*Note: please download from SlideShare the PDF version of these slides for high-resolution images of the figures/tables.
The full 114-page written report can be found here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2965436
About: The first global cryptocurrency benchmarking study presents a systematic and comprehensive picture of a rapidly evolving industry, illustrating how cryptocurrencies are being used, stored, transacted and mined. The study gathered non-public data from more than 100 cryptocurrency companies and over 30 individual cryptocurrency miners in 38 countries around the world via secure web-based questionnaires, capturing an estimated 75 per cent of the cryptocurrency industry. The study breaks down the cryptocurrency industry into four key sectors – exchanges, wallets, payments and mining. Key findings and highlights from the study include our estimate that over three million unique individuals are actively using cryptocurrency today, data on regulation and compliance practices and costs at firms, and a global map of cryptocurrency mining.
Azure Monitor & Application Insight to monitor Infrastructure & Application
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2017 Global Cryptocurrency Benchmarking Study
1.
2. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Table of Contents
Part 1: Overview
• Setting the Scene
• Cross-sector
comparisons
Part 2: Industry Sectors
• Exchanges
• Wallets
• Payments
• Mining
3. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Over hundred cryptocurrency companies as well as 30
individual miners are included in the research study sample
4. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Study Authors
Dr Garrick Hileman
Research Fellow, Head of Cryptocurrency
and Blockchain Research
g.hileman@jbs.cam.ac.uk
Michel Rauchs
Research Assistant
m.rauchs@jbs.cam.ac.uk
6. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Bitcoin’s genealogical tree: while thousands of new
cryptocurrencies have emerged most offer no substantial
advantage or innovation over the original
7. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Total cryptocurrency market cap has increased nearly 4x since
January 2017 (and 10x since February 2016); now
approximately $80 billion as of May 2017
$0
$10
$20
$30
$40
$50
$60
$70
$80
1/1/17 1/15/17 1/29/17 2/12/17 2/26/17 3/12/17 3/26/17 4/9/17 4/23/17 5/7/17 5/21/17
Billions
Bitcoin Other cryptocurrencies
Data sourced from CoinDance
8. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Bitcoin has conceded considerable market cap share to other
cryptocurrencies – down from 88% to 47% in past 2 years
47%
78%
88%
17%
13%
1%
1%
<1%
1%
<1%
<1%
19%
2%
6%
2%
2%
2%
13%
4%
4%
May 2017
May 2016
May 2015
% of total cryptocurrency market capitalisation
Bitcoin (BTC) Ether (ETH) DASH Monero (XMR) Ripple (XRP) Litecoin (LTC) Other
Data sourced from CoinMarketCap
9. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Market prices of monero (XMR), DASH and ripple (XRP) have
experienced the most significant growth since May 2016
0.25
0.5
1
2
4
8
16
32
64
05/2016 06/2016 07/2016 08/2016 09/2016 10/2016 11/2016 12/2016 01/2017 02/2017 03/2017 04/2017 05/2017
Price multiplier (log scale)
BTC ETH DASH XMR XRP LTC
Data sourced from CryptoCompare
Note: the price multiplier variable shows the price evolution of each cryptocurrency since the
beginning of May 2016. A value above 1 means that the price has increased by this factor,
whereas a value below 1 indicates that the price has decreased during the specified time
window.
10. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Bitcoin has by far the highest daily transaction in terms of
number of transactions; all analysed cryptocurrencies (except
Litecoin) have shown rising transaction volumes since Q4 2016
11. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Bitcoin is the most widely supported cryptocurrency among
participating exchanges, wallets and payment companies
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Largest number of study participants are based in the US (32)
and China (29); 38 countries and all world regions represented
13. 2017 CCAF Global Cryptocurrency Benchmarking Study
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At least 2,376 people are employed in the cryptocurrency
industry*; Asian-Pacific and North American firms have most
headcount
*Note: Well in excess of
2500 people likely work
in the industry as this
figure does not include
major miners and
companies that did not
respond to the survey.
