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F%$Ok Dangerous Analysis: I spent over a month analyzing a bitcoin mining research and all I obtained was this trauma response.
“We should confess that our adversaries have a marked benefit over us within the dialogue. In only a few phrases they’ll announce a half-truth; and as a way to show that it’s incomplete, we’re obliged to have recourse to lengthy and dry dissertations.” — Frédéric Bastiat, Financial Sophisms, First Sequence (1845)
“The quantity of vitality wanted to refute bullshit is an order of magnitude larger than that wanted to provide it.” — Williamson (2016) on Brandolini’s Legislation
For too lengthy, the world has needed to endure the fallout of subpar tutorial analysis on bitcoin mining’s vitality use and environmental impression. The result of this bullshit analysis has been stunning information headlines which have turned some well-meaning individuals into indignant politicians and deranged activists. So that you just by no means must endure the brutality of certainly one of these sloppy papers, I’ve sacrificed my soul to the bitcoin mining gods and carried out a full-scale evaluation of a research from the United Nations College, revealed just lately within the American Geophysical Union’s Earth’s Future. Solely the bravest and hardest of all bitcoin autists could proceed to the next paragraphs, the remainder of you’ll be able to return to watching the worth chart.
Your tender child ears may need screamed with shock on the robust proclamation in my lede that the most important and squeakiest analysis on bitcoin mining is bullshit. Should you’ve ever learn Jonathan Koomey’s 2018 weblog submit on the Digiconomist–often known as Alex deVries, or his 2019 Coincenter report, or Lei et al. 2021, or Sai and Vranken 2023, or Masanet et al. 2021, or… Nicely, the purpose is that there’s 1000’s of phrases already written which have proven that bitcoin mining vitality modeling is in a state of disaster and that this isn’t remoted to bitcoin! It’s a battle that information heart vitality research have confronted for many years. Folks like Jonathan Koomey, Eric Masanet, Arman Shehabi, and people good guys Sai and Vranken (sorry, we’re not but on a first-name foundation) have written sufficient pages that would in all probability cowl the partitions of not less than one males’s toilet at each bitcoin convention that’s occurred final yr, that present this to be true.
My holy altar, which I maintain in my bed room closet, is a hand-carved, elegant but ascetic shrine to Koomey, Masanet, and Shehabi for the many years of labor they’ve executed to enhance information heart vitality modeling. These sifus of computing have made all of it very clear to me: in case you don’t have bottom-up information and also you depend on historic developments whereas ignoring IT gadget vitality effectivity developments and what drives demand, then your analysis is bullshit. And so, with one broad but very surgical stroke, I swipe left on Mora et al. (2018), deVries (2018, 2019, 2020, 2021, 2022, and 2023), Stoll et al. (2019), Gallersdorfer et al. (2020), Chamanara et al. (2023), and all of the others which might be talked about in Sai and Vranken’s complete assessment of the literature. World, let these burn in a single violent but metaphorically majestic mega-fire someplace off the coast of the Pacific Northwest. Reporters, and policymakers, please, I implore you to cease listening to Earthjustice, Sierra Membership, and Greenpeace for they know not what they do. Absolve them of their sins, for they’re however sheep. Amen.
Now that I’ve set the temper for you, my pious reader, I’ll now let you know a narrative a few current bitcoin vitality research. I pray to the bitcoin gods that this would be the final one I ever write, and the final one you’ll ever must learn, however my feeling is that the gods are punishing gods and won’t have mercy on my soul–even in a bull market. One deep breath (cue Heath Ledger’s Joker) and Right here… We… Go.
On a considerably bearish October afternoon, I obtained tagged on Twitter/X on a submit a few new bitcoin vitality use research from some authors affiliated with the United Nations College (Chamanara et al., 2023). Little did I do know that this research would set off my autism so laborious that I’d descend into my very own form of drug-induced-gonzo-fear-and-loathing-in-vegas state, and hyper-focus on this research for the following 4 weeks. Whereas I’m in all probability exaggerating concerning the heavy drug use, my recollection of this time may be very a lot a techno-colored, poisonous relationship-level fever dream. Do you keep in mind Frank from the critically acclaimed 2001 movie, Donnie Darko? Yeah, he was there, too.
