How Much Does It Cost to Mine Bitcoin Around the World?

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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What Influences the cost of bitcoin mining hardware and operations?

What Influences the cost of bitcoin mining hardware and operations? submitted by vogelphil to BitcoinMining [link] [comments]

The Energy Cost Of Bitcoin Mining

This is the best tl;dr I could make, original reduced by 81%. (I'm a bot)
As bitcoin grows, the math problems computers must solve to make more bitcoin get more and more difficult - a wrinkle designed to control the currency's supply.
Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day.
Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world's 500 fastest supercomputers combined.
In Venezuela, where rampant hyperinflation and subsidized electricity has led to a boom in bitcoin mining, rogue operations are now occasionally causing blackouts across the country.
The world's largest bitcoin mines are in China, where they siphon energy from huge hydroelectric dams, some of the cheapest sources of carbon-free energy in the world.
There are already several efforts underway to reform how the bitcoin network processes transactions, with the hope that it'll one day require less electricity to make new coins.
Summary Source | FAQ | Feedback | Top keywords: bitcoin#1 energy#2 more#3 electricity#4 world#5
Post found in /worldnews, /SzechuanSauceSeekers, /Futurology, /climate, /VideoGrandpa, /ChapoTrapHouse, /LateStageCapitalism, /Bitcoin, /EcoInternet, /BitcoinAll and /Bitcoin.
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submitted by autotldr to autotldr [link] [comments]

12-07 20:08 - 'The Energy Cost Of Bitcoin Mining' (grist.org) by /u/WatchingUShlick removed from /r/worldnews within 1373-1383min

The Energy Cost Of Bitcoin Mining
Go1dfish undelete link
unreddit undelete link
Author: WatchingUShlick
submitted by removalbot to removalbot [link] [comments]

The Energy Cost Of Bitcoin Mining

The Energy Cost Of Bitcoin Mining submitted by KellyfromLeedsUK to BreakingNews24hr [link] [comments]

Under the Microscope: Economic and Environmental Costs of Bitcoin Mining

Under the Microscope: Economic and Environmental Costs of Bitcoin Mining submitted by IamSlammaJamma to Bitcoin [link] [comments]

Cost of bitcoin mining

I'm curious about how much it costs to generate a bitcoin, in terms of energy usage & hardware, and how that is changing over time.
I am assuming it would not be cost effective to use some scalable hosted service, or else Amazon would be permanently at capacity.
Are we are a point yet, where I'm going to pay more in electricity and hardware than I'm getting back?
submitted by peterjoel to Bitcoin [link] [comments]

Economic and Environmental Costs of Bitcoin Mining

Interesting analisys of the costs of bitcin mining. this scheme has no chance to survive so future is for ASIC - proof coins http://www.coindesk.com/microscope-economic-environmental-costs-bitcoin-mining/
submitted by l3sny to QuarkCoin [link] [comments]

The hidden cost of bitcoin mining -- soaring energy bills.

The hidden cost of bitcoin mining -- soaring energy bills. submitted by Teotwawki69 to EnoughPaulSpam [link] [comments]

Network deficit graph shows difference between transaction fees and cost of bitcoin mining. The long-term viability of the BTC network necessitates that the angle of this graph reverse, correct?

submitted by puck2 to BitcoinMining [link] [comments]

Under the Microscope: Economic and Environmental Costs of Bitcoin Mining

Under the Microscope: Economic and Environmental Costs of Bitcoin Mining submitted by BTCNews to BTCNews [link] [comments]

