Cutting electricity costs in cryptocurrency mining is crucial for profitability. Here’s how to achieve significant savings:
Optimize your mining hardware: Choosing energy-efficient ASICs (Application-Specific Integrated Circuits) is paramount. Newer generation ASICs often boast significantly improved hash rates per watt compared to older models. Regularly updating your firmware can also yield minor efficiency gains. Consider the total power consumption (TDP) of your hardware when making purchasing decisions. A higher hash rate isn’t always better if it comes with dramatically increased power draw.
Utilize alternative energy sources: Harnessing renewable energy like solar or wind power can drastically reduce or even eliminate your electricity bills. The upfront investment might be significant, but the long-term savings can be substantial, especially in regions with abundant sunlight or wind. Remember to factor in the cost and efficiency of energy storage solutions, like batteries.
Optimize cooling: Efficient cooling is key. Overheating significantly reduces the lifespan of your mining hardware and increases energy consumption. Invest in high-quality cooling solutions, such as dedicated mining rigs with effective fans and potentially liquid cooling systems. Maintaining a clean environment around your mining equipment is also crucial for optimal airflow and cooling efficiency.
Strategic mining scheduling: Electricity prices fluctuate throughout the day and across different seasons. Analyze your electricity provider’s pricing structure and schedule your mining operations to coincide with off-peak hours, when electricity is cheaper. This simple strategy can significantly impact your bottom line over time. Consider using smart power management tools to automate this process.
How does mining impact energy systems?
Cryptocurrency mining’s impact on energy is a significant concern. The massive energy consumption of mining farms is undeniably detrimental to both the environment and energy efficiency.
Scale of the Problem: The total energy consumption of the Bitcoin network alone is often compared to the energy usage of entire countries, highlighting the sheer scale of its energy footprint. This isn’t just about a few computers; we’re talking about massive industrial-scale operations.
The Environmental Impact: A substantial portion of the energy used in crypto mining comes from fossil fuels. This reliance on non-renewable sources contributes significantly to greenhouse gas emissions, exacerbating climate change. The carbon footprint associated with Bitcoin mining, for instance, has been a subject of intense debate and research.
Types of Mining and Energy Consumption: The energy intensity varies depending on the mining algorithm and the hardware used. Proof-of-work (PoW) cryptocurrencies, like Bitcoin, are particularly energy-intensive compared to proof-of-stake (PoS) systems. PoS networks achieve consensus through staking, requiring far less computational power and, consequently, significantly less energy.
- Proof-of-Work (PoW): High energy consumption, reliant on specialized hardware (ASICs).
- Proof-of-Stake (PoS): Significantly lower energy consumption, more environmentally friendly.
Efforts Towards Sustainability: The industry is exploring solutions to mitigate the environmental impact, including:
- Renewable Energy Sources: Increased use of solar, wind, and hydro power to fuel mining operations.
- Energy Efficiency Improvements: Development of more energy-efficient mining hardware and software.
- Shift to PoS: A gradual transition from PoW to PoS consensus mechanisms in many cryptocurrencies.
The Future of Mining and Energy: The long-term sustainability of cryptocurrency mining hinges on the industry’s ability to address its energy consumption and environmental impact effectively. While the challenges are significant, ongoing innovations and a greater focus on sustainability offer a path towards a more environmentally responsible future for crypto.
Which cryptocurrency consumes the least energy?
Ethereum’s shift to Proof-of-Stake was a monumental step, but it’s not alone in the green crypto race. Cardano, built on Ouroboros, a unique Proof-of-Stake algorithm, boasts incredibly low energy consumption, significantly outperforming many others. Its focus on scientific rigor and peer-reviewed research translates to a highly efficient and scalable network. Solana, utilizing a novel Proof-of-History mechanism, also demonstrates impressive energy efficiency, allowing for incredibly high transaction throughput. While both present compelling alternatives, remember to thoroughly research their respective consensus mechanisms and security models before investing. Understanding the intricacies of their energy consumption, measured in kWh per transaction, is crucial for responsible investing. Don’t just look at overall network consumption; delve into transaction efficiency. This allows for a more nuanced and informed assessment of their environmental impact, especially compared to energy-intensive Proof-of-Work networks.
How much energy does mining consume?
