What variables affect Bitcoin energy consumption and Bitcoin mining?

Abstract

This comprehensive study provides an in-depth exploration of Bitcoin's history, its fundamental nature, and the intricate workings that underpin its functionality. Further analyzing Bitcoin mining and its sustainability, focusing on factors like network difficulty, hashrate, Bitcoin price, mining technology, cost per transaction, natural gas prices and electricity prices.

The study discusses how the Bitcoin mining sector uses energy resources, what politics different authorities have implemented for cryptocurrency and what the future of Bitcoin could look like. Furthermore, discussing what use there is for Bitcoin today and where Bitcoin could be used in the future.

Moreover, the study sheds light on the challenge Bitcoin brings to the current fiat currency system. The darker side of Bitcoin use is also discussed shedding a light on how Bitcoin is used to fund criminal activity. There is competition within cryptocurrencies, and there are alternatives which have tried to mitigate some of the issues with Bitcoin.