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The "What is Money?" Show
The Climate Impact of Bitcoin Mining with Alexander Neumüller (WiM411)
Dec 20, 2023
Alexander Neumüller, research associate at the Cambridge Centre for Alternative Finance, discusses the climate impact of Bitcoin mining. Topics include the Cambridge Bitcoin electricity consumption index model, antifragility of Bitcoin, and data analytics of Bitcoin mining. They explore the environmental impact of mining, revisions to the model, analysis of climate impact, energy buying by the network, efficiency improvements over time, and closing thoughts on refining research and models.
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Quick takeaways
- ASIC mining equipment has become more efficient over time, leading to a significant increase in hash rate while keeping electricity consumption stable.
- Despite China's ban on Bitcoin mining, the network has become more decentralized, showcasing Bitcoin's resilience and ability to overcome regulatory challenges.
Deep dives
Efficiency Improvements in ASIC Mining Equipment
Over time, ASIC mining equipment has become more efficient, resulting in an increase in hash rate compared to electricity consumption. For example, early ASICs had lower efficiency with around 2,000 Joules per terahash, while more recent models like the S19 have reached around 30 Joules per terahash. This increased efficiency has led to a 200x increase in hash rate since 2016, with less than a 20x increase in electricity consumption. As technology continues to advance, it is expected that there will be further efficiency improvements in ASIC mining equipment, which may impact the balance between hash rate and energy consumption.
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Discover
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