Mining cryptocurrencies, particularly Bitcoin, consumes a massive amount of energy. Estimates vary, but we’re talking about a level comparable to the energy consumption of entire countries. This is primarily due to the computationally intensive process of solving complex cryptographic puzzles to validate transactions and add new blocks to the blockchain. The energy used translates directly to a significant carbon footprint, a major concern for environmentally conscious investors like myself. While some argue the energy use is offset by the security and decentralization it provides, it remains a critical factor to consider in the long-term viability and sustainability of the industry. The ongoing shift towards more energy-efficient consensus mechanisms and renewable energy sources is essential for its future.
We need to carefully analyze the energy efficiency of different cryptocurrencies and mining operations before investing, looking at metrics like kilowatt-hours per transaction or hash rate per watt. It’s not just about the returns; we need to consider the environmental impact. Responsible investment demands it.
What is the downside of mining?
The biggest drawback? Brutal competition. The miner’s arms race is relentless; more miners mean exponentially harder problems to solve. This translates to needing increasingly powerful (and expensive) hardware, gobbling up massive amounts of electricity – a significant environmental concern, by the way. Your chances of successfully mining a block and earning the reward shrink with each new miner joining the fray. It’s a bit like trying to win a lottery with billions of other participants – the odds are astronomically stacked against you unless you’re a whale with massive hashing power.
Think of it this way: the network’s difficulty adjusts dynamically to maintain a consistent block generation time. More miners, higher difficulty, higher energy consumption. Profitability is constantly under pressure, and only the most efficient operations (often massive, industrial-scale operations) stand a realistic chance of long-term success. For small-time miners, it’s often a losing game, especially considering the upfront investment in hardware and the ongoing electricity costs.
Beyond hardware costs and electricity bills, consider the potential for hardware obsolescence. The ASICs (Application-Specific Integrated Circuits) used for mining are highly specialized and quickly become outdated as newer, more efficient models are released. This leads to significant depreciation, making it hard to recoup your initial investment.
How can I reduce the power consumption of my ASIC?
Reducing ASIC power consumption involves a multifaceted approach targeting both hardware and firmware optimizations. Firmware often allows for precise voltage and frequency control. Lowering the voltage directly reduces power draw, albeit at the cost of potential hashrate reduction. Finding the optimal voltage-frequency curve requires careful benchmarking to maximize hashrate while minimizing power. This is often achieved through iterative testing, adjusting voltage in small increments and observing the impact on hashrate and power consumption. Tools like Claymore’s Dual Miner or similar software often offer these fine-grained controls.
Frequency optimization is equally critical. Running the ASIC at its maximum clock speed doesn’t always yield the best efficiency. Lowering the frequency can significantly reduce power consumption with a proportionally smaller decrease in hashrate, resulting in a better power efficiency ratio (hash/watt). Again, experimentation is key to finding the sweet spot.
Efficient cooling is paramount. Overheating forces the ASIC to throttle performance, leading to wasted energy. Maintaining optimal temperatures through proper airflow, fan curves and potentially liquid cooling ensures the ASIC operates at its peak efficiency without thermal throttling. Monitoring temperatures using ASIC monitoring software is essential. Remember to consider ambient temperature – operating in a cooler environment naturally reduces energy usage in cooling.
Beyond firmware, consider these factors: ASIC selection. Newer ASICs generally offer improved power efficiency compared to older models. Batch variation significantly impacts power draw; individual units even within the same model can exhibit considerable differences. Power supply efficiency is crucial. An inefficient PSU wastes energy before it even reaches the ASIC. Using a high-quality, high-efficiency PSU with appropriate wattage is vital. Finally, understand that pushing the ASIC to its absolute limits in terms of overclocking negates efficiency gains, defeating the purpose of power reduction.
Why does mining consume so much electricity?
Bitcoin mining uses a lot of electricity because it requires incredibly powerful computers to solve complex mathematical problems. Think of it like a giant, global lottery where the winner gets to add the next block of Bitcoin transactions to the blockchain and receives a reward in Bitcoin.
The difficulty of these problems increases over time. As more miners join the network, the difficulty automatically adjusts to maintain a consistent rate of new Bitcoins being created. This means that miners constantly need more powerful computers (and thus, more electricity) to stay competitive and solve the problems fast enough to earn rewards.
