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As the mining network grew, the difficulty and hashrate increased. Miners sought out more powerful equipment as the competition increased, which consumed more energy. 17 Several studies have examined the energy consumption of cryptocurrencies. While technology advancements in devices used for Bitcoin mining have led to increases in the hashrates of mining devices (i.e., improved device efficiency), the network hashrate has also increased as the popularity of Bitcoin increased. According to one recent estimate, as of “mid-March 2018, about 26 quintillion hashing operations are performed every second and non-stop by the Bitcoin network.”18 Estimating the power consumption of the global Bitcoin network depends upon the efficiency of different hardware, the number of machines in use, and the cooling requirements for large-scale mining facilities. Table 1 presents various estimates for the power required by the Bitcoin network. Generally, these estimates use hashrates and miner hashing efficiencies to determine energy consumption. One study relied upon hardware data derived from initial public offering (IPO) filings to estimate power consumption.19 Fewer studies have examined power requirements for other cryptocurrencies (Bitcoin is the largest cryptocurrency platform in both currency in circulation and transactions processed), although those studies have found comparatively lower power requirements than for Bitcoin.20 Table 1. Global Power Requirement Estimates for Bitcoin Network Year of Estimate 2014 2016 2016 2017 2017 2017 2017 2018 2018 2018 Network power estimate Power Estimate (MW) 115 283 345 470-540 948 100-500 1,637 2,500-7,670a 3,441 3,441 Bitcoin, Blockchain, and the Energy Sector Study McCook Krause and T olaymat Stoll, Klaaßen, and Gallersdörfer Bevand Krause and Tolaymat Vranken Stoll, Klaaßen, and Gallersdörfer de Vries Krause and Tolaymat Stoll, Klaaßen, and Gallersdörfer Source: Hass McCook, Edition, July 15, 2014, p. Estimation_de_la_durabilite_et_du_cout_du_reseau_Bitcoin.pdf; M. Bevand, “Op Ed: Bitcoin Miners Consume a Reasonable Amount Energy—And It’s All Worth It,” Bitcoin Magazine, 2017, https://Bitcoinmagazine.com/articles/ op-ed-Bitcoin-miners-consume-reasonable-amount-energy-andits-all-worth-it/; Vranken, 2017; de Vries, 2018; Krause and Tolaymat, 2018; Stoll, Klaaßen, and Gallersdörfer, 2019. a. In addition to using hashrates and miner hashing efficiencies, the upper estimate (7,670 MW) also incorporates cooling requirements. 17 Ibid. 18 de Vries, 2018. 19 Christian Stoll, Lena Klaaßen, and Ulrich Gallersdörfer, “The Carbon Footprint of Bitcoin,” Joule, vol. 3, p. 1648; hereinafter Stoll, Klaaßen, and Gallersdörfer, 2019. 20 Power network requirements were compared for Bitcoin, Ethereum, Litecoin, and Monero; see Max J. Krause and Thabet Tolaymat, “Quantification of Energy and Carbon Costs for Mining Cryptocurrencies,” Nature Sustainability, vol. 1 (November 2018), pp. 711-718; hereinafter Krause and Tolaymat, 2018. An Order-of-Magnitude Estimate of the Relative Sustainability of the Bitcoin Network, 2nd 37, https://Bitcoin.fr/public/divers/docs/ Congressional Research Service 5PDF Image | Bitcoin, Blockchain, and the Energy Sector 2019
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