πŸ’° Bitcoin - Open source P2P money

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Is Bitcoin Mining Still Profitable?
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Once one of the miners finally manages to produce a valid block, it will inform the rest of the network. Only one of these blocks will be randomly selected to become the latest block on the chain. There is no undo! The entire Bitcoin network now consumes more energy than a number of countries, based on a report published by the International Energy Agency. This impact would be even harder to quantify. In Bitcoin company Coinshares suggested that the majority of Chinese mining facilities were located in Sichuan province, using cheap hydropower for mining Bitcoin. As such, they cover significantly less data than before, while Bitcoin is also making up a smaller part of this data. Thinking about how to reduce CO2 emissions from a widespread Bitcoin implementation. Single Transaction Footprints. In this study, they identified facilities representing roughly half of the entire Bitcoin hash rate, with a total lower bound consumption of megawatts. Chinese mining facilities were responsible for about half of this, with a lower bound consumption of megawatts. The code includes several rules to validate new transactions. Criticism and potential validation of the estimate is discussed here. We also know VISA processed With the help of these numbers, it is possible to compare both networks and show that Bitcoin is extremely more energy intensive per transaction than VISA note that the chart below compares a single Bitcoin transaction to , VISA transactions. The latter index was based on the alternative methodology provided by Bevand which is strongly advocated by Koomey , but failed to produce significantly different estimates. The Bitcoin Energy Consumption Index therefore proposes to turn the problem around, and approach energy consumption from an economic perspective. To put the energy consumed by the Bitcoin network into perspective we can compare it to another payment system like VISA for example. Cost percentage. The main challenge here is that the production of hydropower or renewable energy in general is far from constant. Now, even though there is plenty of reason to criticize this report, it is worth investigating what it would mean if their statement was true. In proof-of-work, the next block comes from the first miner that produces a valid one. This is easier said than done, as the Bitcoin protocol makes it very difficult for miners to do so. Electronic Waste. The Bitcoin Energy Consumption Index was created to provide insight into this amount, and raise awareness on the unsustainability of the proof-of-work algorithm. Electrical Energy. Specifically, Sharratt used the Coinshares mining report to argue that the network has limited environmental impact. To put it simply, the higher mining revenues, the more energy-hungry machines can be supported. As it turns out, this would be a rather dangerous assumption. One can argue that specific locations in the listed countries may offer less carbon intense power. Cancel Delete.{/INSERTKEYS}{/PARAGRAPH} In proof-of-stake coin owners create blocks rather than miners, thus not requiring power hungry machines that produce as many hashes per second as possible. In this situation machines are removed from rather than added to the network. Of course, the Bitcoin Energy Consumption Index is also very much a prediction model for future Bitcoin energy consumption unlike hashrate-based estimates that have no predictive properties. Rauchs et al. A Bitcoin ASIC miner will, once turned on, not be switched off until it either breaks down or becomes unable to mine Bitcoin at a profit. This can happen after a significant drop in mining revenues where mining becomes generally unprofitable. Even though the total network hashrate can easily be calculated, it is impossible to tell what this means in terms of energy consumption as there is no central register with all active machines and their exact power consumption. As mining can provide a solid stream of revenue, people are very willing to run power-hungry machines to get a piece of it. The cycle then starts again. Note that one may reach different conclusions on applying different assumptions a calculator that allows for testing different assumptions has been made available here. One might assume that the use of hydropower implies that the Bitcoin network has a relatively low carbon footprint. Other miners will accept this block once they confirm it adheres to all rules, and then discard whatever block they had been working on themselves. Carbon Footprint. Not only does one need to know the power requirement of the Bitcoin network, but one also need to know where this power is coming from. Please confirm deletion. In the end, the goal of the Index is not to produce a perfect estimate, but to produce an economically credible day-to-day estimate that is more accurate and robust than an estimate based on the efficiency of a selection of mining machines. The trick is to get all miners to agree on the same history of transactions. According to