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Between blocks of 0–209,999 = 50 BTC Between blocks of 210,000–419,999 = 25 BTC Between blocks of 420,000–629,999 = 12.5 BTC and so on. After we calculate the Electricity Cost per Bitcoin (ECPB) and we get the Bitcoin Price (BP), we can define the boundaries of profitability for the miners. At this stage, we neglected capital investment and only focused on operational costs for mining itself and hence electricity prices. Therefore, we conclude that Profitability of A Mining Device = { 𝑃𝑟𝑜𝑓𝑖𝑡𝑎𝑏𝑙𝑒 𝑤h𝑒𝑛 𝐸𝐶𝑃𝐵 < 𝐵𝑃 (14) 𝑁𝑜𝑛𝑝𝑟𝑜𝑓𝑖𝑡𝑎𝑏𝑙𝑒 𝑤h𝑒𝑛 𝐸𝐶𝑃𝐵 ≥ 𝐵𝑃 Now, we can define the efficiency of the least efficient hardware that is still profitable. During each difficulty recalculation, we picked up the least efficient device under the condition ECPB < BP. We called the maximum power consumption Maximum (PM) meaning that the mining is burning its maximumenergywhileitisstillprofitableintermsofelectricityprocess.Therefore,𝑃 (𝑇𝑊)isgiven 𝑀 in (15) as: 𝑃 (𝑇𝑊) 𝑀 = 𝑁𝐻 ∗ 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑜𝑓 𝑙𝑒𝑎𝑠𝑡 𝑒𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑡 h𝑎𝑟𝑑𝑤𝑎𝑟𝑒 𝑠𝑡𝑖𝑙𝑙 𝑝𝑟𝑜𝑓𝑖𝑡𝑎𝑏𝑙𝑒 𝑤h𝑖𝑙𝑒 𝑚𝑖𝑛𝑖𝑛𝑔 𝑏𝑖𝑡𝑐𝑜𝑖𝑛(15) 1018 Table 3 shows the timeline and information of Bitcoin mining.PDF Image | Energy Consumption of Bitcoin Mining
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