1220
676
346
105
29
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North American cryptocurrency companies have the highest
median number of employees
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Lines blurring across industry segments: 31% of study
participants are operating across at least two industry sectors
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Estimated number of unique active users of cryptocurrency
wallets has grown significantly since 2013 to between 2.9
million and 5.8 million today
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Payment service providers have the highest median number of
employees; incorporated wallet providers the lowest
24
19
22
11
8
13
Exchanges Incorporated wallets Payment Service Providers
Average number of employees Median number of employees
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73% of exchanges have full custody of customer funds,
whereas only 15% of wallet providers act as full custodians
Exchange
controls keys
73%
User controls
keys
23%
User has the
option
4%
Exchanges
Wallet provider
controls keys
15%
User
controls
keys
73%
User has the
option
12%
Wallets
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Wallets have significantly higher headcount and cost
associated with security than exchanges and payment firms
13% 12%
37%
17%
14%
35%
Exchanges Payment Service Providers Wallets
Average security headcount Average security cost
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Exchanges and payment companies more frequently employ
external security providers than wallets
External security
providers
72%
No external
security
providers
28%
Exchanges
External
security
providers
69%
No external
security
providers
31%
Payment Service Providers
External
security
provider
s, 53%
No external
security
providers
47%
Wallets
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Payment companies have higher compliance headcount and
cost than wallets; however significant differences observed in
each sector based on business model*
8%
5%
12%
8%
Payment Service Providers Incorporated Wallets
Average compliance headcount Average compliance cost
*Note: depending on the type of activities performed as well the custody of
customer funds and the offering of national currency exchange services
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While nearly 90% of payment companies perform KYC/AML
checks, only 37% of incorporated wallets do so (and all these
wallets offer national currency exchange services)
KYC/AM
L
checks,
37%
No
checks/not
applicable
63%
Incorporated Wallets
KYC/AM
L
checks,
86%
No checks/not
applicable
14%
Payment Service Providers
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Internal checks are primary KYC/AML method; payment firms
more frequently employ other methods than wallets
28%
56%
84%
17%
17%
83%
Third-party blockchain analytics specialist
Traditional third-party KYC/AML service
provider
Internally performed
Incorporated Wallets Payment Service Providers
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More than half of payment companies hold a formal
government license, compared to 46% of exchanges and 24%
of incorporated wallets
License
46%
No
license
54%
Exchanges
License
54%
No
license
46%
Payment Service Providers
License
24%
No license
76%
Incorporated wallets
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51 exchanges from 27 countries are represented in the study
sample: Europe is leading in terms of the number of
exchanges, followed by Asia-Pacific
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Exchanges based in Asia-Pacific employ most people;
European and AME exchanges have the lowest average
number of employees…
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…however, nearly half of all exchanges are small companies
with less than 11 employees
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Taxonomy of the three main types of exchange activities
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Majority of small exchanges specialise in a single type of
activity while large exchanges are generally engaged in more
than one activity
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Trading volumes across the top exchanges are more evenly
distributed following increased regulation of Chinese
exchanges in early 2017
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Similarly, bitcoin trading in Chinese renminbi has also
plummeted since the Chinese authorities tightened regulation
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USD is the most widely supported national currency on
exchanges; many specialise in local currencies and markets
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Bitcoin is listed on all surveyed exchanges; ether and litecoin
next most widely supported – 61% of exchanges have two or
more cryptocurrencies listed
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More than half of small exchanges hold a government license
compared to only 35% of large exchanges
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IT security breaches pose the highest operational risk for
exchanges; deteriorating banking relationships (small exchanges)
and regulation (large exchanges) ranked high as well
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73% of exchanges take custody of users’ cryptocurrency funds
by controlling the private keys
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Security: large exchanges are realising economies of scale,
spending smaller % of budget on security and having less
headcount in % of total employees associated with security
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Order-book only exchanges spend 2x more on security as a
share of total budget than ‘pure’ brokerage services and trading
platforms
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Large exchanges use more frequently and a greater number of
external security providers than small exchanges
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Majority of exchanges enable optional two-factor authentication
(2FA) for customers for logging in and withdrawing funds…
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… but large exchanges offer 2FA across a greater number of
user actions than small exchanges
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Majority of exchanges require employees to use mandatory
2FA for sensitive operations…
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…but large exchanges require 2FA across a greater number of
employee actions than small exchanges
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Of the surveyed internal security measures, large exchanges
employed more measures than small exchanges
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Security measures used by exchanges to vet staff for
production access: 73% of large exchanges use three or more
compared to 48% of small exchanges
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Nearly half of small exchanges acting as custodians do not have a
written policy outlining what happens to customer funds in the
event of a security breach that leads to a loss of customer funds
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More common for large exchanges to have a written policy on
who can access sensitive information and production
enivornment than small exchanges
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21% of exchanges do not provide security training programs to
their staff, but most provide ongoing education and training
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Exchanges hold the vast majority of funds in cold storage:
median value of 95% of cryptocurrency held offline
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Large exchanges perform more frequent formal security audits
and rely more on external parties to perform these audits than
small exchanges
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26 wallets are represented in the study sample: 81% of wallet
providers are based in North America and Europe; nearly half
are based in the US and the UK
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Majority of wallets are provided by registered corporations
(‘incorporated wallets’)
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The average wallet provider is a small company: 69% have less
than 11 employees; all that employ more than 10 people are also
active in other cryptocurrency industry sectors (e.g., exchange)
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Total number of estimated cryptocurrency wallets has grown
over 4x from over 8 million in 2013 to nearly 35 million in 2016
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Total number of currently ’active’ wallets estimated to range
between 5.8 million and 11.5 million
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A significant range in the percentage of active wallets was
found across study participants*
*Note: wallet providers use different methods for determining what
constitutes an active wallet.