their own estimates, all cryptocurrency mining facilities for the top-6 cryptocurrencies were running on 5. Even so, the overall trend appears to be little change in the localization of miners. The location of miners is a key ingredient to know how dirty or how clean the power is that they are using. This is an important omission, as it ignores that the carbon intensity of electricity bought in Sichuan China , where miners are primarily located according to Coinshares, is nowhere near as low as one might expect. Because of this, the energy consumption of proof-of-stake is negligible compared to proof-of-work. Since electricity costs are a major component of the ongoing costs, it follows that the total electricity consumption of the Bitcoin network must be related to miner income as well. The only thing miners have to trust is the code that runs Bitcoin. Annualized Income. Since we know the average emission factor of the Chinese grid around grams of carbon dioxide equivalent per kilowatt-hour , this can be used for a very rough approximation of the carbon intensity of the power used for Bitcoin mining. In Sichuan specifically the average power generation capacity during the wet season is three times that of the dry season. Initially the only information available to this end was the common belief that the majority of miners were located in China. In fact, the difficulty is regularly adjusted by the protocol to ensure that all miners in the network will only produce one valid block every 10 minutes on average. More energy efficient algorithms, like proof-of-stake, have been in development over recent years. This arbitrary approach has therefore led to a wide set of energy consumption estimates that strongly deviate from one another, sometimes with a disregard to the economic consequences of the chosen parameters. Apart from the energy consumption estimates, the resulting environmental impact in the form of carbon footprint has also been strongly contested by critics like Robert Sharratt and the company Coinshares. At the moment January , miners are spending a lot more on electricity. For example, a transaction can only be valid if the sender actually owns the sent amount. Over the years this has caused the total energy consumption of the Bitcoin network to grow to epic proportions, as the price of the currency reached new highs. In the worst case scenario, the presence of Bitcoin miners may thus provide an incentive for the construction of new coal-based power plants, or reopening existing ones. For this reason, mining is sometimes compared to a lottery where you can pick your own numbers. Determining the exact carbon impact of the Bitcoin network has been a challenge for years. While renewables are an intermittent source of energy, Bitcoin miners have a constant energy requirement. The table below features a breakdown of the energy consumption of the mining facilities surveyed by Hileman and Rauchs. The chosen assumptions have been chosen in such a way that they can be considered to be both intuitive and conservative, based on information of actual mining operations. The latter has been removed per October 1, A separate index was created for Ethereum, which can be found here. Of course, these numbers are far from perfect e. If Bitcoin was a country, it would rank as shown below. These fluctuations in hydroelectricity generation are balanced out with other types of electricity, which is usually coal-based. This number can subsequently be applied to a power consumption estimate of the Bitcoin network to determine its carbon footprint. The continuous block mining cycle incentivizes people all over the world to mine Bitcoin. The index is built on the premise that miner income and costs are related. Because of this, Bitcoin miners increase both the baseload demand on a grid, as well as the need for alternative fossil-fuel based energy sources to meet this demand when renewable energy production is low. The lucky miner gets rewarded with a fixed amount of coins, along with the transaction fees belonging to the processed transactions in the new block. This number is currently applied to determine the carbon footprint of the Bitcoin network based on the Bitcoin Energy Consumption Index. Every miner in the network is constantly tasked with preparing the next batch of transactions for the blockchain. Find more info on e-waste here. Electricity Costs. Annualized Total Footprints Carbon Footprint. {PARAGRAPH}{INSERTKEYS}Annualized Total Footprints. This will typically be expressed in Gigahash per second 1 billion hashes per second. In the second study, Rauchs et al. This is nowhere near the emission factor of a grid like the one in Sweden, which is really fuelled mostly by nuclear and hydroelectric power. The result is shown hereafter. Every miner individually confirms whether transactions adhere to these rules, eliminating the need to trust other miners. Note that the Index contains the aggregate of Bitcoin and Bitcoin Cash other forks of the Bitcoin network are not included. The only downside is that there are many different versions of proof-of-stake, and none of these have fully proven themselves yet.