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Bitcoin.com KanoPool Haominer 4 0.6 3 0.45 2 0.3 USA Iceland China 1 23% China, 2% North America, and 1% EU. 2 6% North America, 5% EU. To calculate the energy consumption of the process, we will proceed step-by-step. The power demand of the bitcoin mining is calculated as: π = ππ» β πΈππ» (1) 1012 with: β’ Power (P) (MW) β’ Network Hashrate (NH) (MH/s) (Total hash problems solved per second in Bitcoin network) β’ Efficiency of Hardware (EoH) (J/TH) (Energy consumed by hardware per Tera hash problems solved) The Network Hashrate is calculated as follows: ππ»=π·β 232 π΄ππ΅π΅ with: β’ Difficulty (D) β’ Network Hashrate (NH) (hash/s) β’ Average Seconds Between Blocks (ASBB) (s) = 600 (2) The Efficiency of Hardware (EoH) is defined as: πΈππ»= π½ (3) ππ» with: β’ Efficiency of Hardware (EoH) (J/TH) (Joules per Tera Hash Calculations) β’ Energy (E) (J) Hash Operations (H) and Tera Hash Operation (TH) where ππ»=π»β 1012 (4) Now, we should calculate the average time between two blocks: π΄π»π΅π΅ = π΄ππ΅π΅ = 1 (5) 3600 6 with: β’ Average Hours Between Blocks (AHBB) (h) β’ ASBB is 600 s β’ Block Count Between Difficulty Recalculation (BCBDR) = 2016 Then, we calculate the average time between difficulty recalculation. Let us define the Average Time Between Difficulty Recalculation (ATBDR) (h)(days), then, ATBDR = π΅πΆπ΅π·π β π΄π»π΅π΅ = 2016 β 1 = 336 h = 14 days (6) 6 This means that we need to update the Difficulty data every 14 days. We calculate the minimum and maximum power demand and energy consumption of mining. Minimum energy consumption means that the mining is done via the most efficient hardware available in the market for the given time span (14 days in this case). Since hardware efficiencies are publicly available, it is straightforward to acquire this data. It is given in detail in the Appendix. Minimum power demand is calculated as follows:PDF Image | Energy Consumption of Bitcoin Mining
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