Bitcoin mining power cost

Bitcoin mining power cost

7 Dec 2017 The price of one bitcoin hit $13,000 on Wednesday, marking a 1,200 percent increase in value this year. “With an approximately 132-year discovery cycle to mine all 21 million bitcoins, mining power demand will go up exponentially,” wrote Tam Hunt in an analysis for GTM on solar-powered mining. bitcoin landscape Fast bitcoin miner Bixin cloud mining - TetrixDigitalBitcoin mining setup cost

5 Dec 2017 Digital financial transactions come with a real-world price: The tremendous growth of cryptocurrencies has created an exponential demand for computing power. As bitcoin grows, the math problems computers must solve to make more bitcoin (a process called “mining”) get more and more difficult — a  how many hashes for a bitcoin C bitcoin miner - Mining bitcoins for fun 12 Dec 2017 Suppose a bitcoin miner wants to reduce his exposure to bitcoin and sells a futures contract to lock in profits. Considering how wildly the prices swing, locking in some profits early may not be a bad idea for many of these miners who have high electricity and equipment costs to consider. Just how high are 14 Apr 2013 So why is a hacking process called "Bitcoin mining" using $150000 worth of electricity a day? Combining expense and efficiency the power draw of Bitcoin mining has likely been seeing the highest spike its going to. . I still don't know what uses does a bitcoin have and why does it have value in itself.

[[30/01/2018]] electricity cost of Bitcoin mining - Mercantil Rodrigues

6 Dec 2017 That means that if the price of Bitcoin crashes and miners stop mining, we'll still get one block every ten minutes, even if there's only one miner left, using as much electricity as a string of Christmas lights. So the energy cost of Bitcoin is tied to its cash value, not its supply (though the supply and the value Bitcoin cost calculator - City Sensors refund bitcoin Bitcoin mining calculator india - Ubytování u parku bitcoin list 2017 1 Dec 2017 Bitcoin mining burns through a lot of energy, and it's probably not sustainable. But it The site makes quite a few broad assumptions — for example, that miners, on average, spend 60% of their revenues on operational costs, and that for every 5 cents spent on those costs 1 kWh of electricity was consumed.Bitcoin Mining Calculator is used to calculate mining profitability for Bitcoin mining. Enter your Bitcoin mining hardware hash rate in GH/s along with the power wattage and your cost of electricity - dollars per kilowatt hour ($/kWh). The current Bitcoin difficulty, Bitcoin block reward, and Bitcoin price will be entered  how to earn money using bitcoin mining 2 Dec 2017 2017 has been an explosive year for cryptocurrency. It's striding towards widespread adoption as new money is entering the market with each passing day, and even though Bitcoin's market dominance has shrunk to 53.4% of crypto's overall market cap, people are still flocking to crypto's king. On 11/29/17, John Mcafee Tests Jamie Dimon On Bitcoin As well as Ethereum

[12/12/2017] 3EQ how do you get money for Bitcoin - Motto TranslationI'm going to answer you this question how i think it would be the right way. Don't invest into cryptos, just invest into power and mine cryptos yourself! It's the most profitable way, check out my calculations. What is Bitcoin Cloud Mining and Bit how to make bitcoin wallet sync faster 28 Sep 2017 How much does it cost in electricity to mine a Bitcoin? As of Sep 28, 2017, according to the hashrate is: 9,214,860,125 GH/s. These days it seems that the best miner available for sale is the AntMiner S9. It is actually over a year old, and there are faster and more energy efficient ASICs now,  bitcoin top price {11/12/2017} O+@V how to get every achievement in Bitcoin Th to gh calculator bitcoins de graça 6 Dec 2017 Bitcoin is just a small part of a global surge in energy demand from computers as our lives become more digital. Bevand estimated that data centers account for 1 percent of power demand around the world, while Bitcoin mining uses 0.15 percent of global power. But with its soaring value, there's a huge Kwh per bitcoin - De Fabriek - Dalfsen

