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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, Today, solving the problem - “proof” that a miner has executed a costly computation - requires quintillions of hashing operations per second. As shown in the graph below, hashrate has increased by roughly an order of magnitude every year for the last 6 years and at a rate 4 times faster than the appreciation in bitcoin’s price during the last 5 years, a function of hardware technology advances and miners’ expectations of the rise in bitcoin’s price. As of March 1 2020, Bitcoin’s hash rate was at all time highs, standing at 136 quintillion hashes per second, as shown below. 100,000,000,000 10,000,000,000 1,000,000,000 100,000,000 10,000,000 1,000,000 100,000 10,000 1,000 100 10 1 0 2010 Figure 1: Bitcoin Price vs. Hash Rate Growth Bitcoin Price Bitcoin Hash Rate Growth Multiple 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: ARK Investment Managvement LLC, 2020; Data Sourced from: coinmetrics.io Is Proof-of-Work Inefficient? Proof-of-work critics often assert that the process consumes significantly more resources than it creates. What critics deem computationally inefficient and unscalable, however, advocates consider not only an intended tradeoff but a fundamental feature. As highlighted by founder of Bit Gold and Bitcoin pioneer Nick Szabo,3 “Prolific resource consumption and poor computational scalability unlock the security necessary for independent, seamlessly global, and automated integrity.” ARK believes Bitcoin has a unique ability to provide powerful settlement assurances in a trust-minimized manner because specialized, dedicated hardware perform a function that proves the computer has executed a costly computation. 3 “Money, Blockchains, and Social Scalability.” Money, Blockchains, and Social Scalability | Satoshi Nakamoto Institute, nakamotoinstitute.org/ money-blockchains-and-social-scalability/. 4PDF Image | Bitcoin Mining
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