How Much Does It Cost to Mine Bitcoin Around the World?
How Much Does It Cost to Mine Bitcoin Around the World?
Energy cost of 'mining' bitcoin more than twice that of ...
What Would it Cost to Build a Bitcoin Mining Rig Today ...
Estimated Electricity Cost Of Mining One Bitcoin By Country
Bitcoin Miner Says Solar Energy Cuts Mining Costs By 75% ...
@cz_binance: #bitcoin mining energy costs are nothing compared to the costs needed to secure fiat. Think: military budget + bank expenses, all around the world, combined. Not all, but any portion of it you wish. https://t.co/n3A6mh1V6o
Bitcoin mining energy costs - who pays it in the end?
So this has been bugging me in the last weeks and I could not find any posts or articles about it to have an answer, maybe you can enlighten me. Everyone knows, that the energy consumption of bitcoin mining is massive - around 30TWh annually, and the reports say that the sum costs of bitcoin mining is around 2.2 billion $ a year. https://digiconomist.net/bitcoin-energy-consumption This means, every month roughly 200 million $ (or in other fiat currency) is being transferred to electricity companies from the bitcoin miners worldwide. So alltogether this amount of money has to be withdrawn from the bitcoin-usd ecosystem monthly. Considering, that there are ca. 350 other Proof of work Coins, this amount could be much higer, although I haven't found any post about the energy consumption of altcoin mining. I understand, that it is withdrawn from multiple different exchanges or other platfrom, but still. I would suppose that there can't be that much number of platforms , from which you can withdraw at least thousands of dollars worth of fiat to your bank account, or? Like coinbase, bitfinex, cex.io, etc. Let's say maybe 50-100 worldwide? Where you can sell your mined bitcoin for fiat and then withdraw it. My question: Is withdrawing (at least) 200 million $ in fiat monthly from the markets and exchanges that marginally low, that it has not even moved anyone's mind? I understand, that huge volumes are being traded on the exchanges back and forth, from and to bitcoin and fiat, but I would think, that withdrawing the actual fiat and thus removing it from the exchange is a bit different. Unfortunatelly I haven't found any source, where I could see, how much fiat was withdrawn from or deposited to the biggest exchanges In some way I would say, that we (bitcoin users/buyers) are paying the electricity bills - to which one could argue that we also pay indirectly the gas for the luxury jacht on which the CEOs of VISA are partying... so as I said, this issue was bugging me and was hoping to be enlightened in the matter.
Bitcoin mining is forcing me to go solar power. I just installed solar panels to run my miners during the day. Not only does my house get heated but I cut the mining cost by 75%. Why? It's not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax (=75%!)
Bitcoin Mining Investment, Free Energy Source, Researching Cost
Hello, looking to get a brief overview of how many ASIC processors are needed to build a mining farm that can produce, let's just say, 3 BTC per month. I am working with investors to build a 100 Megawatt solar farm (actually 20 distinct 5 MW farms) on a 60 hectare property. The land is mine, so there is no rent cost. The energy, of course, would be virtually free after the solar farms are built. So I'm basically inquiring two things: - How many ASIC miners (or whatever type) are required to generate 3 BTC per month? - How many Megawatts would that number of miners require to operate? We already have investors ready to build the solar farms. So they may also be interested in buying miners, too. And if the energy required is indeed only a reasonable fraction of the 100 MW, it seems like this would be feasible. Really appreciate the feedback! Edit: all this is in Brazil by the way!
Bitcoin Energy Cost ~$3,380 Due to Changes in Mining Efficiency Curve
Just a thought as the price drops out, since there are two remarkable events occurring:
The mining efficiency of the network is increasing greatly as Bitmain rolls out their newest miners like the Antminer S17 Pro; no doubt they've been using their own equipment on the network before public sales as has been the historical case for big efficiency leap rigs.
Couple this with the somewhat usual end-of-year settling up that occurs between Nov - Jan that we've seen in the past.
Food for thought: as the higher efficiency rigs propagate the energy cost for mining Bitcoin nearly halves to $3,380 at 12.5 BTC. However, once the block reward cuts in half next year then the energy cost will double. Is this market movement the result of mining groups offloading a lot of their cheaply mined coins at the higher value now before the price moves downwards towards the energy production cost? Still all Wild Mass Guessing. https://www.trinsicoin.com/
Of course, the Bitcoin Energy Consumption Index is also very much a prediction model for future Bitcoin energy consumption (unlike hashrate-based estimates that have no predictive properties). The model predicts that miners will ultimately spend 60% of their revenues on electricity. At the moment (January 2019), miners are spending a lot more on electricity. On January 22, 2019, the Bitcoin ... Energy accounts for between 90% to 95% of bitcoin mining costs and plays an extremely critical role in determining profitability for the cryptocurrency’s miners. In turn, profitability is ... Critical to all mining operations is the “break even” factor, which the mining estimator seeks to determine. This is the value of cryptocurrency that must be produced for the cost of the rig to be paid for. For example, one featured Bitcoin mining rig costs USD $1,767 to build and operate and generates $4.56 in profit per day at current prices. Bitcoin mining costs vary widely in 115 countries, according to a new study. Worst case this estimate is too high and the real energy costs are less making mining cheaper. For the number of Bitcoin transactions per block, we used and average of Blockchain’s data as published on Quandel for February 2018. It showed that there were an average of 1,372.65 transactions per block for that month and each block currently ...
Is it still profitable to mine bitcoin when the price drops? Is the reduction in energy prices dangerous for Bitcoin? Will transactions fees rise dramatically in 2140 when the block subsidy goes ... Solar energy efficiency advances and proof-of-work. Factoring in capital costs of/ access to solar panels & mining equipment, access to internet, opportunity cost for excess energy and storage ... How does Bitcoin mining fund alternative energy solutions? ... Bitcoin Q&A: Mining, energy prices, and fee market - Duration: 16:05. aantonop 10,596 views. 16:05. How To Speak by Patrick Winston ... Why Bitcoin IS sustainable In this video, I explain why Bitcoin Mining is sustainable. Bitcoin can become the new store of Value for digital money, which tra... Intelligent Mining has developed a power system which will substantially reduce the cost of Bitcoin mining.