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Mining hardware Bitcoin prices for 2017 chart a curve shaped like an upturned hockey stick, and boosted the investment made by network participants in mining hardware. First-generation miners used central processing units (CPU) in conventional personal computers with computing power of less than 0.01 gigahashes per second (GH/s). Over time, miners switched to graphic processing units (GPU), with 0.2-2 GH/s in 2010 and, starting in 2011, moved to field-programmable gate arrays (FPGA) with 0.1-25 GH/s.18 Since 2012, application-specific integrated circuit (ASIC) devices, with up to 18,000 GH/s have prevailed.19 Figure 1 charts the market price, network hash rate, and resulting profitability threshold, where miners’ income equals cost. Comparing this profitability threshold to the efficiencies of ASIC models shows that only ASICs operate profitably nowadays. [USD/BTC] / [PH/s] [J/GH] 2.2 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Jul-16 Market price [USD/BTC] 2.0 Hash rate [PH/s] 1.8 Profitable efficiency [J/GH] Jan-17 Jul-17 Jan-18 Jul-18 Fig. 1 | Bitcoin market price [BTC/USD], network hash rate [PH/s], profitable efficiency [J/GH] and hardware efficiencies of ASICs released by major producers [J/GH]. Hash rate and market price were retrieved from Block- chain.com (https://www.blockchain.com/charts)6. Calculations of the profitable hardware efficiency are reported in Supplementary Notes Sheet 3.6. We assume an average electricity price of USD 0.05/kWh as argued in previous estimates.13,16 A detailed overview of ASIC models released can be found in Supplementary Notes Sheet 4.1. From IPO filings disclosed in 2018, we determine the distribution of market share held by the three major ASIC producers; Bitmain, Canaan, and Ebang.20-22 The hardware in use and its efficiency are key to a reliable estimate of power consumption. Based on the IPO filings, we conclude that, as of November 2018, Bitmain’s hardware provides 76% of the network’s computing power, and the hardware of each of Canaan and Ebang provides 12% (see Supplementary Notes Sheet 3.4). 3 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Jan-19 Canaan [J/GH] Ebang [J/GH] Bitmain [J/GH]PDF Image | The Carbon Footprint of Bitcoin
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