Energy cost of 'mining' bitcoin more than twice that of

HydroMiner

Bitcoin mining with hydro power. Using hydro power stations in the Alps region, we reach one of the lowest prices per kilo Watt in Europe. In fact, our cost of electricity is currently 85% lower than the average in Europe.
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Bitcoin costs 8 billion dollars per year in electricity

According to Google, the average price a residential customer in the United States pays for electricity is 13.31 cents per kWh. According to Forbes Bitcoin uses an estimated 61.76 terawatt-hours (TWh) of electricity per year. Multiply that together and you get 8.220256 billion U.S. dollars per year. I wonder how much that makes per transaction.
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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by maxwellhill to science [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

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Do you think most miners are still profitable after the recent price drops? Data from TokenInsight shows that some efficient miners incur an electricity cost of $1,400 per bitcoin mined.

Do you think most miners are still profitable after the recent price drops? Data from TokenInsight shows that some efficient miners incur an electricity cost of $1,400 per bitcoin mined. submitted by johnleequigley1 to BitcoinMining [link] [comments]

Would a Bitcoin miner cost me more per month in electricity than a space heater?

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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by maxwellhill to Futurology [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by BrodieDigg to Silverbugs [link] [comments]

08-05 11:13 - 'f2pool, said in a Weibo post: “With an electricity cost of 0.26 yuan [$0.037] per kWh, miners like L3+ can pretty much just shut down tonight.” Litecoin +13% In last 24 hours.' (otcfinance.net) by /u/ICO_CONSULTING removed from /r/Bitcoin within 18-28min

f2pool, said in a Weibo post: “With an electricity cost of 0.26 yuan [$0.037] per kWh, miners like L3+ can pretty much just shut down tonight.” Litecoin +13% In last 24 hours.
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Author: ICO_CONSULTING
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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by maxwellhill to energy [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals • r/science . Calling all cryptobros to defend this worthless shit

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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by sirboozebum to neoliberal [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by nbhatt_10 to u/nbhatt_10 [link] [comments]

Bitcoin mentioned around Reddit: Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals /r/science

Bitcoin mentioned around Reddit: Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals /science submitted by cryptoallbot to cryptoall [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by Kunphen to Astuff [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by Kunphen to EcoNewsNetwork [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

This is the best tl;dr I could make, original reduced by 57%. (I'm a bot)
The amount of energy required to "Mine" one dollar's worth of bitcoin is more than twice that required to mine the same value of copper, gold or platinum, according to a new paper, suggesting that the virtual work that underpins bitcoin, ethereum and similar projects is more similar to real mining than anyone intended.
One dollar's worth of bitcoin takes about 17 megajoules of energy to mine, according to researchers from the Oak Ridge Institute in Cincinnati, Ohio, compared with four, five and seven megajoules for copper, gold and platinum.
All the cryptocurrencies examined come off well compared with aluminium, which takes an astonishing 122MJ to mine one dollar's worth of ore.
The new paper is the first to look at the mining efforts from the point of view of energy cost per dollar benefit.
"The comparison is made to quantify and contextualise the decentralised energy demand that the mining of these cryptocurrencies requires," the authors write, "And to encourage debate on whether these energy demands are both sustainable and appropriate given the product that results from relatively similar energy consumption."
To account for the wild fluctuations in cryptocurrency price, and therefore effort expended by miners, the researchers used a median of all the values between 1 January 2016 and 30 June 2018, and attempted to account for the geographic dispersal of bitcoin miners.
Summary Source | FAQ | Feedback | Top keywords: Mine#1 energy#2 cryptocurrency#3 bitcoin#4 dollar#5
Post found in /science, /worldnews, /AutoNewspaper, /fbitcoin and /GUARDIANauto.
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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals - r/science

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals - science submitted by mappersdelight to Linky_links [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by unremovable to unremovable [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals submitted by unremovable to unremovable [link] [comments]

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Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals - November 05, 2018 at 08:51PM

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals - November 05, 2018 at 08:51PM submitted by JTTBot to JustTheTopNews [link] [comments]

How To Make Money By Mining Bitcoin Bitcoin Q&A: Mining, energy prices, and fee market How Much Electricity Required For A Single Bitcoin Mining ? BTCV - Bitcoin vault best cryptocurrency to invest in 2020? New Legit free bitcoin mining site 2020  new free bitcoin earning site 2020  singup bonus 100gh/s.

(Price per KWh * Electricity consumed per transaction * number of transactions per block) / Bitcoins per Block . This gave us a price in cents so we divided by further 100 to get a price in US dollars. The map was created using MapChart.net. List of Electricity Cost Of Mining One Bitcoin By Country Since electricity costs are a major component of the ongoing costs, it follows that the total electricity consumption of the Bitcoin network must be related to miner income as well. To put it simply, the higher mining revenues, the more energy-hungry machines can be supported. Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals. Environment. Close. 45.3k. Posted by 1 year ago. Archived. The energy cost per transaction is decreasing as more people enter the network. In early January (around the peak of Bitcoin transactions for 2018) Marc’s “best guess” for consumption was around 18.4 terawatt hours per year. For now, it seems that estimation really is in the eye of the beholder. Energy Trends Bitcoin mining has become a relatively efficient and intensely competitive industry… For several reasons, the cost to mine bitcoin — the world’s foremost cryptocurrency — is increasing. In some instances, bitcoin miners looking for a competitive edge have moved to faraway countries where energy is cheap.

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How To Make Money By Mining Bitcoin

The City That Banned Bitcoin Mining ... the cheapest electricity anywhere in the world, but a recent influx of cryptomining companies and their energy-draining rigs have raised power prices at the ... Total cost: Around $7000+ Profit: $45 - $55 per day. Electricity Cost - $120 Per month. Profit per month after electricity cost $1230 ROA in less than 6 months. Forum Post - https://goo.gl/ZL7ED2 ... The cost of electricity would be = (0.0475 x 2,520 x 24) = $ 2.87 / day So Daily Digging Profit = Revenue - Costs = $ 32.1 - $ 2.87 = $ 29.23 = 0.211 BTCV / day The electricity required for a single Bitcoin trade could power a house for a whole month. Bitcoin transactions use so much energy that the electricity used for a single trade could power a home ... In theory, Bitcoin becomes harder and harder to mine, which means it takes more and more energy (electricity for your computer/"mining rig" to run) to process Bitcoin and solve "Blocks" of data.

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