Here’s a breakdown:
- Proof-of-Work (PoW): Bitcoin uses a system called Proof-of-Work. This means miners must expend computational effort to “prove” they’ve done the work. The more effort, the more electricity consumed.
- Competition: Miners are competing against each other to solve the problems first. The faster and more powerful your equipment, the higher your chances of winning the reward and the more electricity you’ll use in the process.
- Hardware: Mining typically involves specialized hardware like ASICs (Application-Specific Integrated Circuits), designed specifically for Bitcoin mining. These machines are incredibly energy-intensive.
In short: More miners + increasing difficulty = a constant need for more powerful and energy-hungry computers.
What is the energy consumption of mining?
Mining energy consumption varies significantly depending on the commodity. Coal boasts an average energy intensity of 50.5 kWh/tonne, significantly higher than minerals at 10.7 kWh/tonne and metals at 54.5 kWh/tonne. These figures, however, mask considerable variations within each category, influenced by factors like ore grade, mining method (open-pit versus underground), and geographical location. The substantial energy footprint is largely driven by diesel-powered equipment, particularly in hauling and crushing operations, though electrification initiatives are gaining traction, particularly in larger, more technologically advanced operations. This energy profile presents both risks and opportunities. Higher energy prices directly impact operational costs and profitability, creating volatility for miners. Conversely, companies successfully implementing energy efficiency measures or transitioning to renewable energy sources gain a competitive advantage, both financially and environmentally, potentially attracting ESG-focused investors.
Furthermore, the carbon footprint associated with mining is a crucial factor for investors increasingly concerned with environmental, social, and governance (ESG) criteria. Companies with lower energy consumption and carbon emissions command higher valuations, especially in the current climate of growing regulatory pressure to reduce greenhouse gas emissions within the mining industry. The energy intensity data therefore should be considered in conjunction with broader sustainability reports and corporate disclosures to offer a complete picture of a mining company’s environmental performance and its long-term viability.
Ultimately, understanding energy consumption is crucial for forecasting commodity prices and assessing investment risk. Fluctuations in energy costs directly influence the profitability of mining operations, rendering accurate and detailed energy consumption data invaluable for informed trading decisions.
Why is cryptocurrency mining so energy-intensive?
Bitcoin’s energy consumption is a significant concern, primarily due to its Proof-of-Work (PoW) consensus mechanism. This mechanism relies on miners competing to solve complex cryptographic puzzles, requiring substantial computational power and, consequently, vast amounts of electricity.
The core issue lies in the nature of PoW: a race to solve a computationally intensive problem. The more computing power a miner dedicates, the higher their chances of successfully solving the puzzle and earning the block reward. This incentivizes a continuous arms race for more powerful hardware, leading to exponential energy consumption.
This energy consumption translates to environmental impacts: Bitcoin’s annual energy usage has been compared to that of entire nations, raising serious questions regarding its sustainability. The electricity used often comes from fossil fuel sources, further exacerbating carbon emissions.
- Scale of the problem: The sheer number of miners globally contributes to the overall energy demand. The network’s difficulty adjusts dynamically, ensuring a consistent block creation rate regardless of the total hash rate, meaning more miners simply increase energy consumption.
- Hardware limitations: The specialized hardware (ASICs) used for Bitcoin mining is highly energy-intensive. While efficiency improvements have been made, the fundamental nature of the PoW algorithm remains a major hurdle.
- Geographic distribution: Mining operations are often concentrated in regions with cheap electricity, potentially leading to environmental damage in those areas and a lack of transparency about the actual energy sources.
Alternatives are emerging: Proof-of-Stake (PoS) and other consensus mechanisms are gaining traction, offering significantly lower energy consumption. These methods validate transactions based on a validator’s stake in the cryptocurrency, rather than computational power, drastically reducing the environmental footprint.
- PoS networks require far less energy for transaction validation.
- The transition to more sustainable consensus mechanisms is crucial for the long-term viability and acceptance of cryptocurrencies.
What are the risks of mining?
Mining cryptocurrency isn’t without its risks. Security breaches and hacking are major concerns. Hackers may target mining farms to steal computing power or directly pilfer mined cryptocurrency. This often involves exploiting vulnerabilities in mining software or hardware, sometimes through sophisticated methods like malware injections or network intrusions.