How to mine litecoin with usb - Montillon Hotel and resortsCrypto Mining 101: How to Calculate Power Costs Watts (W), kiloWatts (kW). rankgenius (25) in bitcoin • 7 months ago. This is something that I thought that others might find useful. Plus, I work in the enterprise data center and cloud space so I know a few things about servers, colocation, and power. I will start with a short  do i own bitcoins Satoshi mining online chia bitcoin 15 Dec 2017 As such, since the profitability of bitcoin mining depends on many factors, bitcoin mining profitability calculators were created to help you find out if mining will actually be profitable to you. These calculators utilize a number of parameters, including power costs, the price of your mining hardware, your hash No matter how much bitcoin you can mine each day, and how much it is worth, you are not profitable until you have earned MORE bitcoin than you have spent on your hardware, electricity, internet, or any other costs you might have like rent, customs fees, or even petrol. You need to FIRST cover the cost of your mining  bitcoin platform australia 15 Mar 2017 But to make the comparison fair, let's take the power consumption of some of the most efficient Bitcoin miners. . that would be sufficient and viable (economically speaking) so that the whole Bitcoin network could consume and still be able to cover Bitcoin miners' costs related to electricity consumption.Bitcoin hash rate estimator

Mining speed bitcoin - Elective26 Nov 2017 The Relationship Between Mining Energy Costs And Bitcoin Price. Energy usage for miners is contingent upon several factors, from availability of cheap and plentiful power to energy-efficient hardware to the difficulty of problems being solved by machines to earn bitcoin rewards. For example, a difficult  bitcoin to usd highest Mining rig spec - Mars Event daily trading volume bitcoin 12 Dec 2017 It takes total mining revenues as a starting point, estimates the operational costs to miners as a percentage of their revenues, and then converts these costs into energy consumption based on average electricity prices. According to this method, Bitcoin's current annual electricity consumption is estimated to You can use this tool and input all the parameters like hash rate of your mining hardware rig, hourly power consumption of it, pool commission percentage (the pool which you are going to join in the mining), difficulty of the Bitcoin (BTC) network, amount of blocks rewarded, price of Bitcoin (BTC) and once you click calculate  max keiser bitcoin millionaire block in return. A new block is generated approximately every 10 minutes, resulting in a total of 1.3 million Bitcoins or $845 million per year at current valuation. The cost of verifying transactions is the capital cost to buy miners, the power consumption of running the hardware, plus operational expenses to keep the operation 11 Dec 2017 Miners can begin to transition to an eco-friendlier power source like Vienna-based HydroMiner, who uses renewable hydroelectric power to mine Bitcoin. I believe we will see more miners heading this direction, but it will only be a small percentage of them until the cost of renewable energy sources are less 

TeraBox is bitcoin cloud mining service where you can purchase cloud-based mining power (GH/s) at the most competitive rates and start mining bitcoin now.19 Dec 2017 As the price of bitcoin has risen, so have the incentives to mine bitcoin. The network's hash rate–a measure of computation activity–has grown in line with the market-rate price of bitcoin. Moreover, miners have an incentive to use the cheapest electricity possible. It is their highest cost of business: Every  cost of 1 bitcoin in inr 12 May 2014 Relatively cheap electrical costs and an environment that is increasingly conducive for acting as a natural exergetic heat reservoir. In the case of China, the issue is more complex because mining is incentivized by subsidized coal power plants – that is to say, the actual costs of operating a mining pool in  how many gh s per bitcoin 28 Nov 2017 But the units are still not free, and they still can use kilowatts of electricity for a handful of them. To reduce the overall cost of running mining computers, some miners put the computers throughout their homes to act as small space heaters and reduce their heating bill. Others run their rigs on solar panels to 15 Dec 2017 In a report last week, the cryptocurrency website Digiconomics said that worldwide bitcoin mining was using more electricity than Serbia. The country. Writing for Grist, Eric if it does, you win some bitcoin. That's called mining, and the idea of imposing a cost to enter—that hashing math—is “proof of work.”. qt bitcoin trader review 15 Dec 2017 And by 2020, bitcoin mining could be consuming the same amount of electricity every year as is currently used by the entire world. Meanwhile, another study reckoned that 60% of a Bitcoin miner's income would be spent on operational costs, including electricity bills. However, while there has been a lot of 26 Nov 2017 Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING. The bulk of Bitcoin "mining" is done in China, where energy costs are comparatively cheaper than in places like the UK or US. "The top six 

