respect de la réglementation française.

Terms of website use

These terms and conditions (the “ Terms ”) tell you the terms on which you may make use of our website https://etc-group.com/ (“ Website ”).

Please read these Terms carefully before using this Website. By using this Website, you are deemed to have read and accepted our Terms and Conditions as set out below. If you do not agree to these Terms, you must not use this Website.

Your attention is particularly drawn to the disclaimers and limitations of liability set out in the sections below headed: “ Disclaimer ”, “ No Offer ” and “ Limitation of Liability ”.

Information about us

The website is owned and operated by ETC Management Ltd, a company registered in England and Wales under number 12165332 with its registered office at Gridiron, One Pancras Square, London, England, N1C 4AG.

You can contact us by email at info@etc-group.com.

References to “ ETC Group ”, “ we ”, “ us ” and “ our ” in these Terms refers to ETC Management Ltd and our affiliates.

These Terms

These Terms constitute the agreement between you and us for the use of this Website and the contents and services available through it.

We may change these Terms from time to time. Any changes we may make to these Terms in the future will be posted on this Website and, where appropriate, notified to you by email. By continuing to use and access this Website following such changes, you agree to be bound by any changes we make. Please review this page frequently to see any updates or changes to these Terms.

If you commit a breach of these Terms, we reserve the right at our sole discretion to immediately and without notice suspend or permanently deny your access to all or part of this Website.


We provide this Website on an "as is" and "as available" basis with all faults. We do not guarantee that this Website, or any services or content on it, will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of this Website without notice. You agree that your use of this Website is at your own risk. We will not be liable to you if for any reason this Website is unavailable at any time or for any period.

You are responsible for ensuring that all persons who access this Website through your internet connection are aware of these Terms and other applicable terms and conditions, and that they comply with them.

We may update and change this Website from time to time to reflect changes to our products and services, our users' needs and our business priorities.

Distribution of Information

The distribution of the information and material on this Website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation.

You must inform yourself about and observe any such restrictions in your jurisdiction. By accessing this Website you represent that you have done so. By accepting these Terms, you hereby confirm that you are allowed to access this Website pursuant to applicable laws.

Lawful use

You may use this Website only for lawful purposes. You must not use this Website in any way that breaches any applicable local, national or international law or regulation, or in any way that is unlawful or fraudulent or has any unlawful or fraudulent purpose or effect.

You must not use or attempt to use any automated program (including, without limitation, any spider or other web crawler) to access our system or this Website. You must not use any scraping technology on this Website.


Certain documents made available on this Website may have been prepared and issued by persons other than ETC Group. This includes any prospectus and additional documents thereto. ETC Group is not responsible in any way for the content of any such document.

While we take all reasonable care to ensure the information and analysis which we publish on this Website are as accurate as possible, we cannot promise that they will be complete, accurate and up to date.

Opinions and any other contents on this Website are provided by us for informational purposes only and are subject to change without notice. We are not giving you any advice (investment, financial, legal or otherwise) in respect of any of the information on this Website. You should obtain professional or specialist advice before taking, or refraining from, any action based on any information on this Website. Any reliance that you may place on the information on this Website is at your own risk.

To the maximum extent permitted by law, we disclaim any and all implied conditions, warranties and representations that this Website and the information and services available through it are of satisfactory quality, accurate, fit for a particular purpose, or non-infringing.

No offer

Nothing on this Website should be construed as an offer, or recommendation, to purchase or dispose of any product or securities. The prices and valuations published on this Website are indicative and are for information purposes only, as is other information displayed on this Website.

Any person making offer of securities described on this Website shall observe and strictly comply with restrictions on the usage of information pursuant to these Terms, as well as any restriction imposed by a prospectus published with respect of any securities described or applicable laws and regulation, including without limitation restrictions imposed by the EU Prospectus Regulation (REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 June 2017).

Authorised Investors

Some documents displayed on this Website and its content are restricted to “Professional Investors” only and are not intended for retail or private investors. By making use, opening, or downloading such documents, you agree that you are an “Institutional Investor” (as defined here: https://www.handbook.fca.org.uk/handbook/COBS/3/5.html), and have read, understood and accepted the conditions.

The securities described on this Website are not permitted to be offered for sale in all countries and are in each case reserved for investors who are authorised to purchase the securities. Selling restrictions applicable to specific products are set out in the relevant prospectus and should be read carefully by investors. Any restrictions imposed by the relevant prospectus are in addition and without prejudice to any restriction or prohibition established by laws or regulations of any jurisdiction.

United States Persons and legal entities resident in the United States

Securities issued by ETC Group have not been registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act"). The Bonds are being offered outside the United States of America (the "United States" or "U.S.") in accordance with Regulation S under the Securities Act ("Regulation S"), and may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The information provided on this Website is not directed to any United States person or legal entity or any state thereof, or any of its territories or possessions.


Information from this Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted.

