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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, I. Introduction Bitcoin’s innovation lies in its ability to coordinate trust and facilitate the transfer of value without relying on a centralized authority. The enabler is proof-of-work mining, a mechanism that adds new bitcoin to the money supply and protects the network against nefarious actors’ attempting to spend the same bitcoin more than once. Through economic incentives, miners voluntarily secure the network by verifying “blocks” of transactions and appending them to Bitcoin’s public ledger. Specialized, dedicated hardware perform a function that proves that a miner has executed a costly computation. In exchange for providing the processing power that is critical to the network’s security, miners are rewarded with newly minted bitcoin and transaction fees. As of this writing, Bitcoin’s network value, or market capitalization, is roughly $150 billion,1 with bitcoin mining one of the most significant beneficiaries of its appreciation during the last 10 years. Once dominated by hobbyists drawing central processing units (CPU) from desktops, mining has evolved into a hyper-competitive, multibillion-dollar industry2 harnessing specialized chip hardware. While it is essential to the security of Bitcoin, ARK believes mining is both opaque and misunderstood. As Bitcoin continues to gain economic stature, investors and users must investigate and understand the very industry that contributes to securing the network. This paper aims to analyze the supply chain associated with the mining industry, from hardware to manufacturing and operations, and to highlight the implications on Bitcoin’s future. II. The Importance of Proof-of-Work Proof-of-work mining (PoW) is critical to achieving consensus without a central trusted authority. In the Bitcoin network, trustworthiness is protected by computation. As entities compete to solve computationally intensive mathematical problems based on a cryptographic hash algorithm, they provide proof of execution of a costly computation. A hash algorithm inputs arbitrary data and outputs a deterministic string of fixed length. The process of hashing a “block” of transactions repeatedly until it matches a target output is known as mining. The only way miners can solve the mathematical problem, or produce a hash matching the target, is by performing the operation repeatedly until the solution is found by chance. The likelihood of a miner finding the solution increases in proportion to the resources it expends. 1 Cryptocurrency Market Capitalizations.” CoinMarketCap, coinmarketcap.com/. 2 “Mining.” Mining - Bitcoin Wiki, en.bitcoin.it/wiki/Mining. 3PDF Image | Bitcoin Mining
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