Bitcoin power cost - Jordens VannerHash bitcoin mining - LGF Sysmac bitcoin exchange 2011 12 Dec 2017 Current revenues paid to Miners are $9.9bn and their estimated mining costs are $1.58bn, making mining a lucrative business and the reason people are keen to create miners. Bitcoin's estimated annual power consumption is 31.6 TW⋅h, that's more power than Ireland uses on an annual basis. bitcoins for sale in south africa The higher the coin's value the higher the miner is rewarded. The less difficult it is, will likely result in more coins. Some countries have almost free electricity which makes mining much cheaper. There's also the initial investment, which is the required hardware for mining. Mining fees also help increase 9 Jan 2018 “Bitcoin mining under the current price is likely to be profitable under any electricity price regime in China,” Lu wrote. Cryptocurrency power use is facing more scrutiny, particularly in China, which is concerned miners are taking advantage of low electricity prices. Digital currency transactions require  bitcoin india price today Low Upfront Cost. The HashTank is one of the most cost-effective ways of starting a bitcoin mining business. Low-cost infrastructure that includes mining equipment, cooling, and power distribution, results in one of the lowest $/TH in the industry.28 Nov 2017 According to research by UK-based Power Compare, if the Bitcoin mining electricity consumption continues to rise at this rate (it increased by around 30 percent in the last month), it will consume all the world's electricity by 2020. That's not even considering the mining electricity costs of other 

Bitcoin's insane energy consumption, explained | Ars Technica

In the past month alone, Bitcoin mining electricity consumption is estimated to have increased by 29.98%; If it keeps increasing at this rate, Bitcoin mining will consume all the world's electricity by February 2020. Estimated annualised global mining revenues: $7.2 billion USD (£5.4 billion); Estimated global mining costs: $1.5 I do think bitcoin raises really interesting possibilities for renewable techs that have tradionally needed to factor in large transmission costs. Perfectly possible to have a wind farm on a remote (uninhabited) Scottish island and use it purely for bitcoin mining (With a satellite internet link). No transmission costs  how to make a raspberry pi bitcoin mining rig 28 Nov 2017 The tremendous increase in Bitcoin mining activities has simultaneously resulted in an increase of huge electricity consumption. bitcoin valeur 22 Dec 2017 Electrical supply company Crescent Electric (CESCO) study reveals that the state of Louisiana is the cheapest state in the US to mine Bitcoin. Digital currency mining requires a lot of electric power and the power rates differ in every state. Based on CESCO's latest study of the cost of cryptocurrency mining Cryptocurrency value formation: An empirical study leading to a cost bitcoin ghash 10 Jan 2018 Bitcoin mining is heating up—and so are concerns over how much electricity the mining eats up. The best ones cost thousands of dollars. As the machines race to do their computations, they burn through a lot of electrical power, make a lot of noise, and generate a lot of heat—enough to heat your {18/12/2017} free Bitcoin virtual debit card - Omniformgroup

5 Dec 2017 One factor that may help limit the increasing energy consumption is that if the price of bitcoin should drop drastically mining might become a losing proposition. Currently, at the average cost of $0.12 for electricity in the U.S, it costs $1,567.88 to mine one bitcoin. And at the lower cost of $0.04 available in Bitcoin asic design refund bitcoin 8 Dec 2017 Experts say Bitcoin mining is consuming more power than used by 159 countries; The hardware uses approximately 31 terrawatt hours of energy per year; That compares with 23TWh in Ireland and 309TWh for the whole of the UK; It is creating a 'colossal' carbon footprint as the value of one coin surges to  does blockchain wallet support bitcoin cash 8 Dec 2017 The power consumption of these commercial Bitcoin miners is well known, as is the overall hash rate. Using historical global power costs we estimate the electricity consumption to currently be 1.7GW/hr, which equates to roughly 600,000 households usage, or US$4.2mn spent every day. At the current rate 11 Dec 2017 But now, "miners" use purpose-built machines optimised for the particular algorithms used by Bitcoin. With these machines, the primary cost of the system is the electricity used to run it. That means, of course, that the only way to be profitable as a Bitcoin miner is to have access to the cheapest possible  how many bitcoin wallets are possible 6 days ago On top of building your rig, you also need to realize that you are going to be using quite a lot of power. If you have high power rates, you could end up spending quite a lot to mine coins— especially bitcoin. According to Marketwatch, the electricity cost involved in mining a single bitcoin is more than $3,000 29 Nov 2017 As Bitcoin's value has continued to surge, interest in Bitcoin mining has exploded, but it's struggled to remain profitable because of how energy intensive a process it is - leading to many spending more on electricity than they earn in Bitcoin. Now one user has found an interesting way around the problem, 

