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Chapter 5 CONCLUSION AND FUTURE WORK In this thesis, we studied the analysis of Bitcoin Mining in various aspects. Bitcoin is being used as an alternative to fiat currencies. Various countries like Japan, USA, Australia, China, etc. have started using Bitcoin as the payment method [1]. There are lots of restaurants, shops, and stores that are accepting Bitcoin as an alternative to other currencies. Since Bitcoin is decentralized and works on the concept of the blockchain, all the transactions are transparent and fair. Mining Bitcoin is becoming harder day by day with an increase in difficulty rate and the competition between the miners with the best hardware available in the market. A few years back mining a Bitcoin was much easier compared to nowadays. Mining a Bitcoin requires a lot of computation and good hardware that can deliver good hash rate with low energy consumption. Miners must be careful about choosing hardware before starting to mine Bitcoin since the cost of hardware is very high and the other added cost during mining is electricity cost and repair cost. Although CPU, GPU, and FPGA mining hardware were used to mine Bitcoins before, however now investing on them as mining hardware is a bad idea since they cannot generate the computing power required to mine Bitcoin today. A single ASIC mining hardware also cannot mine the Bitcoin effectively since there are hundreds of mining pools competing with each other to mine the Bitcoin. A single user cannot compete with a mining pool which has lots of hardware resources. Several mining pools are shutting down in China due to a loss in their business of mining. Choosing the right location is another critical step for miners or mining pool since the cost of electricity to run the hardware is also a determining factor. Mining a Bitcoin consumes a lot of power. Countries like Venezuela, Myanmar. Kuwait, Ukraine, Uzbekistan, India, etc. would be the best solution for miners and mining pool. 61PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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