Mining Resources Considerations

First BTC Halving 2012 Second BTC Halving 2016

per day (log−scale)

per day (log−scale)

8m
5m

First BTC Halving 2012 Second BTC Halving 2016

USD(log−scale)

USD(log−scale)

4m8m
5m

Miner Revenue
500k
in day

in day

2m4m
§ First and second halving effects
USD per

USD per
Revenue

Revenue
500k

have been offset by price

Miners in

Miners in

1m2m
Miners Revenue

Miners Revenue
increases.
50k

2012−Oct 2013−Apr 2013−Oct 2016−Apr 2016−Oct 2017−Apr

50k

1m
Time Time
2012−Oct 2013−Apr 2013−Oct 2016−Apr 2016−Oct 2017−Apr

Time Time
700b

Difficulty (Proxy for Hashrate)

§ First and second halving effects
200m

400b700b
Difficulty (log−scale)

Difficulty (log−scale)

have been offset by price

20m 200m
Difficulty (log−scale)

Difficulty (log−scale)

increases and efficiency gains.

400b

§ But: efficiency gains ≠

200b
2m 20m

security increase.
200b

2012−Oct 2013−Apr 2013−Oct 2016−Apr 2016−Oct 2017−Apr

2m

Time Time
2012−Oct 2013−Apr 2013−Oct 2016−Apr 2016−Oct 2017−Apr

Time Time