3. Bitcoin mining: energy and security

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How does bitcoin mining work, and why does it have to consume so much energy? This paper explains how bitcoin’s difficulty adjustment prices out miners with high electricity costs, making mining bitcoin only reliably profitable at very low costs of electricity. Since Bitcoin can purchase electricity from anywhere in the world, this leads to bitcoin incentivizing the development of stranded & off-grid energy sources, likely leading to cheaper & more abundant energy production. (8,786 words)

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