As I began taking notes on the paper, I noticed that Chamanara et al.’s research was actually complicated. The paper was perplexing as a result of it is a poorly designed research that bases its raison d’etre totally on de Vries and Mora et al. It makes use of the Cambridge Heart for Various Finance (CCAF) Cambridge Bitcoin Vitality Consumption Index (CBECI) information with out acknowledging the restrictions of the mannequin (see Lei et al. 2021 and Sai and Vranken 2023 for an in-depth evaluation of the problems with CBECI’s modeling). It conflates its outcomes from the 2020-2021 interval with the state of bitcoin mining in 2022 and 2023. The authors additionally relied on some environmental footprint methodology that will make you assume it was truly attainable so that you can shrink or develop a reservoir relying on how laborious you Netflix and chill. Actually, that is what Obringer et al. (2020) inferentially conclude is feasible and the UN research cites Obringer as certainly one of its methodological foundations. By the way in which, Koomey and Masanet didn’t like Obringer et al.’s methodology, both. I’ll mild one other soy-based candle on the altar of their honor.
Right here’s a extra clearly said enumeration of the crux of the issue with Chamanara et al. (and by the way in which, their corresponding creator by no means responded to my e-mail asking for his or her information so I may, you already know, confirm, not belief. 🥴):
The authors conflated electrical energy use throughout a number of years, overreaching on what the outcomes may reveal based mostly on their strategies.
The authors used historic developments to make current and future suggestions regardless of in depth peer-reviewed literature clearly exhibiting that this results in overestimates and exaggerated claims.
The paper guarantees an vitality calculation that can reveal bitcoin’s true vitality use and environmental impression. They use two units of knowledge from CBECI: i) complete month-to-month vitality consumption and ii) common hashrate share for the highest ten international locations the place bitcoin mining is operated. Needless to say CBECI depends on IP addresses which might be tracked at a number of mining swimming pools. CBECI-affiliated mining swimming pools signify a median of 34.8% of the whole community hashrate. So, the information used doubtless have pretty extensive uncertainty bars.
After about an hour or so of Troy Cross speaking me off a fairly spectacular, artwork deco and weather-worn ledge that’s in all probability seen a number of Nice Gatsby flappers soar–a results of feeling an awesome sense of terror after my exasperated self realized that no quantity of cognitive behavioral remedy would get me by this research–I decided the equation that the authors used to calculate the vitality use shares for every of the highest ten international locations with probably the most share of hashrate (based mostly on the IP handle estimates) needed to be the next:
Don’t let the maths scare you. Right here’s an instance of how this equation works. Let’s say China has a shared share for January 2020 of 75%. Then, let’s additionally say that the whole vitality consumption for January 2020 was 10 TWh (these are made-up numbers for simplicity’s sake). Then, for one month, we’d discover that China used 7.5 TWh of vitality. Now, save that quantity in your reminiscence palace and do the identical operation for February 2020. Subsequent, add the vitality use for January to the vitality use discovered for February. Do that for every subsequent month till you’ve added up all 12 months. You now have CBECI’s China’s annual vitality consumption for 2020.
Earlier than I present the desk with my outcomes, let me clarify one other caveat to the UN research. This research makes use of an older model of CBECI information. To be truthful to the authors, they submitted their paper for assessment earlier than CBECI up to date their machine effectivity calculations. Nevertheless, because of this Chamanara et al.’s outcomes aren’t even near real looking as a result of we now consider that CBECI’s older mannequin was overestimating vitality use. Furthermore, to do that comparability, I used to be restricted to information by August 31, 2023, as a result of CBECI switched to the brand new mannequin for the remainder of 2023. To get this older information, CCAF was beneficiant and shared it with me upon request.
