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Bitcoin, Blockchain, and the Energy Sector value. The problem Bitcoin miners are trying to solve is the creation of a hash value for a given block which begins with a certain number of zeros. They add data to the block through changing the nonce in order to change the hash value and discover the solution. Identifying these valid nonces and hashes is computationally intensive, and the essence of mining.7 The security properties of hash algorithms are such that a miner tests nonces until a valid hash is found for a block.8 Generally, by solving the problem or puzzle, miners win the opportunity to post the next block and possibly gain a reward for doing so. In the case of Bitcoin, miners who create and publish new blocks in the blockchain are rewarded with Bitcoin. Once the problem is solved and a valid hash is identified, the miner announces it to the community using P2P networking. Other users can validate the solution immediately—without going through the resource-intensive computation process.9 Once the majority of the community of users validates and confirms the block, it is added to the chain. Miners are held to a strict set of rules that maintain the overall market structure. There are a limited number of Bitcoin to be mined, which creates a value attributed to scarcity. For Bitcoin, new blocks are published every 10 minutes. As the rewards for published blocks halve every 210,000 blocks, the reward of new Bitcoin diminishes roughly every four years (e.g., the reward of 50 Bitcoins per block in 2008 was reduced to 25 in 2012).10 On October 31, 2018, block 548173 rewarded the miner with 12.5 Bitcoins plus approximately 0.2 Bitcoins in transaction fees.11 On the date that block was generated, trading for 1 Bitcoin closed at approximately $6,343; as of July 29, 2019, trading for 1 Bitcoin closed at approximately $9,507.12 Bitcoin is rewarded on a first-come, first-served basis, meaning whoever solves and publishes the solution first is rewarded with Bitcoin. Miners throughout the network compete against each other in a race to be the first to resolve the PoW and earn the reward. The competition often is a criticism of the PoW system, as there are many more miners expending energy for these “useless” calculations than the one miner that wins the race and correctly resolves the PoW. Mining Technology The technology used by miners has advanced over time. Early miners were able to earn Bitcoin relatively easily with affordable equipment. Bitcoin could initially be mined on a central processing unit (CPU) such as a personal laptop or desktop computer. As interest in Bitcoin mining increased, miners discovered that graphic cards could more efficiently run hashing algorithms and aid in mining. Field Programmable Gate Arrays (FPGAs) then replaced graphic cards, as the circuits in an FPGA could be configured and programmed by users after 7 For an example of how this works see http://blockchain.mit.edu/how-blockchain-works. 8 Fan Zhang, Ittay Eyal, and Robert Escriva, et al., “REM: Resource-Efficient Mining for Blockchains,” Proceedings of the 26th USENIX Security Symposium, August 16-18, 2017, p. 1429. 9 Ibid., p. 1429. 10 According to Satoshi Nakamoto, the creator of Bitcoin, “To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they’re generated too fast, the difficulty increases.” See Satoshi Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System,” paper, October 2008, at https://bitcoin.org/bitcoin.pdf. 11 “Block Height 548173,” Blockchain, http://www.blockchain.com/btc/blockheight/548173. 12 Price data provided by CryptoCompare to Yahoo!Finance; see https://finance.yahoo.com/quote/BTC-USD. Congressional Research Service 3PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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