Entrepreneur, Dary Taylor, combines waste tracking with blockchain

Link to article: https://www.forbesindia.com/article/brand-connect/entrepreneur-dary-taylor-combines-waste-tracking-with-blockchain/62701/1
Tell us about INVIZION?
Our technology is becoming so advanced, but the environmental state of this planet is moving backward. Last year, I had a vision to utilize the power or blockchain technology and build a solution which benefits all. With the help of my incredible team and partnerships, we are now making this possible.
INVIZION is the embodiment of how an idea came to reality. Our aim can be explained in simple terms: to combine blockchain technology, DeFi (Decentralized Finance) and IoT (Internet of Things) solutions to achieve a single goal - recycling waste into renewable, green energy in the most efficient and technologically advanced way possible.
Is it common to use blockchain technology to benefit the environment? Has something similar been done before?
Unfortunately it isn’t, and blockchains have quite a bad reputation among people who are environmentally conscious, or who just want to use environmental discourse to oppose radically new technologies. It’s all due to the high energy cost of Bitcoin mining - it’s a fact that mining Bitcoin consumes a lot of energy, but at INVIZION we believe that blockchain technology doesn’t have to impact our planet negatively, and that it can even be applied in order to help the environment and counteract the energy it consumes.
The question I asked my business partner, Russ Lema, when we first had the idea that eventually materialized as INVIZION was: what if the conception of blockchain technology as something that doesn’t do much more besides consuming a lot of energy was reversed, and blockchain could actually be used to produce clean, renewable energy?
After years of forming this vision into reality, we came up with a complete solution: we can use blockchain technology to help produce green, renewable energy by applying DeFi-like solutions to the process of waste tracking. To put it simply, INVIZION uses the NVZN token to track waste on the blockchain, in order to make sure that the waste is recycled in a responsible, ecological way, instead of being disposed of in ways that are harmful to the environment. In addition, this digital token allows users to join us in funding other green energy projects around the globe and benefit from it.
submitted by BlockDotCo to u/BlockDotCo [link] [comments]

Bitcoin never goes down? Serious

Let’s say cost of bitcoin mining is $5k per coin
Part 1: Balanced price
Price goes little below 5k - some miners turn off - Some miners off - difficulty adjusts, cheaper to mine - Easier to mine - miners turn on - Miners Turn on - we’re back at $5k/per coin because miners push price to break even point
Part 2: Halvening After halvening cost per minted coin goes to $10k
Basically after halvening number always go up if I’m right.
What am I missing?
submitted by ikustov to BitcoinDiscussion [link] [comments]

Top-60 bitcoin/crypto quotes of the last decade, because reading them makes you feel good, and it feels good to feel good. Also one trading tip

First, number one trading tip for the next decade (in my opinion):

XXA/XLM trading pair, price is 5.20 XLM (0.3588 USD). Ixinium XXA is so undervalued right now. Target profit +300% for this year. Backet by precious metals. Precious metals 100% insured by Lloyd's of London. Target price levels for this year because of precious metals base value:
12.0 XLM (0.83 USD, +130.6%)
18.8 XLM (1.30 USD, +261.5%)
23.2 XLM (1.60 USD, +345.9%)
Price up since Coinmarketcap listing 7 days ago: 47.26%
XXA/XLM trading pair on Stellarport and StellarX exchanges with zero trading fee. It's not too late to become an Ixinium whale :)

My favorite bitcoin/crypto quotes, last ten years:

  1. Came into Bitcoin for the short-term dollar gains. Stayed in Bitcoin for the long-term bitcoin gains.

  1. Fiat addicts you to spending. Bitcoin addicts you to saving.

  1. There are 1,900x more dollars in existence today than there was less than a hundred years ago. Bitcoin has no top because fiat has no bottom.

  1. Most investors would be better off if they lost the password to their account and couldn’t log in for a few years.

  1. How I learned to stop worrying and love the bear market: Value your wealth in bitcoin not fiat.

  1. If I had a Bitcoin for every time someone asked me if I know who Satoshi is... I'd be Satoshi.

  1. Every second bitcoin stays out of the spotlight, is another second we get to build unopposed. We can't take this time for granted.

  1. You can't be excited about Bitcoin and fear the bear market. It's like being excited for Christmas but fearing winter. The bear market is a natural part of Bitcoin's mass adoption.

  1. Crypto is the only money that works on the internet. But it's also the only money that works in space. It's really expensive to bring gold bars to Mars.

  1. The fact that your normie friends don't think Bitcoin is cool yet is the reason why there is still massive upside potential.

  1. Feel free to print (fiat money) as much as you need, as I am already all in crypto.

  1. Satoshi walks in to a bar. Nobody knows.

  1. Fiat supply: unlimited. Gold supply: unknown. Bitcoin supply: 21 million.

  1. Most people still don’t know anything about Bitcoin except its price. But they don’t know why Bitcoin has a price in the first place. Hence the skepticism. When you don’t know why something has a price, it is impossible to understand how much it can really be worth.