Nation | 2020 Vitality Consumption (TWh) | 2021 Vitality Consumption (TWh) | 2020 + 2021 Vitality Consumption (TWh) | Chamanara et al.’s 2020 + 2021 Vitality Consumption (TWh) | P.c Change Between 2020 + 2021 Calculations (%) |
---|---|---|---|---|---|
Mainland China |
44.45 |
32.89 |
77.34 |
73.48 |
5.25 |
United States |
4.65 |
25.20 |
29.85 |
32.89 |
-9.24 |
Kazakhstan |
3.18 |
12.06 |
15.24 |
15.94 |
-4.39 |
Russia |
4.71 |
7.59 |
12.29 |
12.28 |
0.081 |
Malaysia |
3.31 |
4.13 |
7.44 |
7.29 |
2.06 |
Canada |
0.80 |
5.25 |
6.05 |
6.62 |
-8.61 |
Iran |
2.33 |
3.06 |
5.39 |
5.13 |
4.82 |
Germany |
0.67 |
3.31 |
3.98 |
4.18 |
-4.78 |
Eire |
0.62 |
2.69 |
3.31 |
3.43 |
-3.50 |
Singapore |
0.31 |
1.13 |
1.43 |
1.56 |
-0.083 |
Different (Excluding Singapore) |
3.69 |
6.73 |
10.42 |
10.63 |
-1.98 |
Whole |
68.72 |
104.04 |
172.76 |
173.42 |
-0.38 |
One other difficult factor about this research is that they mixed the vitality use for each 2020 and 2021 into one quantity. This was actually difficult as a result of in case you take a look at their figures, you’ll discover that the most important textual content states, “Whole: 173.42 TWh”. It’s additionally barely complicated as a result of the determine caption states, “2020-2021”, which for many individuals can be interpreted as a interval of 12 months, not 24 months. Nicely, no matter. I broke them up into their particular person years so everybody may see the steps that have been taken to get to those numbers.
Take a look at the far proper column with the header, “P.c Change Between 2020 + 2021 Calculations (%)”. I calculated the % change between my calculations and Chamanara et al.’s. That is fairly curious, isn’t it? Based mostly on my conversations with the researchers at CCAF, the numbers needs to be similar. Possibly the changelog doesn’t mirror a smaller change someplace, however our numbers are barely totally different nonetheless. China has a larger share and the USA has a smaller share within the information that CCAF shared with me in comparison with the UN research. Regardless of this, the totals are pretty shut. So, let’s give the authors the good thing about the doubt and say that they did an inexpensive job calculating the vitality share, given the restrictions of the CBECI mannequin. Please keep in mind that noting that their calculation was affordable doesn’t imply that it’s affordable to make use of these historic estimates to make claims concerning the current and future and direct coverage. It isn’t.
One night whereas working by candlelight, I glanced to my left and noticed Frank’s stabbing, black pupils (the Donnie Darko character I discussed earlier) looking at me like two items of Stronghold waste coal, fastened in a quiet mattress of pearly sand. He was reminding me that this report was nonetheless not completed and one thing about time journey. I grabbed my extra-soft curls (I switched to bar shampoo, it’s a godsend for frizz) and yanked as laborious as I may. Willie Nelson’s 1974 Austin Metropolis Limits pilot episode blasting on my cheap-ass Chinese language knock-off monitor’s mono audio system was transferring by my ears like heroin by Lou Reed’s 4-lanes extensive community of veins. Begrudgingly, I accepted my destiny. I wanted to go deeper down this rabbit gap. I wanted to do a deeper evaluation of the 2020 and 2021 CBECI information to indicate how vital it’s to do an annual evaluation and never blur the years into one calculation. Realizing I used to be out of my laborious liquor of alternative, a splash of sherry in a Shirley Temple (shaken, not stirred), I grabbed a bottle of bootleg antiseptic that I obtained through the pandemic lockdown and chugged.
I flipped by my notes. I’ve numerous notes as a result of I’m a critical particular person. What concerning the mining map points? Can we do that by an evaluation of the 2 separate years? What was occurring for every of the ten international locations? Does that inform us something about the place hashrate went after the China ban? What concerning the Kazakhstan crackdown? That’s post-2021, however the UN research acts prefer it by no means occurred after they’re speaking concerning the present mining distribution…
To not the authors’ credit score, they failed to say to the peer-reviewers and to their readers that the mining map information solely goes by January 2022. So, though they discuss bitcoin mining’s vitality combine as if it represents the current, they’re utterly incorrect. Their evaluation solely captures historic developments, not the current and undoubtedly not the long run.
See this multi-colored plot of CBECI’s estimated every day vitality use (TWh) from January 2020 by August 31, 2023? At this macro scale, we see loads of variability. But additionally it’s obvious simply from inspection that every yr is totally different from the following by way of variability and vitality use. There are a selection of attainable causes for the reason for variability at this scale. Some attainable influences on vitality use could possibly be bitcoin worth, problem adjustment, and machine effectivity. Extra macroscale influences could possibly be because of regulation, such because the Chinese language bitcoin mining ban that occurred in 2021. Lots of the Chinese language miners fled the nation for different components of the world, Kazakhstan and the USA are two international locations the place hashrate discovered refuge. In reality, the facility of the Texas mining scene actually got here to be at this unprecedented second in hashrate historical past.
