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WHAT IS BLOCKCHAIN? Fundamentally, a blockchain is a series of digital blocks, each of which contains a set of transactions. A unique identifier represents the contents of each block and the combined value of all prior blocks in the chain. This linkage of unique identifi- ers, called a “cryptographic hash,” ties the blocks together in the chain. Rather than having a centrally stored and controlled ledger like a traditional accounting system, the blockchain’s “ledger” is distributed, with each participant in the peer-to-peer network holding a copy of the “distributed ledger.” Each block of transactions recorded in a blockchain requires a proof of work (PoW) to validate the block and securely append (and timestamp) it to the ledger. This creates a chain of blocks, hence the name blockchain. A PoW is a cryptographic hash discovered by performing a computationally intense algorithm called mining. A hash func- tion is simple to compute given an input value, but the inverse function—i.e. solving for an input given the output—can only be determined through brute-force trial and error. Because a PoW is required to validate each block of transactions that is added to the ledger, mining is necessary to support the use of the currency. In exchange for computing the hash, a miner earns a reward (typically a small amount of the cryptocurrency). For more information on potential applications for blockchain technology, see EPRI Quick Insight 3002009889 [1] and EPRI white paper 3002010242 [2], which explain how blockchain technology could be applied to other utility transac- tional business operations. MINING FOR CRYPTOCURRENCY When Bitcoin was first established, mining was possible using the CPU of a standard desktop PC. As more miners have joined the Bitcoin network, the global hash rate (overall number of hash functions that are solved by all miners on the net- work, now represented by exa hashes per second [EH/s, 1018 H/s]) has risen exponentially, to as high as 26 EH/s in March 2018. The difficulty of the mining algorithm is adjusted roughly every 10 days to maintain an average creation of one block every 10 minutes. With the mining reward set to be halved about every four years, mining will become less profitable over time. As a result of continuously growing resource requirements—particularly the amount of electricity needed for processing and cooling—CPUs are no longer cost-competitive for Bitcoin mining. To improve efficiency, miners initially shifted from CPUs to graphics processing units (GPUs), which offer about an order of magnitude superior mining performance over standard CPUs. 9884058 2PDF Image | Bitcoin Mining, Blockchain, and Electricity Consumption
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