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Bitcoin, Blockchain, and the Energy Sector manufacturing.13 Application-specific integrated circuits (ASICs) have replaced these and graphic cards. ASICs are designed for a particular use—such as Bitcoin mining. As more sophisticated equipment has been adopted, miners have also moved away from working individually to working in larger groups. Many miners have determined it is more cost efficient to join “mining pools” that help disperse the energy and equipment costs (and the profits) and increase the speed or likelihood of a successful transaction. ASICs used for Bitcoin mining are usually housed in thermally-regulated data centers with access to low-cost electricity.14 While these developments have transformed Bitcoin mining into a more consolidated industry, they have not resolved the energy consumption issue or the computational “waste,” as different Bitcoin mining pools still must compete against one another using the PoW method. How Much Energy Is Consumed from Bitcoin and Other Cryptocurrency Mining? Cryptocurrency mining requires energy to (1) operate the devices computing the calculations required to maintain the integrity of the blockchain and (2) thermally regulate the devices for optimal operation. A node, or computing system, on the blockchain may be composed of an individual user or a group of users that have pooled resources; as such, the exact number of connected devices on the network is unknown. Devices have different hashrates—the number of calculations (or hash functions) performed on the network per second—and have different power requirements. Devices with greater hashrates can perform more calculations in the same amount of time than devices with lesser hashrates. For example, “a hashrate of 14 terahashes [14 trillion attempted mining solutions] per second can either come from a single Antminer S9 running on just 1,372 W [Watts], or more than half a million Sony Playstation-3 devices running on 40 MW [megawatts—million Watts].”15 There are four main factors that contribute to energy consumption of cryptocurrency mining: 1. hardware computing power; 2. network hashrate; 3. the difficulty; and 4. the thermal regulation for the hardware.16 These factors, some of which also interact with the price of Bitcoin, can alter the energy intensity of mining. For instance, in December 2017, the price of Bitcoin rose creating an influx of mining. 13 Harold Vranken, “Sustainability of bitcoin and blockchains,” Current Opinion in Environmental Sustainability, vol. 28 (2017), p. 3; hereinafter Vranken, 2017. 14 Data centers are facilities—buildings or parts of buildings—used to store, manage, and disseminate electronic information for a computer network. They house servers, which are computers used to perform network-management functions such as data storage and processing, and communications equipment and devices to connect the servers with the network. These facilities may range in size from small rooms called server closets, or even parts of rooms, within a conventional building, to large dedicated buildings called enterprise-class data centers. Larger centers may be purpose- built or retrofitted. 15 Antminer S9 is an ASIC designed for mining Bitcoin and is one of the more efficient miners commercially available. A single Playstation-3 device—a home video game console with software capable of supercomputing—has a hashrate of 21 megahashes per second and a power use of 60 W, see Alex de Vries, “Bitcoin’s Growing Energy Problem,” Joule, vol. 2 (May 16, 2018), p. 801; hereinafter de Vries, 2018. 16 George Kamiya, “Commentary: Bitcoin Energy Use-Mined the Gap,” International Energy Agency, July 5, 2019. Congressional Research Service 4PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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