Take a look at the histograms for 2020 (prime left), 2021 (prime proper), 2022 (backside left), and 2023 (backside proper). It’s apparent that for annually, the estimated annualized vitality consumption information reveals totally different distributions. Regardless that we do see some attainable distribution patterns, we have now to watch out to not take this as a sample that occurs each four-year cycle. We’d like extra information to make sure. For now, what we will say is that some years in our evaluation present a bimodal distribution whereas different years present a form of skewed distribution. The principle level right here is to indicate that the statistics for vitality use for every of those 4 years are totally different, and distinctly so for the 2 years that have been utilized in Chamanara et al.’s evaluation.
Within the UN research, the authors wrote that bitcoin mining exceeded 100 TWh per yr in 2021 and 2022. Nevertheless, if we take a look at the histograms of the every day estimated annualized vitality consumption, we will see that every day estimates range fairly a bit, and even in 2022 there have been many days the place the estimated vitality consumption was under 100 TWh. We’re not denying that the ultimate estimates have been over 100 TWh within the older estimated information for these years. As a substitute, we’re exhibiting that as a result of bitcoin mining’s vitality use just isn’t fixed from each day and even minute-to-minute, it’s price doing a deeper evaluation to know the origin of this variability and the way it may have an effect on vitality use over time. Lastly, it’s price noting that the up to date information now estimates the annual vitality use to be 89 TWh for 2021 and 95.53 TWh for 2022.
One final remark, Miller et al. 2022 confirmed that operations (particularly buildings) with excessive variability in vitality use over time are typically not appropriate for emission research that use averaged annual emission components. But, that’s what Chamanara et al. selected to do, and what so many of those bullshit fashions are likely to do. portion of bitcoin mining doesn’t function like a relentless load, Bitcoin mining may be extremely versatile in response to many components from grid stability to cost to regulation. It’s about time that researchers began fascinated by bitcoin mining from this understanding. Had the authors spent even a modest period of time studying beforehand revealed literature, fairly than working in a silo like Sai and Vranken famous of their assessment paper, they may have not less than addressed this limitation of their research.
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So, I’ve by no means been to a honky tonk joint earlier than. A minimum of not till I discovered myself in a taxi cab with a number of different conferencegoers on the North American Blockchain Summit. Fort Value, Texas, is precisely what you’d think about. Cowboy boots, gallon-sized cowboy hats, Wrangler blue denims, and cowboys, cowboys, cowboys in all places you regarded by the principle drag. On a brisk Friday evening, Fort Value appeared frozen in time, individuals truly walked round at evening. The shops regarded just like the form of mom-and-pop retailers you’d see on an episode of The Twilight Zone. I felt utterly disoriented.
My companions satisfied me that I ought to discover ways to two-step. Me, your normal California woman, whose physics advisor as soon as advised her that when you can take the woman out of California, you’ll be able to’t take California out of the woman, ought to two-step?! I didn’t know a two-step from an electrical slide and the one nation I keep in mind experiencing was a Garth Brooks industrial I noticed as soon as on tv once I was a toddler. He was actually fashionable within the nineties. That’s about as a lot nation as this bitcoin mining researcher will get. The place was full of kitschy present retailers and shiny lights in all places radiating from neon indicators. On the heart of the principle room, a bartender sporting a black diamond studded belt with a white leather-based gun holster and lined with evenly spaced silver bullets. Who the hell is aware of what sort of gun he was packing, but it surely did remind me of the weapons within the 1986 movie, Three Amigos.
It was right here, towards the backdrop of what appeared like a rustic band that wasn’t totally certain that it was nation, that I watched the Texas Blockchain Council’s Lee Bratcher handle a ball with the form of trigonometric grace that you possibly can solely discover on the finish of a cue and land that billiard in a tattered, leather-based pocket for what appeared just like the hundredth time that evening. The graceful clank of billiard towards billiard awoke one thing inside me. I noticed that I used to be not but out of the rabbit gap that Frank despatched me down. I remembered someplace scribbled in my notes that I had not plotted the hashrate share over time for the international locations talked about within the UN research. So, at half previous three within the morning, I threw my head again to take a swig of some membership soda and bumped it towards the wall of the picture sales space the place nuclear households may pose with a mechanical bull, and fell unconscious.
