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consumption with a scenario where all mining was done with ASIC machines with the following models and ratios of the mining models: Bitfury BF3500, 35%, KnC Neptune, 25%, Cointerra TerraMiner IV, 20%, Antminer S2, 15%, Antminer S3, 5% of all hardware [3]. He calculated the yearly energy consumption as 3.64 GJ (around 1 MWh) for the year 2014. With minimum and maximum energy efficiencies of 0.8 J/GH and 1.5 J/GH, respectively, he calculated the power demand to be between 3.28 and 6.15 GW. Hayes assumed that if the marginal cost of bitcoin mining exceeded the bitcoin price, then the bitcoin mining would stop [4]. He calculated hypothetical upper boundaries for mining by taking the energy price as 13.952 c/kWh and the hardware efficiency as 1.15 J/GH. The Economist reported about a modern bitcoin mining facility of KnCMiner in Boden, Sweden, which uses high efficiency ASIC hardware, and it claims that if all miners in the world used the same hardware as in Boden, then the yearly energy consumption for the world would be 1.46 TWh [5]. Vranken calculated the power demand for mining to be between 400 MW (electricity price of 2 c/kWh) and 2.3 GW (electricity price of 3.5 c/kWh) [6]. He suggests that power demand for mining would be most likely in the range of 100–500 MW (which corresponds to 3–16 PJ per year). Gauer assumed an electricity price of 5 c/kWh, an average BTC price of $3524, and a reward for block of 12.5 BTC, and then calculated the total energy consumption to be 3.56 TWh and the power demand to be 3831 MW in 2017 [7]. Similarly, de Vries estimated the minimum power demand to be 2.55 GW and, in the future, the maximum consumption would be 7.67 GW [8]. Digiconomist estimated an energy use of 73.12 TWh/year with a minimum estimation of 59.55 TWh/year [9]. To calculate the minimum energy consumption, Digiconomist assumed only the hardware Bitmain’s Antminer S9 was used. Bevand estimated the minimum 1620 MW (14.19 TWh/year) and maximum 3136 MW (27.47 TWh/year) with a best guess of 2100 MW (18.40 TWh/year) [10]. Krause and Tolaymat reported estimations of 283 MW, 948 MW, and 3441 MW for the years 2016, 2017, and 2018, respectively [11]. The estimations vary considerably mainly due to the hardware efficiencies and the electricity prices used in the analysis process. It is quite hard to know exactly which models of hardware are used in the mining process during a given time span. Therefore, to be as precise as possible, in this paper we identified the hardware available in the market that could be used in bitcoin mining. Table 1 summarizes the power demand estimations of bitcoin mining. Table 1. Power demand estimations of Bitcoin mining. Source O’Dwyer and Malone (2014) [2] McCook (2014) [3] Vranken (2017) [6] Gauer (2017) 1 [7] de Vries (2018) [8] Bevand (2018) [10} Krause and Tolaymat (2018) 1 [11] min. (GW) 0.1 3.28 0.4 3.83 2.55 1.62 3.44 max. (GW) 10 6.15 2.3 - 7.67 3.14 - 3. Materials and Methods 1 Average estimation. This research was based on four different sources of data: Bitcoin’s Blockchain, the performance data of the devices that solves hash problems, historical Bitcoin prices, and power cost data. Bitcoin data are publicly available via the Bitcoin history stored on the blockchain. Most of the data used in this research were extracted from this publicly available blockchain data created by transactions. The size of the Bitcoin Blockchain at the time this research was conducted was around 160 GB [12]. Among this vast amount of data, we retrieved all blockchain data from the number 0 genesis block with the time stamp of 3 January 2009 18:15:05 to the number 52,6176 block with the time stamp of 5 June 2018 18:18:06. Then, we prepared a data series table containing the block number, difficulty, and time stamp of each block. Difficulty recalculation was done once every 2016th block and the reward for each block was halved for every 210,000th block. Since the difficulty changes at every 2016th block, we calculated the energy consumption and profitability of each hardware every 14 days (2016 block).PDF Image | Energy Consumption of Bitcoin Mining
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