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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, Figure 2: Bitcoin network total computations Work Standard deviation 1x10^{28} 1x10^{26} 1x10^{24} 1x10^{22} 1x10^{20} 1x10^{18} 1x10^{16} 1x10^{14} 1x10^{12} Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Source: http://bitcoin.sipa.be/work-ever.png Typically, to secure a transaction, the recipient should wait until the cost to reverse it is higher than the value of the transaction itself.8 Today, an hour’s worth of computational power on the Bitcoin network costs nearly $1 million,9 suggesting that the eight or more hours necessary to rewrite a single block would be prohibitively expensive.10 The barriers to rewriting transactions go well beyond the cost of the computational power. Miners must also purchase hardware dedicated to mining bitcoin. According to our estimates, 8 million units of the most cost-efficient mining hardware would be necessary to support current hashrate activity: at $500 on average per mining unit, the cost to duplicate the installed base today would be $4 billion. Since 2013, we estimate all of the hardware put in place to support Bitcoin’s cumulative hashrate has cost $7.2 billion, as shown in Figure 3. 8 9 10 For instance, if a transaction is worth $10 million, the recipient should wait approximately 10 hours before providing the good or service. “PoW 51% Attack Cost.” Crypto51, www.crypto51.app/. Bloomberg.com, Bloomberg, www.bloomberg.com/opinion/articles/2019-01-16/bitcoin-and-other-cryptocurrencies-are-open-about-being- at-risk#footnote-1. 6PDF Image | Bitcoin Mining
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