Three hours later, I used to be again in my lodge room. Fortunately, somebody positioned some nugatory fiat in my hand, loaded me right into a cab, and had the motive force take me again to the non-smoking room I checked into on the very heart of the decay of twenty-first-century enterprise journey, the Marriott Lodge. Fuzzy-brained and bleary-eyed, I let the blinding, dangerously blue mild from my pc display screen wash over my drained face and improve my possibilities of creating macular degeneration. I continued my evaluation.
What follows are a sequence of plots of CBECI mining map information from January 2020 by January 2022. Unsurprisingly, Chamanara et al. focus consideration on China’s contribution to vitality use, and subsequently to its related environmental footprint. China’s month-to-month hashrate peaked at over 70 % of the community’s complete hashrate in 2020. In July 2021, that hashrate share crashed to zero till it recovered to about 20 % of the share on the finish of 2021. We don’t know the place it stands at present, however trade insiders inform me it’s doubtless nonetheless hovering round this quantity, which implies that in absolute phrases, the hashrate remains to be rising there regardless of the ban.
Russia, additionally unsurprisingly, will get mentioned as nicely. But, based mostly on the CBECI mining map information from January 2020 by January 2022, it’s laborious to argue that Russia was a right away off-taker of exiled hashrate. There’s definitely a right away spike, however is that this actual or simply miners utilizing VPN to cover their mining operation? By the top of 2021, the Russian hashrate declined to under 5 % of the hashrate and in absolute phrases, declined from a quick peak of over 13 EH/s to a bit over 8 EH/s. When trying on the complete yr’s price of CBECI estimated vitality use for Russia, we do see that Russia did maintain a good portion of hashrate, it’s simply not clear that when working with such a restricted set of knowledge, we will make any affordable claims concerning the current contribution to hashrate and setting footprint for the community.
Essentially the most controversial dialogue in Chamanara et al. offers with Kazakhstan’s share of vitality use and environmental footprint. Clearly, the CBECI mining map information reveals that there was a big improve in hashrate share each in relative and absolute phrases. It additionally seems that this development began earlier than the China ban was carried out, however definitely seems to quickly improve simply earlier than and after the ban was carried out. Nevertheless, we do see a pointy decline from December 2021 to January 2022. Was this an early sign that the federal government crackdown was coming in Kazakhstan?
Of their evaluation, Chamanara et al. ignored the current Kazakhstan crackdown, the place the federal government imposed an vitality tax and mining licenses on the trade, successfully pushing hashrate overseas. The authors overemphasized Kazakhstan as a present main contributor to bitcoin’s vitality use and thus environmental footprint. If the authors had stayed throughout the limits of their strategies and outcomes, then noting the contribution of Kazakhstan’s hashrate share to the environmental footprint for the mixed years of 2020 and 2021 would have been affordable. As a substitute, not solely do they ignore the federal government crackdown in 2022, however additionally they declare that Kazakhstan’s hashrate share elevated by 34% based mostly on 2023 CBECI numbers. CBECI’s information has not been up to date since January 2022 and CCAF researchers are at the moment ready for information from the mining swimming pools that can enable them to replace the mining map.
I do know I’ve proven you, my devoted reader, a number of information, however go forward and have one other shot of the toughest liquor you may have in your cupboard, and let’s check out yet one more determine. This one represents the USA hashrate share within the older CBECI mining map information. The development we see for the USA can also be comparable for Canada, Singapore, and what CBECI Calls “Different international locations”, which signify the international locations that didn’t make the highest ten checklist for hashrate share. There’s a transparent sign that displays what we all know to be true. America took a good portion of Chinese language hashrate and this hashrate share grew quickly in 2021. Whereas we all know that the CBECI mining map information is restricted to lower than a majority of the community hashrate, I do assume that their share is not less than considerably consultant of the community’s geographic distribution. Hashrate geographic distribution appears to be closely formed by macro developments. Whereas electrical energy costs matter, authorities stability and pleasant legal guidelines play an vital position. Chamanara et al. ought to have executed this sort of evaluation to assist inform their dialogue. If they’d, they may have realized that the community is responding to exterior pressures at various instances and geographic scales. We’d like extra information earlier than we will make robust coverage suggestions on the subject of the consequences of bitcoin’s vitality use.