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Greatest number of wallet users are based in North America
and Europe
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Only minor differences in user share by region can be observed
between small and large wallet providers
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European and North American users prefer using wallets from
local providers
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Daily on-chain transactions performed by users of large wallets
generally range between 10% and 25% of total bitcoin on-chain
transaction volume, but are trending down slightly of late
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Over 70% of wallet providers do not control user funds; all
custodial wallets and 11% of self-hosted wallets surveyed are
closed source
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Mobile wallet app is the most widely offered wallet format;
hardware wallets are becoming increasingly popular
wallets are closed source
Figure 9: Mobile wallet app is the most widely
offered wallet format
Desktop Web Tablet HardwareMobile
42%
38%
31%
23%
65%
% of wallet providers supporting the listed formats
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Litecoin, ether and dogecoin are the most widely supported
cryptocurrencies after bitcoin; trend towards multi-
cryptocurrency wallets can be observed
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Majority of wallets support mechanisms to easily backup and
migrate keys
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Blurring sector lines: more than half of surveyed wallet
providers offer an integrated currency exchange in the wallet
interface
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Taxonomy of three currency exchange models used by wallet
providers
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Nearly half of wallets providing currency exchange services
integrate a third-party exchange; 85% enable the exchange of
national currencies
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Wallets providing national currency exchange services:
different exchange models used; only 27% control user funds
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76% of incorporated wallet providers do not have a license, but
75% of wallets providing centralised national-to-cryptocurrency
exchange services do
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Large wallets providing centralised national-to-cryptocurrency
exchange services have more than 4x higher compliance
headcount and cost than small wallets
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37% of incorporated wallet providers perform KYC/AML
checks; internal checks are the preferred method
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Wallet providers’ perception of the current regulatory
environment is mixed, and no clear trend is observed for both
small and large wallets
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Majority of wallets based in Europe and Asia-Pacific appear to
be satisfied with the existing regulatory environment (or the
lack thereof); North American wallet providers are more divided
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Security headcount varies considerably between small and
large wallets
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Wallets providing national-to-cryptocurrency exchange services
have on average considerably higher headcount and cost
associated with security
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80% of large wallets use external security providers as
opposed to only 42% of small wallets; on average wallets use
the services of three external security providers
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48 payment companies from 27 countries are represented in
the study sample; in line with exchanges, payment companies
are geographically dispersed
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Taxonomy of main cryptocurrency payment platform types:
payments sector can be broadly split into ’cryptocurrency-
focused’ and ‘national currency-focused’
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General overview of the payment sector – segmented by
currency and customer focus
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More than half of companies in the cryptocurrency payment
sector provide merchant services
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Nearly two-thirds of payment companies specialise in a single
payment activity; merchant services most frequent
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Cryptocurrency payment companies employ a total of 1,057
people (average: 22); more than half have more than 10
employees
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Companies providing ’cryptocurrency-focused’ activities and
services have a more geographically diverse customer base than
companies engaged in ’national currency-focused’ activities
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Significant differences with regard to the customer share by
region are observed between payment companies based in
different regions
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Over 40 national currencies are supported by cryptocurrency
payment companies; global reserve currencies (CNY, EUR,
GBP, USD) are most widely supported
90. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Bitcoin is the most widely used payment rail by companies
surveyed for cross-border transactions and payments
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Majority of transactions, both in terms of value and number of
transactions, are national-to-cryptocurrency (and vice-versa)
92. 2017 CCAF Global Cryptocurrency Benchmarking Study
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For cross-border transactions, 70% are higher-value (>$100);
50% of intra-country payments are below $100
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Business payments (B2B) have the highest average
transaction size of all payment channels ($1,878)
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‘Customer acquisition’ cited most often as highest operational
cost factor; ‘Other’ refers in most cases to costs associated with
