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Today’s best-in-class mining hardware—which employs an application-specific integrated circuit (ASIC) specially designed for mining Bitcoin—performs two orders of magnitude better than GPUs. Due to advances in chip technology, reported mining efficiencies have roughly doubled every 12 months, from about 500 J/TH (joules per terahash, equivalent to watts per trillion hashes per second) in late 2014, to 250 J/TH in late 2015, to 100 J/TH in mid-2016. Recognizing that one of the largest manufacturers of mining hardware also operates one of the world’s largest mining facilities, there may be preproduction mining machines in operation that surpass the commercially available 100 J/TH efficiency level. Serious Bitcoin mining operations are not expected to reside in conventional data centers because the core business of data centers that house mining operations is to maximize the number of hashes computed for the lowest operating cost. With little concern for equipment availability, mining facilities do not employ the redundancy, fault-tolerance, or power conditioning equipment used in conventional data centers. In addition, many miners use “free cooling,” relying on evaporative “swamp” cooling rather than mechanical (vapor compression) cooling. Some mining facilities have no mechanical cooling aside from fans that bring in outdoor air. INDUSTRY ENERGY CONSUMPTION Since December 2017, when the value of Bitcoin reached an all-time high of $20,000 per bitcoin, numerous media outlets have reported on the growing energy consumption of the Bitcoin network. These reports cite the Bitcoin Energy Consumption Index (BECI) published on Digiconomist.net [3] which uses an economic approach to estimate the annual energy consump- tion of Bitcoin (more than 50 TWh as of March 2018). Note that any estimate of overall energy consumption must make numerous assumptions because there is no central registry of all active Bitcoin mining machines. Moreover, there is neither published data on the efficiency of mining machines in real-world applications, nor data on the number of machines in operation. However, this widely cited estimate is fundamentally flawed; it assumes that 60% of mining revenue is spent on electricity, without providing a citation. One critic of this approach [5] suggests that the actual percentage of mining revenue spent on electricity may range from 6% to 32%, when accounting for capital recovery. In addition, the author of the BECI estimate presents a case study from an operating mining facility that found that the real-world efficiency of mining machines was less than rated efficiency—a finding attributed to the elevated operating temperature and failure rates seen in the real-world application. 9884058 3PDF Image | Bitcoin Mining, Blockchain, and Electricity Consumption
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