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At this level, I used to be not certain if I used to be a bitcoin researcher or an NPC, misplaced in a recreation the place the one factors tallied have been for the depth of self-loathing I used to be feeling for agreeing to this enterprise. On the identical time, I may odor the top of this evaluation was close to and that, with sufficient somatic remedy and EMDR, I would truly keep in mind who I was earlier than I obtained dragged into this mess. Simply two days prior, Frank and I had a falling out over whether or not Courier New was nonetheless one of the best font for displaying mathematical equations. I used to be alone on this rabbit gap now. I dug my fingers into the filth partitions surrounding me and slowly clawed my method again to sanity.
Upon exiting the outlet, I grabbed my laptop computer and determined it was time to handle the research’s environmental footprint methodology, wrap up this pet, and put a bow on it. Chamanara et al. claimed that they adopted the strategies utilized by Ristic et al. (2019) and Obringer et al. (2020). There are a number of the explanation why their environmental footprint method is flawed. First, the footprint components are sometimes used for assessing the environmental footprint of vitality era. In Ristic et al., the authors developed a metric referred to as the Relative Aggregated Issue that included these components. This metric allowed them to judge the position of latest electrical energy turbines like nuclear or offshore wind. The concept behind this method was to be conscious that whereas carbon dioxide emissions from fossil fuels have been the principle driver for creating vitality transition targets, we also needs to keep away from changing fossil gasoline era with era that would create environmental issues in several methods.
Second, Obringer et al. used most of the components listed in Ristic et al. and mixed them with community transmission components from Aslan et al. (2018). This was a nasty transfer as a result of Koomey is a co-author on this paper, so it shouldn’t be shocking that in 2021, Koomey co-authored a commentary alongside Masanet the place they referred to as out Obringer et al. In Koomey and Masanet, 2021, the authors chided the idea that short-term modifications in demand would result in rapid and proportional modifications in electrical energy use. This critique may be utilized to Chamanara et al., which checked out a interval when bitcoin was experiencing a run-up to an all-time excessive in worth throughout a singular financial setting (low rates of interest, COVID stimulus checks, and lockdowns). Koomey and Masanet made it clear of their commentary that ignoring the non-proportionality between vitality and information flows in community tools can yield inflated environmental-impact outcomes.
Extra importantly, we have now but to characterize what this relationship appears like for bitcoin mining. Demand for conventional information facilities is outlined by the variety of compute cases wanted. What’s the equal for bitcoin mining once we know that the block dimension is unchanging and the block tempo is adjusted each two weeks to maintain a median 10-minute spacing between every block? This deserves extra consideration.
Both method, Chamanara et al. didn’t appear to pay attention to the criticisms of Obringer et al.’s method. That is actually problematic as a result of as talked about initially of this screed, Koomey and Masanet laid the groundwork for information heart vitality analysis. They need to have recognized to not apply these strategies to bitcoin mining as a result of whereas the trade has variations from a conventional information heart, it’s nonetheless a kind of knowledge heart. There’s quite a bit that bitcoin mining researchers can take from the torrent of knowledge heart literature. It’s disappointing and exhausting to see papers revealed that ignore this actuality.
What extra can I say aside from this shit has to cease. Brandolini’s Legislation is actual. The bullshit asymmetry is actual. I actually need this new halving cycle to be the one the place I not have to handle dangerous analysis. Whereas I used to be penning this report, Alex de Vries revealed a brand new bullshit paper on bitcoin mining’s “water footprint”. I haven’t learn it but. I’m unsure that I’ll. But when I do, I promise that I cannot write over 10,000 phrases on it. I’ve said my case and made my peace with this style of educational publishing. It was a enjoyable journey, however I feel it’s time to observe some self-care, deal with myself to a number of evenings of wholesome binge-watching, and dream of the ineffable.
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Should you loved this text, please go to btcpolicy.org the place you’ll be able to learn the full 10,000-word technical evaluation of the Chamanara et al. (2023) research.
It is a visitor submit by Margot Paez. Opinions expressed are totally their very own and don’t essentially mirror these of BTC Inc or Bitcoin Journal.