16 hours ago Mining for bitcoin can cost a household £5,000 a year in electricity: How Economy 7 could be the tariff of choice for cryptocurrency geeks. Many bitcoin miners may be paying over the odds for electricity; Can cost up to £5k a year in electricity bills to mine the digital currency; Report warns mining will be 0.2% The Cost of a Bitcoin | AIER setup bitcoin mining server Cloud mining bitcoin - IC MONTANARI pink bitcoin pill report Dash mining gpuGet access to the Lowest Power Rate in the world today. No setup no maintenance fee. Canada Operated Data Center. Check Bitcoin Mining Hosting Calculator. how to send bitcoin from a paper wallet 19 Dec 2017 It turns out the biggest cost for modern bitcoin miners is power. You only pay for the servers once every few years, but they quaff electricity 24x7x365, and the more servers you deploy, the more power you use. One recent estimate is that worldwide bitcoin mining consumes the same amount of electricity as 6 Nov 2017 We could end up in a situation within a few years where the electricity consumption of bitcoin mining would be equivalent to a country like the Netherlands or Switzerland. Remy Briand, MSCI. That people would prefer to hang on to their bitcoin than spend it is not surprising given its soaring value.

White Paper · ethereum/wiki Wiki · GitHubWhat is the difference in cost benefit between solar and generated bovada bitcoin payout Nothing is Cheaper than Proof of Work | Truthcoin: Making Cheap how to withdraw bitcoin to bank 10 Dec 2017 The Bitcoin network alone is now burning a horrific 240 kilowatt-hours of electricity per transaction, using as much energy as the entire nation of Serbia, and heralding an Predominantly coal, estimates Digiconomist, although it's hard to tell as commercial-quantity Bitcoin mining is a fairly secretive game.25 Dec 2017 China's renewable energy sector wasted more than 60 TWh of electricity in 2016 owing to inadequate transmission infrastructure to transport power to its energy hungry big cities and industrial hubs. Meanwhile, power-hungry Bitcoin miners were stealing processing power from computers to meet their  bitcoin price chart history in inr Bitcoin cash mining calculator6 Dec 2017 Power hungry —. Bitcoin's insane energy consumption, explained. One estimate suggests the Bitcoin network consumes as much energy as Denmark. So when the price of bitcoins rises, we can expect miners to spend more and more on electricity until electricity costs are roughly on par with revenues.

24 Nov 2017 Bitcoin, love it or hate it, is a financial reality that has moved into the mainstream. With attention -- and value -- higher than ever, people around the world are mining in hopes of picking up precious digital fragments of the cryptocurrency. The environmental cost of cryptocurrency mining was a concerned 16 Jan 2018 Depending on your power prices it will cost anywhere from $600 (at 3 cents per Kwh) to $1,800 (at 9 cents per Kwh) to mine one coin. Even with bitcoin having plunged to $11,600 this morning, there's still money to be made, assuming you can get your machines cheap enough. Walmart sells the Antminer  how are bitcoins found Raspberry pi mining monero bitcoin value at launch 1 Nov 2017 An index from cryptocurrency analyst Alex de Vries, aka Digiconomist, estimates that with prices the way they are now, it would be profitable for Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more 27 Nov 2017 A new study shows the energy spent on mining Bitcoin this year alone has surpassed the average electricity consumed yearly by 159 nations. The high electricity demand in mining cryptocurrency presents a problem that needs to be addressed. bitcoin wallet online reddit Bitcoin Mining on Track to Consume All of the World's Energy by 2020. By Anthony Cuthbertson On 12/11/17 at 10:07 AM. bitcoin mining energy consumption world map A satellite composition of the world at night. Projections suggest the amount of electricity required to mine bitcoin will be equivalent to all of the world's 21 Jan 2014 Law-abiding bitcoin miners spin up this processing power either using ever more powerful, special purpose computers or -- in a relatively new trend -- rent bitcoin processing time from service providers who sell timeslices of their processing power plants. Now think about the cost items. You have the cost of 

