The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Bitcoin Mining and its Energy Footprint
Abstract
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.
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Cites
A fistful of bitcoins: characterizing payments among men with no names
Meiklejohn, S., Pomarole, M., Jordan, G., Levchenko, K., McCoy, D., Voelker, G. M., & Savage, S. (2013) · Proceedings of the 2013 conference on Internet measurement conference · doi:10.1145/2504730.2504747 · Cited by 1,017
Hashcash - A Denial of Service Counter-Measure
Back, A. (2002) · Cited by 782
Evaluating user privacy in bitcoin
Androulaki, E., Karame, G. O., Roeschlin, M., Scherer, T., & Capkun, S. (2013) · Lecture Notes in Computer Science · doi:10.1007/978-3-642-39884-1_4 · Cited by 700
Double-spending fast payments in bitcoin
Karame, G. O., Androulaki, E., & Capkun, S. (2012) · Proceedings of the 2012 ACM conference on Computer and communications security · doi:10.1145/2382196.2382292 · Cited by 538
Bitcoin and the age of bespoke silicon
Taylor, M. B. (2013) · Compilers, Architecture, and Synthesis for Embedded Systems · doi:10.5555/2555729.2555745 · Cited by 75
Bitcoin and the age of Bespoke Silicon
Taylor, M. B. (2013) · International Conference on Compilers, Architecture, and Synthesis for Embedded Systems (CASES) · doi:10.1109/cases.2013.6662520 · Cited by 68
Cited by
Bitcoin and beyond: a technical survey on decentralized digital currencies
Tschorsch, F., & Scheuermann, B. (2016) · IEEE Communications Surveys & Tutorials · doi:10.1109/comst.2016.2535718 · Cited by 1,690
A Survey on Security and Privacy Issues of Bitcoin
Conti, M., Sandeep Kumar, E., Lal, C., & Ruj, S. (2018) · IEEE Communications Surveys & Tutorials · doi:10.1109/comst.2018.2842460 · Cited by 1,116
“Although the use of PoW makes the mining process more resistant to various security threats such as sybil and double spending, it consumes a ridiculous amount of energy and computing resources [67], [68].”
BackgroundA survey of blockchain from the perspectives of applications, challenges, and opportunities
Monrat, A. A., Schelen, O., & Andersson, K. (2019) · IEEE Access · doi:10.1109/access.2019.2936094 · Cited by 1,077
The Quest for Scalable Blockchain Fabric: Proof-of-Work vs. BFT Replication
Vukolić, M. (2016) · Lecture Notes in Computer Science · doi:10.1007/978-3-319-39028-4_9 · Cited by 1,051
“1-10 GW [49].”
Assessing ICT global emissions footprint: Trends to 2040 & recommendations
Belkhir, L., & Elmeligi, A. (2018) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2017.12.239 · Cited by 970
Metadata
- Authors
- O'Dwyer, K. J., & Malone, D.
- Venue
- 25th IET Irish Signals & Systems Conference 2014 and 2014 China-Ireland International Conference on Information and Communities Technologies (ISSC 2014/CIICT 2014)
- Published
- 2014
- Pages
- 280-285
- OpenAlex
- W2059875792
- Cited by
- 559
- References
- 6
- FWCI
- 18.81
- Type
- conference paper
- Language
- en
- Open access
- closed
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- O'Dwyer, K. J., & Malone, D. (2014). Bitcoin Mining and its Energy Footprint. 25th IET Irish Signals & Systems Conference 2014 and 2014 China-Ireland International Conference on Information and Communities Technologies (ISSC 2014/CIICT 2014). https://doi.org/10.1049/cp.2014.0699
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
