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Andrew Poelstra [26] verified that the distributed consensus from Proof of Stake is impossible which gave a conclusion that Proof of Work can’t be replaced by Proof of Stake. Michael Bedford Taylor examined the Bitcoin Hardware movement from first generation miners to the development of customized silicon ASICs [27]. The first publicly available miner was CUDA miner that was released in September 2010. Then shortly after pool mining was started. In this highly competitive environment, individual mining (also known as solo mining) does not stand a chance. The likelihood of finding a valid block and compensating that to hardware and electricity cost is incomparable. Mining Pool gave a chance to solo miners to collaborate their hashing power on the mining pool and share the reward if they were able to mine a block. Andreas M.Antonopoulos on his book “Mastering Bitcoin” [28] gave an example which shows solo mining at this time is waste of money unless they are very rich to afford lots of ASIC hardware. He encourages solo miners with low budget to move towards pool mining for Bitcoin mining. 3.1 Hardware used for mining: There are several experiments done on different varieties of hardware. These experiments are necessary to understand how different hardware performs during the mining process. Karl J. O’Dwyer and David Malone presented their paper named “Bitcoin Mining and its Energy Footprint” [29] by comparing different hardware with reference to parameters like hash rate, efficiency, power consumption and cost. The comparison is shown in Figure 21 and 22. 32PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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