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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 III. The Role of Hardware Figure 3: Estimated Cumulative Miner Hardware Cost Estimated Cumulative Miner Hardware Cost USD (Millions) 2013 2014 2015 2016 2017 2018 2019 Source: ARK Investment Management LLC, 2020 Solving the proof-of-work algorithm profitably requires running specialized hardware, the sole purpose of which is mining bitcoin. Since the inception of dedicated Bitcoin hardware in 2013, we believe billions of dollars have been spent on design, production, and tapeout, spawning an industry dedicated exclusively to manufacturing this robust and specialized hardware. In the next section, we analyze the evolution of miner hardware and its supply chain. The Evolution of Bitcoin Miner Hardware In 2009, Bitcoin mining began as a hobbyist activity. The first miners performed computations on desktops with standard central processing units (CPUs). About a year later, the first publicly available miner equipped with graphics processing unit (GPU) surfaced. With the introduction of GPUs, the computational difficulty increased rapidly, hurting the profitability of mining on traditional desktops. In response, pooled mining enabled consortia to mine collectively, splitting the rewards pro rata. In mid-2011, developers demanded even more specialized hardware equipped with field-programmable gate arrays (FPGA). Today, we believe the most efficient Bitcoin hardware is powered by application specific integrated circuits (ASICs), chips designed specifically for mining bitcoin. In 2013, the launch of Bitcoin ASICs spurred professionalization of the mining industry, placing most of the computational power in specialized data centers. The difficulty of mining increased as the hardware evolved, pointing to a correlation between hardware efficiency gains and the difficulty to mine, as shown below. 7PDF Image | Bitcoin Mining
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