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The entire Bitcoin network now consumes more energy than a number of countries. Over the years this has caused the total energy consumption of the Bitcoin network to grow to epic proportions, as the price of the currency reached new highs. As mining can provide a solid stream of revenue, people are very willing to run power-hungry machines to get a piece of it. The continuous block mining cycle incentivizes people all over the world to mine Bitcoin.

This will typically be expressed in Gigahash per second (1 billion hashes per second). The number of attempts (hashes) per second is given by your mining equipment’s hashrate. For this reason, mining is sometimes compared to a lottery where you can pick your own numbers.

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The process of producing a valid block is largely based on trial and error, where miners are making numerous attempts every second trying to find the right value for a block component called the “ nonce“, and hoping the resulting completed block will match the requirements (as there is no way to predict the outcome). The lucky miner gets rewarded with a fixed amount of coins, along with the transaction fees belonging to the processed transactions in the new block. Other miners will accept this block once they confirm it adheres to all rules, and then discard whatever block they had been working on themselves. Once one of the miners finally manages to produce a valid block, it will inform the rest of the network. In fact, the difficulty is regularly adjusted by the protocol to ensure that all miners in the network will only produce one valid block every 10 minutes on average. This is easier said than done, as the Bitcoin protocol makes it very difficult for miners to do so. In proof-of-work, the next block comes from the first miner that produces a valid one. Random selection in a distributed network isn’t easy, so this is where proof-of-work comes in. Only one of these blocks will be randomly selected to become the latest block on the chain. Every miner in the network is constantly tasked with preparing the next batch of transactions for the blockchain. The trick is to get all miners to agree on the same history of transactions. Every miner individually confirms whether transactions adhere to these rules, eliminating the need to trust other miners. For example, a transaction can only be valid if the sender actually owns the sent amount.

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The code includes several rules to validate new transactions. The only thing miners have to trust is the code that runs Bitcoin. While working on the blockchain these miners aren’t required to trust each other. New sets of transactions (blocks) are added to Bitcoin’s blockchain roughly every 10 minutes by so-called miners. The Bitcoin Energy Consumption Index was created to provide insight into these amounts, and raise awareness on the unsustainability of the proof-of-work algorithm.Ī separate index was created for Ethereum, which can be found here. Moreover, the energy used is primarily sourced from fossil fuels. The machines performing the “work” are consuming huge amounts of energy while doing so. Did you know Bitcoin runs on an energy-intensive network?Įver since its inception Bitcoin’s trust-minimizing consensus has been enabled by its proof-of-work algorithm. The latter has been removed per October 1, 2019. ***Note that the Index contained the aggregate of Bitcoin and Bitcoin Cash (other forks of the Bitcoin network have not been included).

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On February 13, 2019, the minimum benchmark was changed to Bitmain’s Antminer S15 (with a rolling average of 180 days), followed by Bitmain’s Antminer S17e per Novemand Bitmain’s Antminer S19 Pro per October 31, 2020. **The minimum is calculated from the total network hashrate, assuming the only machine used in the network is Bitmain’s Antminer S9 (drawing 1,500 watts each). Criticism and potential validation of the estimate is discussed here. *The assumptions underlying this energy consumption estimate can be found here.

Bitcoin Historic Sustainability Performance.

Bitcoin Electricity Consumption: An Economic Approach.

A Deep Dive in a Real-World Bitcoin Mine.

Preying on the poor? Opportunities and challenges for tackling the social and environmental threats of cryptocurrencies for vulnerable and low-income communities.

The true costs of digital currencies: Exploring impact beyond energy use.

Bitcoin boom: what rising prices mean for the network’s energy consumption.

Bitcoin’s energy consumption is underestimated: A market dynamics approach.

Renewable Energy Will Not Solve Bitcoin’s Sustainability Problem.

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