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EH/s 6.0 5.0 4.0 3.0 2.0 1.0 0.0 S M L 11/01/18 11/30/18 Fig. 2 | Hash rate distribution of Slushpool grouped by individual miners’ computing power. Data generated in web scrawling of Slushpool pool statistics (https://slushpool.com/stats/?c=btc)27, ten-minute intervals reported in Supplementary Notes Sheet 3.7. Mining pools Miners combine their computing power and share the block rewards and transaction fees in order to reduce the time and variance of finding a new block. Back in 2011, a miner with an up-to-date GPU (2 GH/s) could expect to find a block roughly once a month. In November 2018, due to the increasing difficulty, the same miner could expect to find a block every 472,331 years. Even today’s most powerful ASIC (18,000 GH/s) yields an expected discovery rate of one block every 52 years. The average time it takes to find a new block depends on the network’s current level of difficulty and computing power of the hardware in use. As of November 2018, the difficulty was 6,936,230,051,963. As each block has about 232 hashes, and one block is solved every 10 minutes, the network’s hash rate was 49,651,468 TH/s (6,936,230,051,963 x 232 H / 600 seconds). Solving a block is rewarded with new Bitcoins and the fees of all newly-included transactions. The reward per block in new Bitcoins started at 50 for the first blocks and halves every 210,000 blocks. At the current number of blocks in November 2018 (552,100), the block reward equals 12.5 BTC per block and as a result, 1,800 (=12.5 x 24h x 6/h) new Bitcoins are currently mined every day. As the time to solve one block remains constant and the reward continues to halve, the last of about 21 million Bitcoins will be mined in 121 years from now. 5PDF Image | The Carbon Footprint of Bitcoin
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