Mining rig Mining requires electricity – lots of electricity. If you are building a DIY rig, you'll be getting an ATX power supply unit (PSU) anyway, so it's worth investing You can input parameters such as equipment cost, hash rate, power consumption, and the current bitcoin price, to see how long it will take to pay back your Using WhatToMine you can check, how profitable it is to mine selected altcoins in comparison to ethereum or bitcoin. how to know bitcoin address owner 10 Jan 2018 China is the world's largest electricity user and is keen to discourage bitcoin miners from drawing on the country's low power prices. bitcoin with brandon Help | Prohashing7 Jan 2018 The lower the cost of power, the higher the profits from mining. This is the driving force behind Bitcoin farms opening wherever they can find cheap electricity. Bitcoin mining companies have flocked to China because of its low electricity costs, which has made China one of the largest centres for mining. bitcoin no more mining Best Electricity Usage Monitor – Pyramid Reviews ASIC Mining Basics - CryptoCurrency Facts bitcoin mining finding blocks Bitcoin mining nearly uses same amount of energy as Argentina Why Siberia is a great place to mine bitcoins - Russia's digital gold Russia Intends to Discount Power Cost for Bitcoin Miners I run in power saving during the day, and maximum at night. At the end of the week I earned 8,160 Satoshis which comes out to 14¢ in BTC prices. So, IMHO, this isn't worth the effort to mine Bitcoin with. If the developer made different miners to mine other cryptocurrencies than BTC and Litecoin, I think it would work much 

Is it profitable to mine altcoin in Australia | Bitcoin Australia

(25/12/2017) ⑾ Bitcoin mining cloud service - BC Elisabeth7 Dec 2017 As of 5 December, bitcoin's estimated annual electricity consumption was 31.96 terawatt hours (TWh), or 0.14 per cent of the world's total electricity consumption. That's about the same as Serbia and more than Morocco, Oman and the Slovak Republic. Annualised estimated global mining costs were $1.6bn  bitcoin estimated In the big picture, Bitcoin mining secures transactions that are recorded in Bitcon's public ledger, the block chain. By conducting a random lottery where electricity and specialized equipment are the price of admission, the cost to disrupt the Bitcoin network scales with the amount of hashing power that is being spent by all  buy bitcoin sepa 1 Dec 2017 But it does provide another angle on the digital currency, which has shot up in value from $1,000 to more than $10,000 within this year. The growth of Bitcoin has also led to an exponential increase in 'Bitcoin mining': the computer processing power required to keep the blockchain – the decentralised, Products 6 - 18 Normally you see 5-6 in a mining rig bitcoin mining explanation quotes @astronautjon/nvidia-gtx-1070-superclocked-mining-rig-setup-in-depth-updated-prices. From previous blog posts and research I have done I was expecting to turn a profit on this rig anywhere between 1000-1500$ after power costs and  bitcoin xt buy 27 Nov 2017 The rise in its value has given way to an increase in electrical consumption that is used to "mine" more bitcoins, according to a report. Bitcoin mining uses more electricity than 159 individual countries -- including more than Ireland or Nigeria. Nearly 10 U.S. households can be powered for one day by the 27 Nov 2017 When Bitcoin hits the headlines, it tends to be because its value is rocketing, or because there has been a token theft. Now, however, the financial cost of mining the cryptocurrency has been revealed. The energy consumption of Bitcoin has been investigated by Digiconomist, and the cost is staggering.

Bitcoin mining forum cz :: Bitcoin mining uitleg - Miami Auto Store2 Nov 2017 The Bitcoin network is burning up enough electricity to power a single average American household for a week. With current prices soaring at $7,300, bitcoin mining revenues worth $5,535,244,129 per year warrants investing in 24 terawatt-hours of electricity annually for a piece of mining rewards. bitcoin symbole Bitmain ethereum miner - Winter Fuhrunternehmen core bitcoin wallet What is the environmental impact of Bitcoin mining? - Richardson GMP13 Dec 2017 The cryptocurrency's security is based on complex calculations made by supercomputers, an operation called mining. According to the latest research, Bitcoin uses as much electricity as Ireland, that is about 30 TWh per year. According to some researchers, Bitcoin uses as much power as Ireland In this  bitcoin melbourne One Bitcoin Transaction Now Uses As Much Energy As Your House Mining calculator

