Transcription of BitcoinMininganditsEnergyFootprint
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BitcoinMininganditsEnergyFootprint
ISSC 2014 / CIICT 2014, Limerick, June 26 27 Bitcoin Mining and its Energy FootprintKarl J. O Dwyer and David Malone Hamilton InstituteNational University of Ireland MaynoothE-mail: Bitcoin is a digital cryptocurrency that has generated considerable publicinterest, including both booms in value and busts of exchanges dealing in of the fundamental concepts of Bitcoin is that work, called mining, must be donein checking all monetary transactions, which in turn creates Bitcoins as a reward. Inthis paper we look at the energy consumption of Bitcoin mining. We consider if andwhen Bitcoin mining has been profitable compared to the energy cost of performingthe mining, and conclude that specialist hardware is usually required to make Bitcoinmining profitable. We also show that the power currently usedfor Bitcoin mining iscomparable to Ireland s electricity BitcoinI IntroductionBitcoin is a peer-to-peer cryptocurrency mainlyused for monetary transactions on the Internet [1]and is designed to be similar to fiat money andcommodities.
ISSC 2014 / CIICT 2014, Limerick, June 26–27 BitcoinMininganditsEnergyFootprint KarlJ. O’Dwyer† and David Malone∗ HamiltonInstitute ...
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