IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03348145.html
   My bibliography  Save this paper

MiningVis: visual analytics of the Bitcoin mining economy

Author

Listed:
  • Natkamon Tovanich

    (IRT SystemX, AVIZ - Analysis and Visualization - Inria Saclay - Ile de France - Inria - Institut National de Recherche en Informatique et en Automatique - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - IaH - Interaction avec l'Humain - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique)

  • Nicolas Soulié

    (IMT-BS - DEFI - Département Droit, Economie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris])

  • Nicolas Heulot

    (IRT SystemX)

  • Petra Isenberg

    (AVIZ - Analysis and Visualization - Inria Saclay - Ile de France - Inria - Institut National de Recherche en Informatique et en Automatique - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - IaH - Interaction avec l'Humain - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique)

Abstract

We present a visual analytics tool, MiningVis, to explore the long-term historical evolution and dynamics of the Bitcoin mining ecosystem. Bitcoin is a cryptocurrency that attracts much attention but remains difficult to understand. Particularly important to the success, stability, and security of Bitcoin is a component of the system called "mining.'' Miners are responsible for validating transactions and are incentivized to participate by the promise of a monetary reward. Mining pools have emerged as collectives of miners that ensure a more stable and predictable income. MiningVis aims to help analysts understand the evolution and dynamics of the Bitcoin mining ecosystem, including mining market statistics, multi-measure mining pool rankings, and pool hopping behavior. Each of these features can be compared to external data concerning pool characteristics and Bitcoin news. In order to assess the value of MiningVis, we conducted online interviews and insight-based user studies with Bitcoin miners. We describe research questions tackled and insights made by our participants and illustrate practical implications for visual analytics systems for Bitcoin mining.

Suggested Citation

  • Natkamon Tovanich & Nicolas Soulié & Nicolas Heulot & Petra Isenberg, 2022. "MiningVis: visual analytics of the Bitcoin mining economy," Post-Print hal-03348145, HAL.
    • Handle: RePEc:hal:journl:hal-03348145
    DOI: 10.1109/TVCG.2021.3114821
    Note: View the original document on HAL open archive server: https://hal.science/hal-03348145v1
    as

