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1. Introduction Cryptocurrencies and their energy consumption have become a popular subject of discussion over the last couple of years. Bitcoin, the most well-known and most expensive cryptocurrency, was first introduced by Satoshi Nakamoto, a pseudonym of an author or group of authors, in 2008. There are significant differences in bitcoin’s energy consumption estimations since there are too many unknowns in the process, such as which type of hardware is used in the mining and for how long. This ambiguity necessitates an extensive analysis that will cover all bitcoin transactions from 2009 until today. Bitcoin mining is a decentralized computational process, where transactions are verified and added to the public ledger, known as the blockchain. Nakamoto explains the working principles of bitcoin mining in detail in his paper [1]. Bitcoin networking started in 2009 with its unique currency bitcoin or BTC. The bitcoin network is a peer-to-peer, distributed network. In this network, all nodes are treated as equal peers. The process of making bitcoins is called mining, and the participants are called miners. All transactions are carried out and stored in a distributed ledger: the blockchain. The historic transaction data are contained in the blockchain. A signature between the new block and the previous block is needed for adding a new block to the blockchain. This is done via finding a nonce value that will satisfy the cryptographic hash function, Secure Hash Algorithm 256-bit (SHA-256). The nonce starts with 0 and is incremented by 1 by the miner until the hash of the block is less than or equal to the target value. Once a node finds a hash that satisfies the required number of zero bits, it transmits the block it was working on to the rest of the network. The other nodes in the network then express their acceptance by starting to create the next block for the blockchain using the hash of the accepted block. The finder of the block is rewarded for their efforts with a special transaction. Creators of a block are currently allowed to send 12.5 newly created coins to an address of their choosing. This is a fixed reward that halves every four years (210,000 blocks). On top of the fixed reward, a variable amount of transaction fees is received as well. The reward provides an incentive to participate in this type of network. To keep the flow of rewards stable, the network self-adjusts the difficulty of hash calculations, so new blocks are only created once every 10 min on average. Cryptography takes an important place in Bitcoin transactions with private and public keys. Private keys in the Bitcoin network are 256-bit long numbers that are created randomly in wallet creation. These randomly generated numbers provide security for Bitcoin transactions as they are infeasible to crack. Private keys are used to sign transaction messages and provide authenticity for the messages as only the owner of the bitcoin address knows the private key. Public keys are complementary to Private keys and allow checking of the authenticity of messages. Public keys are 512-bit long numbers that are derived from Private keys. Unlike Private keys, Public keys are shared in the Bitcoin network and are available to every node. Figure 1 shows a simple diagram how bitcoin mining is completed.PDF Image | Energy Consumption of Bitcoin Mining
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