Limitation of liability

ETC Group shall not be responsible for any damage (including, without limitation, damage for loss of business or loss of profits) arising in contract, tort or otherwise from the use of, or inability to use, this Website or any material contained in it, or from any action or decision taken as a result of using this Website or any such material.

We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or for fraud or fraudulent misrepresentation.


We do not guarantee that this Website will be secure or free from bugs or viruses.

You are responsible for configuring your information technology, computer programmes and platform in order to access this Website. You should use your own virus protection software.

You must not misuse this Website by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to this Website, the server on which this Website is hosted or any server, computer or database connected to this Website.

Risk Warnings

You should always bear in mind that:

  • Cryptoassets are a highly volatile asset class. Your capital is at risk. The value of cryptoassets can go down as well as up and you can lose your entire investment.
  • Past performance is not an indication of future performance.
  • Rates of exchange may affect the value of investments.
  • Applications to invest in securities referred to on this website must only be made on the basis of the relevant prospectus.

Investors should refer to the section entitled “Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers before investing.


All content and the design of this Website are owned by ETC Group or our licensors and protected by copyright and other applicable laws.

Any copying of the website or of its content requires the prior written consent of ETC Group.

Your Privacy

ETC Group respects the privacy of users. Please see our Privacy Policy for information setting out how we handle personal information collected through the Website.


Some of the hyperlinks contained on the Website may lead the user to external websites that are not under the control of ETC Group. ETC Group does not approve or endorse the contents of such websites and does not control the content of any such websites. When the user clicks on such a link, the user will leave the Website. ETC Group is not responsible for the content of any websites reached by means of such a link.

Governing Law and Jurisdiction

These Terms and Conditions and your access to and use of this Website and the content are subject to the laws of England and Wales. However, if you are a consumer resident in another part of the UK or in any EU country, then you will also be entitled to any additional protection afforded to you under your national consumer protection laws.

You can bring legal proceedings in respect of these Terms in the English courts or, if you are a consumer resident in another part of the UK or in any EU country, the courts of your home country.

The products displayed on this website are not available for subscription or purchase by retail investors in your selected jurisdiction. Please contact your broker or financial adviser for further information.
This website and the products displayed on this website are not available to retail investors in the United Kingdom. Please contact your financial adviser for further information.
back to articles
Cet article n’est disponible qu’en anglais
Tom Rodgers
Tom Rodgers Head of Research
Partager Share on Linked In Share on Twitter

ETC Group Crypto Minutes Week #16

The US is using Bitcoin mining to cement its dominant position as world's most powerful crypto nation, Tesla is recharging the energy debate by mining Bitcoin with solar power and Ethereum's long-awaited Proof of Stake upgrade is pushed back, while its non-profit reveals $1.3bn in ETH holdings.

ETC Group Q1 research reveals US Bitcoin mining supremacy

ETC Group's quarterly research reports into the state of the digital asset markets and blockchain infrastructure reveal that the US has cemented its position as the most powerful nation in crypto.

President Joe Biden's March Executive Order was widely considered to be the most positive statement of intent yet from a world superpower to determine the risks and opportunities posed by the sector.

US-based Bitcoin mining pool Foundry USA now accounts for more than 19.5% of all Bitcoin hashrate, up from 2.9% in May 2021, an increase of 572%, ETC Group research shows.


And while regulation is expected on DeFi platforms, stablecoins and forthcoming central bank digital currencies, the industry remains convinced that Biden and Treasury Secretary Janet Yellen will not make the same mistake as China in 2021 by deliberately dismantling the country's trillion-dollar position as the strongest nation in crypto.

Analysis of key on-chain Bitcoin fundamentals across the quarter also suggests a positive outlook for BTC, despite short-term price weakness. The reports demonstrate Bitcoin is undervalued relative to its growing utility and its expanding use cases: as cross-border currency, pristine collateral and now as a global reserve asset.

The State of Bitcoin Q1 2022 looks at the macroeconomic picture for Bitcoin and cryptocurrencies, how the digital asset is being used by institutions, along with key fundamentals such as network adoption and the cost to use the technology. The State of Blockchain Infrastructure Q1 2022 covers the Bitcoin mining industry, publicly-traded digital asset companies and the newest investing megatrend: the Metaverse.

Tesla now mining Bitcoin with solar power

Amid the bombastic headlines and board-level machinations around Elon Musk's $43bn buy offer for Twitter, a startling piece of related news has slipped somewhat under the radar. Tesla (NASDAQ:TSLA) has started mining Bitcoin with solar power .

In a joint operation with Jack Dorsey's Block (NYSE:SQ) and crypto infrastructure company Blockstream, Elon Musk's electric car giant will power a West Texas Bitcoin mine with its 3.8MW solar photovoltaic array, backed up by the 12 megawatt-hour Tesla Megapack industrial battery that was first revealed in 2019.

The facility is designed to be a proof of concept for zero-emission Bitcoin mining at scale. Renewable energy sources make up 58.5% of US Bitcoin mining, according to the latestavailable data from trade body the Bitcoin Mining Council.