Beyond direct theft, hardware failures represent a significant risk. Mining rigs are complex machines composed of numerous components subject to wear and tear. Fan failures, power supply issues, and GPU malfunctions can lead to downtime and lost revenue. The lifespan of mining hardware is also a factor, necessitating costly replacements over time. Investing in robust cooling systems and redundant power supplies can mitigate this risk, but it increases initial setup costs.
The volatility of cryptocurrency prices is another key risk. The profitability of mining is directly tied to the value of the cryptocurrency being mined. A sudden price drop can wipe out profits and render mining operations unprofitable overnight. Diversification across different cryptocurrencies can help mitigate this somewhat, but it also adds complexity.
Regulatory uncertainty adds another layer of complexity. Governments worldwide are still developing regulatory frameworks for cryptocurrency mining, which can lead to unexpected changes in taxation, licensing requirements, or even outright bans. Keeping abreast of these evolving regulations is crucial for anyone involved in mining.
Finally, energy consumption is a significant concern. Mining requires substantial amounts of electricity, leading to high energy bills and a large carbon footprint. This is increasingly a point of focus for both regulators and environmentally conscious investors. The rise of energy-efficient mining hardware is a positive development, but energy costs remain a major operational expense.
How can energy consumption be reduced?
Maximize your device’s battery life – think of it as maximizing your mining rig’s uptime. Every milliwatt saved is like another hash rate added to your potential earnings. Here’s how to optimize your energy consumption, achieving peak efficiency:
Reduce idle time: Just like leaving your mining rig on unnecessarily wastes electricity, letting your device sit idle drains its power. Minimize screen-on time when not actively using it.
Dim the screen: Lower screen brightness significantly reduces power consumption. Think of it as lowering your operational costs – a smaller electricity bill means more profit.
Enable auto-brightness: Let the device intelligently adjust brightness based on ambient light, mimicking the smart allocation of resources in a successful mining operation.
Disable keyboard sounds and haptic feedback: These features consume unnecessary energy. Streamline your device’s performance like you would optimize your mining script for maximum efficiency.
Restrict power-hungry apps: Identify and limit the use of apps that drain your battery – these are the equivalent of inefficient mining algorithms. Prioritize only essential applications.
Enable adaptive power management: Let the device intelligently manage power allocation, similar to how a sophisticated mining pool distributes workload across its nodes. This maximizes overall efficiency.
Bonus Tip: Consider using a power-saving mode, analogous to using a more energy-efficient mining hardware. This often leads to significant improvements.
What is the biggest risk of mining?
The biggest risk in cryptocurrency mining isn’t about cave-ins or gas explosions; it’s primarily financial. The value of cryptocurrencies is extremely volatile, meaning your investment could plummet, making your mining operation unprofitable – even at a loss – very quickly. Electricity costs are a huge factor; if the price of electricity rises or the cryptocurrency’s value falls, your profits disappear. The difficulty of mining also increases over time as more miners join the network, reducing your chances of earning rewards. This means your initial investment in specialized mining hardware (ASICs or GPUs) might become obsolete before you recoup your costs.
Beyond finances, competition is fierce. Large mining farms with access to cheap electricity and advanced technology dominate, making it challenging for individuals or small operations to compete. There’s also the risk of hardware failure, requiring costly repairs or replacements, and the constant need to stay updated with the latest mining technology to remain efficient.
Finally, regulatory uncertainty is a looming threat. Governments worldwide are still developing regulations around cryptocurrency mining, potentially leading to restrictions or outright bans that could wipe out your investment.
Which alternating current mode consumes less electricity?
Let’s be clear: “Eco-mode” isn’t some magical algorithm; it’s a simple reduction in power consumption. Think of it like a DeFi yield farm with lower APY but significantly less risk. You’re sacrificing a bit of performance (cooling power, in this case) to drastically reduce your energy expenditure – your “gas fees,” if you will. The AC compressor, the real energy hog, runs less frequently and at lower capacity. It’s like staking your crypto assets instead of actively trading – less volatility, more stability in your energy bill. This directly translates to lower kWh usage, resulting in lower electricity costs. The savings might not be astronomical, but consistent reduction in your “energy portfolio” is akin to dollar-cost averaging your investments – small, steady gains over time add up. Consider it a long-term strategy for maximizing your ROI (Return on Investment) in terms of household energy efficiency. Ultimately, you’re diversifying your household budget by reducing a significant recurring expense.
