Research on the Problem of the Efficiency of Bitcoins: The Energy Costs for the Generation of This Cryptocurrency on a Global Scale

Autor: Vyacheslav Voloshyn, Viktoriya Gonchar, Tetiana Gorokhova, Iryna Korostova, Dmytro Mironenko
Rok vydání: 2023
Zdroj: Frontiers in Artificial Intelligence and Applications ISBN: 9781643683706
Popis: The work is devoted to the problems of efficiency of bitcoins, especially power inputs due to generating of this cryptocurrency. Nowadays the problems of mining power input efficiency seem to have passed from a comparative problem to the problem of existence of this blockchain technology, requiring a different engineering policy or different managerial decisions. The comparative analysis of bitcoins generating power input and the world’s power input has shown that there are almost no trustworthy methods of evaluating input power for blockchain technologies. This problem is solved by application of contemporary methods by setting up big mining companies, located in areas with cheap electric energy and free power balance, possessing their own technological resources and thinking of creating alternative power capacities for mining objectives. At that the state systems start to introduce various limitations for power capacities used for cryptocurrencies including quotas and price privileges. Represented are the results of the analyses of the dynamics of alternation of the main parameters, influencing power consumption at generation of bitcoins on the basis of available literary data and own investigation. Given are the results of calculations regarding bitcoins generation, the costs of consumed electric power per mining of one bitcoin. A more objective index of bitcoin power consumption is suggested, it being correlated with its unit and the unit of heshrate eh showing that Nbtc·LgH duplex is constantly growing despite a decrease in general mass of generated bitcoins, while the relative bitcoin energy consumption decreases with time, still such decrease happens slower than the growth of its market value.
Databáze: OpenAIRE