IT infrastructure development
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Nearly 80% of payment companies have existing relationships
with banks and local payment networks…
96. 2017 CCAF Global Cryptocurrency Benchmarking Study
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…but the difficulty of obtaining and maintaining good
relationships with banking institutions and/or money transfer
operators constitutes the biggest challenge for this sector
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Nearly half of payments companies do not have a license; but
almost 90% have some sort of compliance program
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Proportion of budget spent on compliance is higher than the
proportion of employees working full-time on compliance; but
significant differences are observed between companies
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Similar to wallet providers, KYC/AML checks are predominantly
performed internally; however they are more often
complemented by the use of other methods
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Payment service providers’ perception of the current regulatory
environment are divided; 41% do not perceive existing
regulations, but would like to have more regulatory clarity
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Taxonomy of mining industry actors and their activities
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The mining industry value chain
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Over 80% of large miners are performing multiple mining value
chain activities
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Pool operators and miners have earned more than $2 billion* to
date in mining revenues (if immediately converted to USD)
Note: other revenues such as hardware sales, cloud mining fees, etc. are not
included; meaning that total revenues of the mining sector are considerably
higher
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Over half of miners consider their ability to influence protocol
development to be high or very high
107. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Miner self-reported influence over protocol development (e.g.,
scaling): European miners report greater influence than Asia;
North American miners report least influence
Very high
26%
High
38%
Medium
26%
Low
4%
Very low
4%
Asia-Pacific
Very
high
33%
High
50%
Very low
17%
Europe
Very
high
13%
High
25%
Medium
56%
Low
6%
North America
108. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Large miners believe they have a much greater ability to
influence protocol development than small miners
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Evolution of average hash rate distribution of major bitcoin
mining pools: figures suggest that mining has become more
distributed in 2016
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More than half of major mining pools are based in China…
111. 2017 CCAF Global Cryptocurrency Benchmarking Study
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… but 63% of all major pools have two or more languages available
on their website, suggesting that their customer base is not limited to
domestic miners
112. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Cryptocurrency Mining Map: location of public facilities and
288MW of estimated power consumption
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Miner viewpoints on current regulatory environment: no
significant differences observed between small and large
miners
114. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Majority of European and North American miners are satisfied
with existing regulations (or the lack thereof); Asian miners
would like to have more regulatory clarity
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Miners’ position on taxation of cryptocurrencies
116. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Tighter regulation to create barriers to mining/cryptocurrency
adoption and increased taxation of mining profits considered
highest regulatory risks by both small and large miners
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Miners recognize the negative environmental externalities of
proof-of-work
118. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Differences observed between small and large miners with
regards to operational risk factors and challenges; miners
based in the Americas tend to rate factors lower
119. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Regular reductions in block rewards cited as operational risk
factor, but total 2016 mining revenues have been higher than in
2015 despite the bitcoin block reward halving in June
120. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Three potential types of mining centralisation (control of hashing
power, location of hashing power, and location of mining
equipment manufacturing); miners least concerned about the last
121. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Total bitcoin transaction fees have significantly risen in 2016…
122. 2017 CCAF Global Cryptocurrency Benchmarking Study
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…and constitute a growing proportion of total mining revenues
(more than 2x increase after bitcoin halving event in June)
123. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Transaction fees as a % of total bitcoin mining revenues are
projected to reach 10% with current growth rates; often-used
argument in the heated scaling debate
124. 2017 CCAF Global Cryptocurrency Benchmarking Study
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Online Report Links
• Full report: https://www.jbs.cam.ac.uk/faculty-
research/centres/alternative-finance/publications/global-
cryptocurrency/
• PDF report download:
https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/c
entres/alternative-finance/downloads/2017-04-20-global-
cryptocurrency-benchmarking-study.pdf
• Overview article:
https://www.cam.ac.uk/research/news/study-highlights-
growing-significance-of-cryptocurrencies
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About the Cambridge Centre for Alternative Finance
Website:
https://www.jbs.cam.ac.uk/faculty-
research/centres/alternative-finance/
Email:
ccaf@jbs.cam.ac.uk