• Corpus ID: 246063158

Dynamics of Bitcoin mining

@article{Semret2022DynamicsOB,
  title={Dynamics of Bitcoin mining},
  author={N. Semret},
  journal={ArXiv},
  year={2022},
  volume={abs/2201.06072}
}
  • N. Semret
  • Published 16 January 2022
  • Computer Science
  • ArXiv
What happens to mining when the Bitcoin price changes, when there are mining supply shocks, the price of energy changes, or hardware technology evolves? We give precise answers based on the technical forces and incentives in the system. We then build on these dynamics to consider value: what is the cost and purpose of mining, and is it worth it? Does it use too much energy, is it bad for the environment? Finally we extend our analysis to the long term: is mining economically feasible forever… 

References

SHOWING 1-2 OF 2 REFERENCES
Bitcoin: A Peer-to-Peer Electronic Cash System
TLDR
This work proposes a solution to the double-spending problem using a peer-to-peer network, where the network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof- of-work.
Irreversibility and heat generation in the computing process
TLDR
Two simple, but representative, models of bistable devices are subjected to a more detailed analysis of switching kinetics to yield the relationship between speed and energy dissipation, and to estimate the effects of errors induced by thermal fluctuations.