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Mining locations Below, we develop three scenarios examining the regional footprint of Bitcoin, which are based on the localization of pool IP, miners’ IP, and device IP addresses. Some miners may use services like TOR or VPN to disguise their locations, for instance, for legal reasons. However, as a good overall network connection increases the probability of having a new block accepted in the network, it is generally advantageous to propagate blocks through the fastest connection. Based on analyzing pool IPs on BTC.com and Slushpool, we find evidence that miners tend to allocate their computing power to local pools. With 17% of total hash power, BTC.com is the largest mining pool administrated in China. Slushpool is its European analogue with 11%. In both pools, regional miners comprise the vast majority of participants. U.S-based miners tend to join the European pool as the operation of mining pools is prohibited inside the U.S. Combining these insights from pool server IPs with pool shares in terms of their regional origin, we determine that there is 68% Asian, 17% European, and 15% North American computing power in the network (see Supplementary Notes Sheet 4.5). Based on Miner IPs, we find a stronger U.S. presence. The full nodes and miners in the network communicate via a loosely connected P2P-network. Information (such as new transactions or blocks) are sent to connected peers via a gossip-protocol, reaching all nodes in a timely manner. Therefore, we monitor the origins of new blocks by connecting to all nodes, which are publicly available. We detect different patterns in the data: In some cases, single IP-addresses are responsible for many blocks, while, in other cases, many addresses are only responsible for a small portion of blocks. As for the location of our server, our data set is biased towards the U.S., as over 95% of the mined blocks are on U.S. soil. If we assume a share of 15% for U.S.-based mining devices, we find 34% of all blocks originate from Asia, 24% from Europe, and 24% from Canada, while the rest of the world (South America, Africa, and Australia) are each responsible for less than 1% of the blocks created. Uncertainties are introduced by the server location, the decentralized nature of the network, and the resolution from IP addresses to location by ipinfo.io. Figure 5 displays the origins of blocks on a world map. 8PDF Image | The Carbon Footprint of Bitcoin
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