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MoneroResearch.info |
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O'Dwyer, K. J., & Malone, D. 2014, June, Bitcoin mining and its energy footprint. Paper presented at 25th IET Irish Signals Systems Conference 2014 and 2014 China-Ireland International Conference on Information and Communications Technologies (ISSC 2014/CIICT 2014). Added by: endor (17/04/2022, 20:19) |
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| Resource type: Proceedings Article DOI: 10.1049/cp.2014.0699 BibTeX citation key: ODwyer2014 View all bibliographic details  |
Categories: Not Monero-focused Creators: Malone, O'Dwyer Collection: 25th IET Irish Signals Systems Conference 2014 and 2014 China-Ireland International Conference on Information and Communications Technologies (ISSC 2014/CIICT 2014) |
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Attachments
Bitcoin mining and its energy footprint.pdf  [22/1083]
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| Abstract |
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Bitcoin is a digital cryptocurrency that has generated considerable public interest, including both booms in value and busts of exchanges dealing in Bitcoins. One of the fundamental concepts of Bitcoin is that work, called mining, must be done in checking all monetary transactions, which in turn creates Bitcoins as a reward. In this paper we look at the energy consumption of Bitcoin mining. We consider if and when Bitcoin mining has been profitable compared to the energy cost of performing the mining, and conclude that specialist hardware is usually required to make Bitcoin mining profitable. We also show that the power currently used for Bitcoin mining is comparable to Ireland's electricity consumption.
Added by: endor |