22 Dec 2017 The cost of power is a key factor for settting up a successful cryptocurrency mining operation. US$0.04 / kWh is often quoted as an upper bound for the power costs incurred by a best-in-class operation. HASHCHAIN Technology (KASH.V), which is setting up a cryptomining operation in Vancouver, is the Most modern hardware measures its power in TH/S (trillion hashes per second) please note that bitcoin mining is not a get rich quick scheme. This article will discuss the factors affecting profit, best process to follow to make a profit if it's possible with your power costs, limitations on small scale operations, how to secure your  convert bitcoin cash to bitcoin Th to gh calculator bitcoin life cycle 22 Nov 2017 Quebec is becoming a center for bitcoin mining due to the province's low electricity costs and its cold winters.10 Nov 2017 BitPay is on pace to process over $1B annually in bitcoin payment acceptance and payouts, and has already grown their payments dollar volume 328% Where the price of the currency will fluctuate over time; Where the network hashrate (aka, the mining power of the entire network) will fluctuate over time. how to setup and use bitcoin 23 Nov 2017 For the 29.5TWh consumed by Bitcoin miners, 2.7 million US households could be powered. Each Bitcoin transaction also costs the same amount of energy as the daily energy consumption of 9.9 US households. As Power Compare highlights, Bitcoin mining also uses up more power than 12 US states.6 Feb 2017 Electricity is the major on-going cost of Bitcoin mining. The price paid per Watt will greatly influence profitability. Mining Pool: unless you command a tremendous hashrate, your odds of solving a block by yourself (i.e. “solo-mining”) are extremely low. By banding together with other miners in a so-called pool 

1 Jan 2018 The more computational power put toward mining, the more difficult the puzzle. Power costs. Power in the United States is more expensive than it is in other parts of the world, making it further difficult to compete with big-miner money. When discussing the feasibility of bitcoin mining, an unexpected variable The Bitclub Guide - Have your Bitcoins questions answered bitcoin tracking etf Find out what your expected BTC and USD return is depending on your hash rate, power consumption and electricity cost. Find out if it's profitable to mine Bitcoin. Do you think you've got what it takes to join the tough world of cryptocurrency mining? find bitcoin address blockchain Ethpool calculator10 Jan 2018 BITCOIN mining in China has become so profitable that even if the value of the cryptocurrency dropped by 50 percent, miners would still make money. of electricity used by bitcoin miners. The aim is to find out if the use of this electricity is distorting power prices in the areas where miners are located. bitcoins vs litecoins HELP First Mining Rig|PSU9 Dec 2017 The power needed to mine Bitcoins could soon outstrip world energy production. Andrey Rudakov/Bloomberg. With the value of Bitcoin soaring ahead of the start of futures trading in it on Sunday, a digital analytical platform has warned that the energy usage required by the cryptocurrency will soar to 

10 Jul 2014 “Even if this were the case, mobile phones will never compete with hardware specifically designed to mine efficiently, like bitcoin ASICs (application specific Unless you are able to offset the cost of resources such as time, electricity, and the device's own processing power to zero, mining will never be a The new value is going to cost you! /. BITCOIN “MINING” CONSUMES MORE ELECTRICITY A YEAR THAN IRELAND. As BitCoins becomes increasingly popular worldwide, BitCoin mining is using more and more electricity as a result. As the currency grows the rate increases, more and more companies are mining the  bitcoin mining using cpu Free ghs mining bitcoin exchange usd rate 27 Nov 2017 As the price of bitcoin goes up, so does the value of the reward, meaning that more miners put more computers to the task of running the network. But since the price of bitcoin doesn't necessarily rise in step with the number of transactions, that disconnect can mean the currency uses a significant amount of 16 May 2013 - 2 min - Uploaded by CNNMoneyThere is legit company ,no own mining ,no power cost,it is USI TECH https:// usisomparraa gtx 1050 bitcoin mining Viabtc cloud mining costBitcoin. Bitcoin is a digital, cryptographic, peer-to-peer currency. The money supply is increased automatically by the network by rewarding newly minted bitcoins to users who contribute the computing power necessary to solve the difficult cryptographic problems required to produce the global transaction log. This process is