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Bitcoin, Blockchain, and the Energy Sector Blockchain and Cryptocurrencies Blockchain provides a means of transacting among parties who may not otherwise trust one another. Blockchain networks allow for individuals engaging in transactions to also be the ones to validate them. Cryptocurrencies such as Bitcoin, Ether, Alpha Coin, and Papyrus provide a means of validating transactions in a decentralized network that is outside of an intermediary, such as a bank for financial transactions or a title company for a real estate transaction. This validation can be done in bulk and at relatively high speeds, making cryptocurrency an attractive avenue for certain financial transactions. Cryptocurrencies are built to allow the exchange of some digital asset of value (the cryptocurrency) for a good or service. Bitcoin is the most popular cryptocurrency, garnering the largest market share, and Bitcoin arguably initiated the interest in blockchain technology. Blockchain uses a combination of technologies to work. These technologies include encryption and peer-to-peer (P2P) networks.3 Transactions are added to a blockchain in an addition-only manner. Once added, a transaction cannot be altered, providing a layer of security and transparency. Transactions are grouped together to form a tranche, or “block.” Blocks are added to a blockchain in a manner that links it to the previous block, so any change data in a previous block makes that change known to users immediately as they try to add a new block. Encryption is used to ensure that parties trading assets on a blockchain have rights to that asset, and that data held in the blockchain is tamper resistant. P2P networks are used to distribute information across participating users without a central authority acting as an arbiter of that information.4 Cryptocurrency Mining There are three primary approaches to gaining ownership of Bitcoin: purchase Bitcoin directly by exchanging conventional money and a paying an exchange fee; earn Bitcoin in return for a product or service; or create Bitcoin through mining.5 Bitcoin and other cryptocurrencies each implement their own blockchain: mining is the creation and publication of a new block in a blockchain.6 Early cryptocurrency platforms, like Bitcoin, required the use of mining to validate transactions. In blockchain platforms generally, miners—those seeking to add a block to a blockchain—are incentivized to improve their value in that blockchain through either a monetary, reputational, or stake award, for example. New blocks may be added to a blockchain through a variety of methods. For Bitcoin, new blocks are added to the blockchain through proof-of-work (PoW). Under PoW, miners are presented a difficult computational problem, or puzzle. PoW identifies a numeric value (called a nonce), which is used to generate an authenticator (hash value). Hash values are used to ensure the integrity of data, in this case, that a block of data in the blockchain has not been modified. Hashes are determined by submitting the data through an algorithm that will output a string of characters. By inserting the nonce into the algorithm, miners seek to change the hash 3 A peer-to-peer (P2P) network allows a disparate system of computers to connect directly with each other without the reference, instruction, or routing of a central authority. P2P networks allow for the sharing of files, computational resources, and network bandwidth among those in the network. For more on blockchain and P2P, see CRS Report R45116, Blockchain: Background and Policy Issues, by Chris Jaikaran. 4 Christian Catalini, “How Blockchain Applications Will Move Beyond Finance,” Harvard Business Review, March 2, 2017, https://hbr.org/2017/03/how-blockchain-applications-will-move-beyond-finance. 5 For more information on Bitcoin, see CRS Report R43339, Bitcoin: Questions, Answers, and Analysis of Legal Issues. 6 CRS Report R45116, Blockchain: Background and Policy Issues, by Chris Jaikaran. Congressional Research Service 2PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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