The Fair Cost of Bitcoin Proof of Work

3 Pages Posted: 28 Jun 2016

Date Written: June 27, 2016


In this short note I provide a very simple estimation of the fair cost for the proof of work in Bitcoin mining. I conclude that the current cost, although large, is of a justified order of magnitude for an anonymous systems operating between untrustful parties.

Keywords: Bitcoin, proof of work, blockchain

Suggested Citation

Aste, Tomaso, The Fair Cost of Bitcoin Proof of Work (June 27, 2016). Available at SSRN: or

Tomaso Aste (Contact Author)

University College London ( email )

Gower Street
London, WC1E 6BT
United Kingdom

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