Aside from its car sales, Tesla's largest cash cow is in energy storage generation and storage. This side of the business created $2.78bn of revenue in 2021, company financials reveal. Tesla also deployed almost 4 gigawatt-hours of energy storage in 2021. 1 Gigawatt is enough energy to power around 725,000 homes.


Musk famously sent the market price of Bitcoin flying in February 2021 when Tesla bought $1.5bn in Bitcoin, and the CEO said he would allow customers to fund electric vehicle purchases with the cryptocurrency, only to rescind the offer weeks later. At the time, the enigmatic billionaire said Bitcoin's energy use was a concern.

Bitcoin uses less than 0.75% of the world's electricity annually and currently wasted ‘flared' gas that is burned by oil companies could power the network more than four times over, research shows.

Jack Dorsey departed Twitter as CEO last year to focus on his payments company. The $70bn market cap outfit, formerly known as Square, has integrated Bitcoin payments into Cash App, makes several billion dollars annually from selling Bitcoin and is planning to build easy-to-use Bitcoin mining machines.

Bitcoin miners are computers that run billions of calculations per second to process blocks of transactions and are rewarded with new bitcoins. In the early days, anyone could mine Bitcoin with their home computer, but the number of entities vying to access daily block rewards in excess of $200,000 has exploded in recent years.

Bitcoin is designed to process one block of transactions, like clockwork, every 10 minutes: or 144 blocks per day. With 6.25 BTC created every time a block is successfully added to the blockchain, that means around 900 new bitcoins (worth $36m) are created every day.

Tesla currently holds $2bn in Bitcoin on its balance sheet.

Interestingly enough, its partner in this venture, Block Inc is a founding member of the Bitcoin Clean Energy Initiative . In 2021 Block committed $10m to support technologies accelerating the move to zero-emission Bitcoin mining.

Ethereum upgrade delayed as Foundation reveals $1.3bn ETH holdings

Ethereum maximalists will have a hold fire a little longer to see the dawn of a new era as the blockchain's years-awaited shift to Proof of Stake was pushed back from June to later this year. Tim Beiko, one of the platform's leading developers, announced on Twitter on 12 April that there was no firm date yet for the switchover, adding

we're definitely in the final chapter of [Proof of Work] on Ethereum.

Analysts have been waiting with bated breath for the Proof of Stake switchover since the first part of the multi-stage plan went live in December 2020 with the launch of the Beacon Chain. This next, newly-delayed phase will merge the Ethereum blockchain with the Beacon Chain, turning off Proof of Work entirely and enabling full ETH staking.

Ethereum is currently organised as a Proof of Work platform, like Bitcoin. It is currently undergoing a wholesale shift to newer Proof of Stake technology to improve its scalability.


Proof of Stake technology uses 99.95% less energy because it does away with miners in favour of validators, who stake cryptoassets to secure the blockchain and receive cryptoassets as a reward. Ethereum also plans to introduce another scaling technology called sharding in 2023.

Changing the consensus mechanism of the world's second most-popular blockchain - while it holds and processes billions of dollars in value in NFT markets and DeFi applications - is akin to swapping out the engine of an aeroplane while it is in flight. It is a risky move, but one which its founder Vitalik Buterin considers vital to the future of the $360bn market cap blockchain. The Canadian programmer has been discussing the Proof of Stake switchover since 2015 and it is one which Ethereum's legion of dedicated developers take extremely seriously.

The non-profit Foundations that support cryptoasset platforms are among the richest whales in the industry. The Tezos Foundation, for example, holds $474m in BTC on its biannually-reported balance sheet , most recently reported in March this year. Now the latest report from the Ethereum Foundation [EF] has revealed the non-profit holds $1.3bn in ETH.

The vast majority (99.1%) of our crypto holdings are held in ETH. This ETH represents 0.297% of the total ETH supply on March 31 2022. The EF follows a conservative treasury management policy that ensures we have sufficient resources to fund the EF's core objectives even in the case of a multi-year market downturn.

As of March 31 2022, the EF treasury was approximately $1.6 Billion, split between $1.3 Billion in crypto, and $300M in non-crypto investments and assets,

the Foundation writes.

The vast majority (99.1%) of our crypto holdings are held in ETH. This ETH represents 0.297% of the total ETH supply on March 31 2022. The EF follows a conservative treasury management policy that ensures we have sufficient resources to fund the EF's core objectives even in the case of a multi-year market downturn.


In what was a tough fortnight for crypto holders and traders, most coins saw a 10-15% price drawdown. Blue-chip cryptoassets Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) held on to the most value, with 12.5%, 13.7%, 11.8% and 10% falls respectively.

Smart contract platforms bore the brunt of the losses, particularly Cardano (ADA) which witnessed a drop of 23.2% and Solana (SOL), which crumbled by 21.7% after a particularly strong set of trading sessions at the end of March.

Data correct as of 19 April 2022

Disclosure | Copyright © 2022 ETC Group. All rights reserved

Plus d'articles