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ESG Series - Environmental Part 2: Drivers of Bitcoin Energy Use

In this second instalment of the E in ESG series from Monochrome Research, we explain Bitcoin’s Proof-of-Work consensus mechanism, the source of its power consumption. An explanation of both endogenous and exogenous incentives for Bitcoin miners will also be given, and a breakdown of the Bitcoin mining industry’s position as a near-perfectly competitive market will be analysed.

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