Download This PaperThe Fair Cost of Bitcoin Proof of Work
3 Pages Posted: 28 Jun 2016
Date Written: June 27, 2016
Abstract
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: Suggested Citation
Aste, Tomaso, The Fair Cost of Bitcoin Proof of Work (June 27, 2016). Available at SSRN: https://ssrn.com/abstract=2801048 or http://dx.doi.org/10.2139/ssrn.2801048
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