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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, Bitcoin makes the tradeoff explicit: by allocating significant real-world resources to mining, Bitcoin guarantees settlement4 like no other network. In The Anatomy of Proof Work,5 Chaincode Labs resident Hugo Nguyen explains that “under the hood, proof-of-work mining converts kinetic energy (electricity) into a ledger block. By attaching energy to a block, one gives it ‘form’, allowing it to have real weight and consequences in the physical world.” Additionally, we believe that Bitcoin’s electricity expenditure is orders of magnitude less than the electricity expenditure of alternative banking and monetary systems. According to Dan Held, Head of Business Development at Kraken,6 the banking system uses 2.4 billion gigajoules (GJ) annually, the gold mining industry 500 million GJ, while Bitcoin uses a fraction of the two, at 184 million GJ annually. Contrary to consensus thinking, we believe the environmental impact of bitcoin mining should also be di minimis. Renewables are estimated to account for 77.6% of total bitcoin mining.7 In their search for the cheapest form of electricity, miners are likely to continue flocking to regions offering a glut of renewable electricity, unlocking stranded energy assets as “electricity buyer[s] of last resort, creating a highly mobile base-demand for any electricity sources able to produce at prices below current producers, regardless of location.” The Cost to Reverse a Transaction A Bitcoin transaction cannot be reversed without rewriting the history of transactions that took place after that transaction, an energy intensive exercise that has become prohibitively expensive. Even though transactions are not “final” or “absolutely” immutable, the deeper they are buried in the ledger, the more economically irrational it becomes to reverse them. As a result, Bitcoin derives its immutability from the prohibitive cost to rewrite or append transactions, which in turn is a function of the network’s cumulative proof-of-work. As shown in Figure 2, the cumulative work performed on the Bitcoin network exceeds 1027 hashes. In other words, to rewrite Bitcoin’s transactions history would require more than 1027 computa- tions, and to rewrite just 6 blocks of its history would require 300 trillion computations. 4 Carter, Nic. “It’s the Settlement Assurances, Stupid.” Medium, Medium, 5 Aug. 2019, medium.com/@nic__carter/its-the-settlement-assurances- stupid-5dcd1c3f4e41. 5 Nguyen, Hugo. “The Anatomy of Proof-of-Work.” Medium, Bitcoin Tech Talk, 3 Jan. 2019, bitcointechtalk.com/the-anatomy-of-proof-of-work- 98c85b6f6667. 6 Held, Dan. “PoW Is Efficient.” Medium, Medium, 11 Aug. 2019, medium.com/@danhedl/pow-is-efficient-aa3d442754d3. 7 “The Bitcoin Mining Network: Trends, Marginal Creation Costs, Electricity Consumption & Sources.” Https://Coinsharesgroup.com/Research/ Bitcoin-Mining-Network-November-2018, CoinShares, Nov. 2018. 5PDF Image | Bitcoin Mining
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