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Name Type Hash Rate R (Mhash/s) Power Use P (W) CPU 18.9 150 CPU 1.6 6.5 CELL 21.0 60 GPU 101.0 110 GPU 214.5 108 FPGA 5.0 5 ASIC 600000.0 350 ASIC 333.0 2.55 Energy Efficiency Cost E (Mhash/J) ($) 0.126 350 0.31 169 0.35 296 0.918 45 1.95 80 1 189 1714 2196 130 34.99 Reference [8, 9] [10, 9] [11, 9] [12, 9] [13, 9] [14, 9] [15, 9] [16, 9] Core i7 950 Atom N450 Sony Playstation 3 ATI 4850 ATI 5770 Digilent Nexys 2 500K Monarch BPU 600 C Block Erupter Sapphire Table 1: Examples of Bitcoin-mining devices. 6 Cost to Generate 1 BTC (in USD) 10 5 10 4 10 3 10 2 10 1 10 0 10 -1 10 -2 10 -3 10 -4 10 -5 10 -6 10 -7 10 -8 10 -9 10 Exchange Rate (USD) Core i7 950 (CPU) ATI 5770 (GPU) Digilent Nexys 2 500K (FPGA) Monarch BPU 600 C (ASIC) Sony Playstation 3 (CELL) Fig. 4: The Cost of Generating a Bitcoin and the value of the resulting reward. times the current exchange rate for a Bitcoin. Al- ternatively, we may normalise this per Bitcoin. Figure 4 shows the energy cost and the value for generating a Bitcoin for various hardware from Ta- ble 1. We use a dashed line for hardware before its release. To allow easy comparison with the Bitcoin ex- change rate, we use a cost of 0.10 US dollars per kWh. This is the lowest cost of electricity in Eu- rostat’s 2013 statistics[17]; for Industrial rates in Finland. As typical consumer prices are twice this or more, this should provide a lower bound for the energy cost of mining Bitcoins in Europe. When calculating the value of each block, we have used the standard reward and not included transaction fees, as we have seen that the transaction fees are uncertain and currently a small fraction of the to- tal reward. For the period for which exchange rate data is available, we see that it has never been profitable to use a generic Core i7 CPU, and it appears that it may only have been briefly been profitable to use a Playstation 3. Using FPGAs or GPUs appears to have been close to profitable until mid-2013, when the increase in difficulty outpaced the increase in Bitcoin value. The yet-to-be-available ASIC hard- ware could be profitable, though the gap is closing. V Network Power Usage As we know that the Bitcoin network aims for an aggregate block discovery rate of one every 10 min- utes, we can use eq.2 to estimate the hash rate of the entire network if we know the difficulty: D232 Rnet ≈ 600s . Combining this with the efficiency E for different hardware, we can estimate the network’s power us- age as Pnet = Rnet/E. For commodity hardware (CPUs/GPUs), efficiency values above 2 Mhash/J are unlikely[9]. For FPGAs, values around ten times this are possible. For ASICs values of 100– 1000 times are possible. Figure 5 shows conservative estimates for the to- tal power used for Bitcoin mining, assuming that it consists of either efficient commodity hardware (E = 2 Mhash/J) or efficient specialist hardware (E = 2000 Mhash/J). The actual network will be a mix of hardware of types at different levels of efficiency, so we expect that the actual efficiency will be between the two. This suggests that the total power used for Bitcoin mining is around 0.1– 10GW. Average Irish electrical energy demand and production is estimated at around 3GW [18, 19], so it is plausible that the energy used by Bitcoin mining is comparable to Irish national energy con- sumption. VI Conclusion In this paper, we have described aspects of Bit- coin relevant to Bitcoin mining and its energy con- sumption. Even though the value of Bitcoin is de- cided by those who trade in them, it is also related in some way to the value of electricity. We have seen that the cost of Bitcoin mining on commod- ity hardware now exceeds the value of the rewards. Thus, the competition created in mining for Bit- coin has lead to a situation where in order to be financially viable the hardware has had to become faster and more energy efficient. USD 2010 2011 2012 2013 2014PDF Image | Bitcoin Mining and its Energy Footprint
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