    Download full text from publisher

    File URL: https://hal.science/hal-03348145v1/document
    Download Restriction: no
    File URL: https://libkey.io/10.1109/TVCG.2021.3114821?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Nicolas Houy, 2014. "The economics of Bitcoin transaction fees," Working Papers halshs-00951358, HAL.
    2. Eric Masanet & Arman Shehabi & Nuoa Lei & Harald Vranken & Jonathan Koomey & Jens Malmodin, 2019. "Implausible projections overestimate near-term Bitcoin CO2 emissions," Nature Climate Change, Nature, vol. 9(9), pages 653-654, September.
    3. Shangrong Jiang & Yuze Li & Quanying Lu & Yongmiao Hong & Dabo Guan & Yu Xiong & Shouyang Wang, 2021. "Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China," Nature Communications, Nature, vol. 12(1), pages 1-10, December.
    4. Martin Rosvall & Carl T Bergstrom, 2010. "Mapping Change in Large Networks," PLOS ONE, Public Library of Science, vol. 5(1), pages 1-7, January.
    5. Rainer Böhme & Nicolas Christin & Benjamin Edelman & Tyler Moore, 2015. "Bitcoin: Economics, Technology, and Governance," Journal of Economic Perspectives, American Economic Association, vol. 29(2), pages 213-238, Spring.
    6. Natkamon Tovanich & Nicolas Soulié & Petra Isenberg, 2021. "Visual analytics of bitcoin mining pool evolution : on the road toward stability?," Post-Print hal-02902465, HAL.
    7. Camilo Mora & Randi L. Rollins & Katie Taladay & Michael B. Kantar & Mason K. Chock & Mio Shimada & Erik C. Franklin, 2018. "Bitcoin emissions alone could push global warming above 2°C," Nature Climate Change, Nature, vol. 8(11), pages 931-933, November.
    8. Pasquale Giungato & Roberto Rana & Angela Tarabella & Caterina Tricase, 2017. "Current Trends in Sustainability of Bitcoins and Related Blockchain Technology," Sustainability, MDPI, vol. 9(12), pages 1-11, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Natkamon Tovanich & Nicolas Soulié & Nicolas Heulot & Petra Isenberg, 2022. "The evolution of mining pools and miners’ behaviors in the Bitcoin blockchain," Post-Print hal-03610424, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hector F. Calvo-Pardo & Tullio Mancini & Jose Olmo, 2022. "Machine Learning the Carbon Footprint of Bitcoin Mining," JRFM, MDPI, vol. 15(2), pages 1-30, February.
    2. Lei, Nuoa & Masanet, Eric & Koomey, Jonathan, 2021. "Best practices for analyzing the direct energy use of blockchain technology systems: Review and policy recommendations," Energy Policy, Elsevier, vol. 156(C).
    3. Schinckus, Christophe, 2021. "Proof-of-work based blockchain technology and Anthropocene: An undermined situation?," Renewable and Sustainable Energy Reviews, Elsevier, vol. 152(C).
    4. Xuejia Sang & Xiaopeng Leng & Linfu Xue & Xiangjin Ran, 2022. "Based on the Time-Spatial Power-Based Cryptocurrency Miner Driving Force Model, Establish a Global CO 2 Emission Prediction Framework after China Bans Cryptocurrency," Sustainability, MDPI, vol. 14(9), pages 1-18, April.
    5. Yuze Li & Shangrong Jiang & Xuerong Li & Shouyang Wang, 2022. "Hybrid data decomposition-based deep learning for Bitcoin prediction and algorithm trading," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-24, December.
    6. Baur, Dirk G. & Oll, Josua, 2022. "Bitcoin investments and climate change: A financial and carbon intensity perspective," Finance Research Letters, Elsevier, vol. 47(PA).
    7. Sergio Luis Náñez Alonso & Javier Jorge-Vázquez & Miguel Ángel Echarte Fernández & Ricardo Francisco Reier Forradellas, 2021. "Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries," Energies, MDPI, vol. 14(14), pages 1-22, July.
    8. Agur, Itai & Lavayssière, Xavier & Villegas Bauer, Germán & Deodoro, Jose & Martinez Peria, Soledad & Sandri, Damiano & Tourpe, Hervé, 2023. "Lessons from crypto assets for the design of energy efficient digital currencies," Ecological Economics, Elsevier, vol. 212(C).
    9. Parthajit Kayal & Purnima Rohilla, 2021. "Bitcoin in the economics and finance literature: a survey," SN Business & Economics, Springer, vol. 1(7), pages 1-21, July.
    10. Michael L. Polemis & Mike G. Tsionas, 2023. "The environmental consequences of blockchain technology: A Bayesian quantile cointegration analysis for Bitcoin," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 1602-1621, April.
    11. Radosław Miśkiewicz & Krzysztof Matan & Jakub Karnowski, 2022. "The Role of Crypto Trading in the Economy, Renewable Energy Consumption and Ecological Degradation," Energies, MDPI, vol. 15(10), pages 1-15, May.
    12. Ebers, Axel & Thomsen, Stephan L., 2021. "How do warnings affect retail demand for Bitcoin? Evidence from an international survey experiment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    13. Elsayed, Ahmed H. & Nasir, Muhammad Ali, 2022. "Central bank digital currencies: An agenda for future research," Research in International Business and Finance, Elsevier, vol. 62(C).
    14. Murray A. Rudd, 2022. "100 Important Questions about Bitcoin’s Energy Use and ESG Impacts," Challenges, MDPI, vol. 14(1), pages 1-16, December.
    15. Mingbo Zheng & Gen-Fu Feng & Xinxin Zhao & Chun-Ping Chang, 2023. "The transaction behavior of cryptocurrency and electricity consumption," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-18, December.
    16. Süssmuth, Bernd, 2019. "Bitcoin and Web Search Query Dynamics: Is the price driving the hype or is the hype driving the price?," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203566, Verein für Socialpolitik / German Economic Association.
    17. Yan, Guanghui & Wang, Shan & Li, Shikui & Lu, Binwei, 2022. "Multi-player dynamic game model for Bitcoin transaction bidding prediction," The North American Journal of Economics and Finance, Elsevier, vol. 60(C).
    18. Sondes Mbarek & Donia Trabelsi & Michel Berne, 2020. "Are virtual currencies virtuous? Ethical and environmental issues," Post-Print hal-02434877, HAL.
    19. Pavel Ciaian & Miroslava Rajcaniova & d’Artis Kancs, 2016. "The digital agenda of virtual currencies: Can BitCoin become a global currency?," Information Systems and e-Business Management, Springer, vol. 14(4), pages 883-919, November.
    20. Ali, Omar & Momin, Mujtaba & Shrestha, Anup & Das, Ronnie & Alhajj, Fadia & Dwivedi, Yogesh K., 2023. "A review of the key challenges of non-fungible tokens," Technological Forecasting and Social Change, Elsevier, vol. 187(C).

    More about this item

    Keywords

    Visual analytics; Bitcoin; Bitcoin mining; Mining pools; Pool hopping;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-03348145. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.