Why does Bitcoin mining consume so much energy?
Bitcoin’s energy consumption stems from its Proof-of-Work (PoW) consensus mechanism. This requires miners to expend significant computational power solving complex cryptographic puzzles to validate transactions and add new blocks to the blockchain. Think of it as a global, decentralized lottery where the winner gets to add the next block and earns newly minted Bitcoin and transaction fees. This competitive process, designed for security against attacks (51% attack), inherently leads to massive energy expenditure. The “15,000 times” figure is likely an approximation and varies depending on network hashrate and efficiency. The environmental impact is a significant concern for investors, impacting regulatory scrutiny and potentially future price volatility. While some argue the energy source mix is shifting towards renewables, the overall energy consumption remains a key factor in Bitcoin’s sustainability debate and a significant risk for long-term price appreciation. We’re seeing a move toward more energy-efficient consensus mechanisms in other cryptocurrencies (Proof-of-Stake), but Bitcoin’s inherent design limits the potential for substantial change in this regard.
How is mining related to electricity?
Mining cryptocurrency is an energy-intensive process. Electricity is the lifeblood of the operation, powering not only the mining hardware itself but also its crucial cooling systems.
The Energy Consumption Breakdown:
- Mining Hardware: ASICs (Application-Specific Integrated Circuits) and GPUs (Graphics Processing Units) consume significant power during the complex computational process of solving cryptographic puzzles.
- Cooling Systems: High-performance mining operations require robust cooling solutions, often involving industrial-grade fans, liquid cooling, or even specialized air conditioning units. The energy consumed by these systems is substantial and directly impacts profitability.
The Cost Factor: Electricity costs constitute a significant portion of mining operational expenses. The profitability of mining is directly tied to the price of the mined cryptocurrency and the cost of electricity. Locations with cheap, abundant electricity, often hydroelectric or geothermal, are favored by large-scale mining operations.
Consequences of Power Outages and Instability:
- Hardware Failure: Sudden power loss can damage sensitive mining hardware, resulting in costly repairs or complete equipment failure.
- Reduced Hashrate: Power fluctuations can disrupt the mining process, leading to a decrease in the hashrate and reduced mining rewards.
- Lost Revenue: Downtime due to power issues translates directly into lost mining revenue.
The Sustainability Debate: The environmental impact of cryptocurrency mining, primarily due to high energy consumption, is a subject of ongoing debate and research. Efforts towards using renewable energy sources and improving energy efficiency are crucial for a sustainable future of the industry.
Why does mining require so much electricity?
Mining cryptocurrencies is incredibly energy-intensive because the process relies on powerful computers solving complex mathematical problems. These computers, often specialized ASICs (Application-Specific Integrated Circuits), require significant electricity to operate. The more powerful the hardware, the more electricity it consumes. This is crucial because the first miner to solve the problem gets the reward – newly minted coins – creating a competitive race demanding significant processing power, and consequently, enormous energy consumption. While cooling is important to prevent overheating and hardware failure, it’s a relatively smaller part of the overall energy consumption compared to the computational work itself. The electricity cost is a significant factor directly impacting profitability; higher electricity prices eat into potential profits, making mining less lucrative in regions with high energy costs. It’s absolutely a critical factor and often the deciding element in whether a mining operation is viable.
What are the dangers of mining?
Mining poses significant financial risks, far beyond the operational hazards. While ground collapse, subsidence, fault reactivation, flooding, acid mine drainage, and gas explosions are genuine dangers affecting operational costs and potentially leading to catastrophic losses, the real threat for traders lies in the volatility of the mining sector itself. Commodity prices fluctuate wildly, impacting profitability and potentially wiping out investments. Regulatory changes, geopolitical instability, and unexpected geological challenges can all drastically alter the risk profile of a mining operation. Furthermore, environmental regulations are increasingly stringent, leading to significant capital expenditures for remediation and compliance. These factors contribute to a high degree of uncertainty, making mining investments inherently speculative and demanding a thorough understanding of market dynamics, geological surveys, and regulatory frameworks before committing capital.
Diversification is crucial to mitigate risk. Exposure to a single mine or commodity is incredibly dangerous. Investors should carefully evaluate a company’s ESG (Environmental, Social, and Governance) performance, as these factors increasingly impact long-term value and access to capital. Thorough due diligence, including independent geological reports and assessments of management expertise, is paramount. Finally, understanding the debt levels and capital structure of a mining company is essential, as high leverage can amplify losses during price downturns.
