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perform hashing operations which yields Bitcoins. However such a technique is not practical to a new or even an experienced miner with respect to profitability. This is because as the number of miners increases, greater amount of processing power is being added to the Bitcoin network. This requires vast amount of electricity to keep the machines running at constant rate and thereby not only resulting in a higher carbon footprint that has environmental consequences but also increasing the cost of electricity consumption per machines, thereby reducing the profit obtained by mining of Bitcoins. A. Efficiencycalculations Mining requires a lot of electricity. If we are building a DIY system then we will be getting an ATX power supply unit (PSU). Therefore it‘s worth investing in the most efficient supply you can get. Let us consider the following two cases for determining efficiency of rigs: A PSU that is guaranteed to supply 860W and is 93% efficient would actually draw 925W (860W/0.93). By contrast, a 750W power supply that is only 80% efficient would actually draw 937.5 W (750/0.8) - thus using more power, but supplying less. When building a mining rig, miners will need to take account of the power requirements of all the components they are using, especially all the graphics cards. Also it is a good idea to provide some excess capacity to deal with unexpected events and provide the potential to overclock the system. ASICs, on the other hand, can do far more calculations with far less power because they are highly specialized devices. And since they ship with an appropriate power adapter, miners do not have to worry about doing all the math to find one that is up to the task. The mining efficiency of different systems can be compared by taking the ratio of the number of hashes it can perform in a second, divided by the power it consumes: Hashing speed / power consumption = mining efficiency. The profitability calculators like the Genesis block ask for the electricity costs and the initial investments in the hardware. Effectively the miners are being asked for their ongoing and one-off investments. The conversion process isn‘t completely straightforward; In the case of hardware miners, the monthly running cost can be worked out by multiplying the electricity charge (i.e., $ per KWh) by the power consumption of the unit and by a conversion factor of 0.744 (the ratio of seconds per month to joules of energy per KWh). However the main question is: Has profitability increased or decreased over the years? Recent data, table 2, pertaining to difficulty of mining and corresponding hash rates clearly indicate that traditional mining techniques can lead to losses or reduce profitability substantially. From the data we can conclude that over period of 11 months the difficulty and hashing rate has increased by 7.5% and 346.81331% respectively. Additionally, there is not guarantee that the value of Bitcoins and other cryptocurrencies will remain stable or even rise. Speculations and increasing regulation constantly encourage different parties to join in or exit the market. While the picture is one of increasing adoption, major developments can still affect the price markedly. (IJACSA) International Journal of Advanced Computer Science and Applications, Vol. 6, No. 9, 2015 TABLE II. Date M Mar 08 2015 Feb 22 2015 Feb 09 2015 Jan 27 2015 Jan 12 2015 D Dec 17 2014 D Nov 18 2014 N Oct 23 2014 Oct 09 2014 Sep 25 2014 Sep 13 2014 Aug 31 2014 A Aug 08 2014 Jul 25 2014 Jul 12 2014 Jun 29 2014 Jun 18 2014 Jun 05 2014 May 24 2014 BITCOIN DIFFICULTY AND HASH RATE HISTORY (11 MONTHS) [25] Difficulty 47,427,554,951 44,455,415,962 43,971,662,056 39,457,671,307 40,300,030,328 35,985,640,265 34,661,425,924 27,428,630,902 19,729,645,941 17,336,316,979 16,818,461,371 13,462,580,115 11,756,551,917 10,455,720,138 Change 1.59% 7.71% 8.20% -1.37% 1.76% 2.81% 16.20% 15.03% 5.30% 3.08% 24.93% 14.51% 12.44% 18.10% Hash Rate 339,449,662 GH/s 318,224,263 GH/s 314,761,417 GH/s 282,449,013 GH/s 288,478,854 GH/s 257,595,247 GH/s 248,116,151 GH/s 196,341,788 GH/s 141.230.307 GH/s 124,098,191 GH/s 120,391,236 GH/s 96,368,902 GH/s 84,156,677 GH/s 74,844,960 GH/s ar 22 2015 46,717,549,645 -1.50% 334,417,246 GH/s 46,684,376,317 5.01% 334,179,783 GH/s 41,272,873,895 -6.14% 295,442,739 GH/s ec 30 2014 40,640,955,017 3.00% 290,919,288 GH/s ec 02 2014 40,007,470,271 -0.73% 286,384,627 GH/s ov 05 2014 39,603,666,252 10.05% 283,494,086 GH/s 35,002,482,026 0.98% 250,557,526 GH/s 29,829,733,124 8.75% 213,529,547 GH/s ug 19 2014 23,844,670,039 20.86% 170.686.797 GH/s 18,736,441,558 8.08% 134.120.673 GH/s www.ijacsa.thesai.org Fig. 2. Bitcoin Hash Rate vs Difficulty (9 months) 118 | P a g ePDF Image | Cryptocurrency Mining Transition to Cloud
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