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4. Results There are questions about for how long BTC will be profitable for the miners. When we calculated the term Maximum, we stressed that the cost of BTC should not be higher than the price of BTC. Nonetheless, due to the complexity of the analysis, we limited ourselves with the BTC mining locations from 1 June to 4 June 2018. To see if this sample was representative of the whole historical data, we plotted Figure 2 to see the comparison between Maximum Cost of BTC (the cost of bitcoin mining under maximum power demand) and the price of BTC. 25,000 20,000 15,000 10,000 5,000 0 Date BTC Price (USD) Cost Per BTC (USD) Figure 2. Maximum BTC cost vs. BTC price. From Figure 2, we see that the cost per BTC is under the BTC price at all times. Therefore, we can claim that the Maximum should be the theoretical upper boundary of BTC mining. After verifying our Maximum term, we calculated the yearly minimum and maximum energy consumption between difficulty recalculations of all devices available on the market. Figure 3 summarizes the energy consumption estimations from 2009 onwards. 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00 Date Yearly Energy Consumption Between Diff. Recalc. Minimum Of All Devices (TWh/year) Yearly Energy Consumption Between Diff. Recalc. Maximum (TWh/year) Figure 3. Minimum and profitable maximum energy consumption of bitcoin mining. 01/01/2009 01/05/2009 01/09/2009 01/01/2010 01/05/2010 01/09/2010 01/01/2011 01/05/2011 01/09/2011 01/01/2012 01/05/2012 01/09/2012 01/01/2013 01/05/2013 01/09/2013 01/01/2014 01/05/2014 01/09/2014 01/01/2015 01/05/2015 01/09/2015 01/01/2016 01/05/2016 01/09/2016 01/01/2017 01/05/2017 01/09/2017 01/01/2018 01/05/2018 Energy (TWh) Cost (USD)PDF Image | Energy Consumption of Bitcoin Mining
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