How much electricity does a miner consume?
Mining a single Bitcoin consumes, on average, a staggering 6,400,000 kilowatt-hours (kWh) of electricity. This figure highlights the immense energy demands of the Bitcoin network. To put this into perspective, a solo miner would require approximately 12 years of continuous operation to mine one Bitcoin, consuming roughly 44,444 kWh per month. This calculation is based on our methodology, which considers factors like mining difficulty, hash rate, and electricity costs. It’s important to note that electricity costs can vary significantly by location, impacting the overall energy consumption and profitability of mining.
The energy consumption of Bitcoin mining is a frequently debated topic. Critics point to its environmental impact, citing the substantial carbon footprint associated with the vast amounts of electricity used. However, proponents argue that a significant portion of Bitcoin mining utilizes renewable energy sources, and that the network’s security and decentralization are paramount benefits. Furthermore, technological advancements in mining hardware and more efficient algorithms are constantly being developed to reduce energy consumption.
The energy intensity of Bitcoin mining is directly related to the network’s security. The proof-of-work consensus mechanism requires miners to solve complex cryptographic puzzles, consuming significant computational power. The more energy expended, the more secure the network becomes, making it resistant to attacks and ensuring the integrity of the Bitcoin blockchain. The balance between security, scalability, and energy efficiency remains a central challenge for the Bitcoin ecosystem.
Understanding the energy consumption of Bitcoin mining is crucial for informed discussions about its sustainability and future development. Further research and technological innovation are vital for mitigating its environmental impact while maintaining the network’s robustness and security.
How can energy consumption be reduced?
Reduce your energy consumption – it’s like stacking sats! Think of every kilowatt-hour saved as a tiny fraction of a Bitcoin accumulating. Small changes add up to significant long-term gains, just like compounding in crypto.
Swap out those incandescent bulbs: Upgrade to LEDs – it’s a low-cost, high-return investment. Think of it as diversifying your energy portfolio away from inefficient “shitcoins” of lighting.
Choose your cookware wisely: Efficient pots and pans minimize cooking time, reducing energy use. This is like optimizing your trading strategy – minimizing slippage and maximizing profits.
Master the art of laundry: Wash full loads in cold water. Every saved cycle is like a free transaction on the Lightning Network – fast and efficient.
Upgrade your appliances: Invest in energy-efficient models. Consider it akin to upgrading your mining rig – higher hash rate, lower energy consumption per coin mined.
Avoid appliance sleep mode: Many devices consume power even when “off.” Unplug them, or use a smart power strip – it’s like securing your crypto wallet – protecting against unnecessary drain.
Unplug your chargers: “Phantom load” is the silent energy thief. Removing chargers reduces wasted energy – think of it as preventing “dust” transactions from eating away at your returns.
Cleanliness is next to energy efficiency: A clean refrigerator uses less energy, and clean appliances function optimally. Just like regular portfolio rebalancing, this ensures efficiency and minimizes waste.
Keep your fridge cool (but not too cool!): Optimize your refrigerator temperature to minimize energy usage – another passive income stream.
What suffers during mining?
Mining cryptocurrencies puts immense strain on your GPUs, essentially acting as a high-performance, 24/7 stress test. They’re crunching complex mathematical problems constantly, leading to significant heat generation. This isn’t just wear and tear; we’re talking about accelerated degradation. Think of it like driving your car at maximum speed for days on end – you’ll eventually damage the engine. Without proper cooling solutions, including robust fans and potentially liquid cooling, you risk shortening the lifespan of your GPU significantly, potentially leading to premature failure and costly replacements. Remember, that efficiency matters. A more efficient mining rig consumes less power, translating directly to lower electricity bills and reduced heat output. Investing in higher-end, specialized ASIC miners might seem expensive upfront, but they often offer significantly better performance per watt, reducing long-term operational costs and the stress on the hardware.
Beyond the GPU, consider the power supply. The constant demand for electricity can damage it, too. Ignoring these factors is a recipe for lost profitability due to repair and replacement costs, and needless early equipment failure. Always monitor your rig’s temperatures and consider investing in reliable monitoring software to prevent costly surprises.
