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Started By
Message
1
Posted on 5/21/18 at 6:17 pm to TH03
quote:
No, it’s talking about mining. The article is poorly stated.
I thought that might be the case as well but I found this: https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06
Posted on 5/21/18 at 6:21 pm to lsu480
That's likely wrong unless they include the cost of the mining rig.
The energy cost should be around $1500 here.
The energy cost should be around $1500 here.
Posted on 5/21/18 at 6:30 pm to TH03
It doesn't so basically their numbers are 3x your numbers and your numbers are 5 times what the author in the OP said if he was talking about mining which I still am not certain about. What a clusterfrick! 
Posted on 5/21/18 at 6:32 pm to TH03
quote:
Everyone has said crypto is, not necessarily Bitcoin.
So Bitcoin is the only crypto that will need increasing amounts of electricity?
I'm pretty certain as soon as Bitcoin fails, the next crypto in line will meet the exact same fate. And the domino effect will claim them all, eventually
Posted on 5/21/18 at 6:37 pm to lsu480
I know, right?
I got it here though. It's broken down pretty well so I believed it.
I got it here though. It's broken down pretty well so I believed it.
quote:
An S9 uses 1375W, which means that in 1 hour it consumes 1.375 kW/h.
In USA, a kWh costs $0.12 on average. (It can be as low as 0.04, according to this EIA chart.)
At 12c per kWh a running S9 costs $0.165 per hour.
712,672 running S9’s would cost $117,591.02 per hour.
Bitcoin blocks are solved at 6 per hour on average. Thus, each block costs $19,598.50 to solve.
The current mining reward is 12.5 BTC, which gives us the answer:
At $0.12 kW/h a Bitcoin costs $1,567.88 to mine.
At $0.04 kW/h a Bitcoin costs $522.62 to mine
Posted on 5/21/18 at 6:39 pm to TH03
Is this where I come to shill Chainlink and smartcontracts??
Posted on 5/21/18 at 6:43 pm to League Champs
quote:
I'm pretty certain as soon as Bitcoin fails, the next crypto in line will meet the exact same fate
The fate isn't because of the electricity costs.
Posted on 5/21/18 at 6:45 pm to TH03
Well then that makes a bit more sense. Look at the date of your source and the date of the link I posted. If energy costs are rising at the rate the OP stated then your source and mine actually match up but since mine is from this month it would reflect today's cost.
Posted on 5/21/18 at 7:24 pm to TH03
Helps here in LA that we have the cheapest power in the country. Best place to mine
But yea big operations are going to deal with the problems in my post a few pages back
But yea big operations are going to deal with the problems in my post a few pages back
Posted on 5/21/18 at 7:39 pm to League Champs
nm
This post was edited on 5/21/20 at 2:36 pm
Posted on 5/21/18 at 7:58 pm to CE Tiger
quote:Ethereum tGOAT
Is this where I come to shill Chainlink and smartcontracts??
Posted on 5/21/18 at 8:17 pm to Sticky37
You do realize this was by design right?
That as time goes on it’s harder and harder to generate more currency?
Sure you did.
That as time goes on it’s harder and harder to generate more currency?
Sure you did.
Posted on 5/21/18 at 8:32 pm to Jim Rockford
quote:
What exactly are these math problems? Is it something that needs doing or is it just busy work for the computer?
The people who said it was just busy work knows nothing on the topic.
The calculations solves blocks and adds them to the chain (blockchain)
Basically part of the public ledger that records transactions in a way to prevent you from spending a bitcoin twice.
Upon completion of a block a decreasing number of bitcoins are provided as compensation.
These represent the only way bitcoins are generated and the limit of total coins were fixed at conception.
Posted on 5/21/18 at 9:07 pm to Volvagia
quote:
These represent the only way bitcoins are generated and the limit of total coins were fixed at conception.
It is the same as having a currency based on a precious metal such as gold, the total units of currency are limited to the total value of the metal that can be obtained by mining.
Posted on 5/21/18 at 9:24 pm to CE Tiger
My man. What about all the other shitcoins! Ride for dime!!!
Posted on 6/1/18 at 8:05 am to Sticky37
BTC is not tied to a central bank, unlike the dollar or the pound, . In a fact, BTC mining guzzles huge amounts of energy. The process uses about 32 terawatts of energy every year. It was one of the reason why I decided to switch to litecoin. It's more energy-efficient. I also invest in GreenX eco ICO project, information I found on ICO Pulse source.
In general something has to be done otherwise BTC has no future.
In general something has to be done otherwise BTC has no future.
This post was edited on 6/18/18 at 10:18 am
Posted on 6/1/18 at 8:31 am to SuperM1ke
quote:
Unlike the dollar or the pound, these virtual "coins" aren't tied to a central bank. Instead, bitcoins are "mined" by computers in vast data centers that guzzle huge amounts of energy. Bitcoin uses about 32 terawatts of energy every year. That's why I decided to switch to litecoin. It's more energy-efficient. I also invest in GreenX eco ICO project, information I found on ICO Pulse source.
In general something has to be done otherwise BTC has no future
Thanks for bumping this and clarifying this for everyone.
Posted on 6/1/18 at 8:49 am to Bustedsack
i see sarcasm well u welcome
Posted on 6/1/18 at 9:04 am to SuperM1ke
Quantum computing will eventually make current cryptography obsolete and destroy cryptocurrencies, it's inevitable. So might not be a good idea to count on bitcoin being around 5-10 years from now.
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