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The Rise of Ethereum and Hobby Mining

In: The Bitcoin Dilemma

Author

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  • Colin L. Read

    (SUNY Plattsburgh)

Abstract

The subject of this book is The Bitcoin Dilemma, a result derived in Chapter 8 that demonstrates mining energy consumption is proportional to and bound by the price of bitcoin and can even accelerate with miner efficiency and electricity cost improvements. Should bitcoin remain popular and demand continue to increase, so will long run electricity consumption. Indeed, as miners secure for themselves less expensive power contracts, the additional price burden is borne by other ratepayers. This problem is shared with other Proof of Work coins beyond bitcoin.

Suggested Citation

  • Colin L. Read, 2022. "The Rise of Ethereum and Hobby Mining," Springer Books, in: The Bitcoin Dilemma, chapter 0, pages 137-145, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-09138-4_14
    DOI: 10.1007/978-3-031-09138-4_14
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