  1. There can never be more than 17 million people who own 1 full bitcoin. But in practice, there will be far fewer.

  1. Internet allowed you to never have to go to the library. Bitcoin will allow you to never have to go to the bank.

  1. Google's CEO is Indian
Nokia's CEO is Indian
Adobe's CEO is Indian
Amazon's BOD is Indian
MasterCard's CEO is Indian
Microsoft's CEO is Indian
Pepsico's CEO was Indian indra nooyi
Nasa has 58% Indian employees
Do something towards $Btc bans in India! ENOUGH IS ENOUGH.

  1. When you trade trends, you can be the last person to join the trend & first person to leave the trend & you can still outperform everyone else in long term simply because others will keep guessing the tops & bottoms while you will keep riding confirmed trends.

  1. You don't need to fomo into positions, if you accumulate early.

  1. If your "financial advisor" doesn't advise you to buy crypto, fire 'em.

  1. Bitcoin doesn't care about your feelings. It also doesn't care about your gender, ethnicity, sexual preference or religion. Bitcoin just is.

  1. Want to prove to an investor that your crypto product is needed? Get people to use it. It is really hard to argue with usage.

  1. Is it possible to be a BTC maximalist and be Vegan? Asking for a friend..

  1. If you think that bitcoin is not going to the mainstream, think again.

  1. Most people don’t know what money is. This is why Bitcoin is still underrated. First, learn what money is. Then, you will be able to leverage the massive opportunity that is Bitcoin.

  1. If you think the people in charge know exactly what they’re doing, do nothing & continue on with your life. If you think those in charge may NOT actually be as smart as they want us to think, buy a little Bitcoin. The status quo is a bet on humans, but Bitcoin is a bet on math.

  1. Bitcoin is only risky to those who don’t understand it.

  1. Short term volatility doesn’t phase long term investors.

  1. If you manage your risk, your profits will take care of itself. If you don't, your parents will take care of you.

  1. For every person in the world, there are only 0.00225764 bitcoins.

  1. If you did your research, this bear market was expected. Bear or bull market, it’s business as usual for true Bitcoiners.

  1. For Bitcoin to succeed, the whole world doesn't need to understand its value proposition. Those who do will profit from its monetization. Those who don't will naturally adopt this better money.
Economic reality imposes itself onto the world whether you're aware of it or not.

  1. This is not financial advice. This is life advice. Buy Bitcoin.

  1. If Banks & Fiat are horse carriages, then Bitcoin isn't merely cars, it's fucking teleportation.

  1. How Bitcoin enables global prosperity:
Bitcoin makes you future-oriented
Bitcoin makes delaying gratification easier
Bitcoin makes saving & capital accumulation easier
Bitcoin makes investing easier
Bitcoin makes global trade easier
Bitcoin makes advancing civilization easier

  1. Bitcoin is the ultimate marshmallow experiment. People who are able to hodl for longer will tend to have better life outcomes.

  1. Other than your human time, Bitcoin is the scarcest thing on earth. Human time will become more abundant as life expectancy increases. Bitcoin, however, will only become scarcer.

  1. The energy cost of Bitcoin mining will pale in comparison to the improvements in the world’s productivity and prosperity that are enabled by Bitcoin.

  1. Pros of bear market:
-You can buy more Bitcoin
-Devs more productive than ever
-Weak hands driven out+hodler base strengthened
-Focus on fundamentals, not short-term price
-Overvalued shitcoins deflated
-Critical Infrastructure being built out, making next bull run even fiercer

  1. The more productive we are during the bear market, the harder Bitcoin will pump in the next bull market. Ignore short-term price action. Focus on Bitcoin fundamentals.

  1. Bitcoin bear market is the best time for buying, learning and staying miles ahead of the normies who will once again be late to the game and will buy the top.

  1. Before you invest in Bitcoin, invest in educating yourself about Bitcoin. Understanding Bitcoin will make your conviction much stronger and enable you to maximize your gains.

  1. There are 2 ways you can adopt Bitcoin:
  2. Early on & willingly-> result: allows you to capture upside as Bitcoin grows & becomes widely used or
  3. Much later & not having another choice-> result: failing to capture most upside from Bitcoin's monetization.
The choice is yours.

  1. The overwhelming majority of highly intelligent people I talk to still have no idea why Bitcoin is valuable. We are extremely early. The ability to identify opportunity before others and take advantage of the information asymmetry is key.

  1. Bitcoin will succeed with or without you. Don’t be left behind.

  1. In the 90s people couldn’t imagine that the Internet would replace newspapers, TV, phone calls, shops & many other things. Today, people can't imagine Bitcoin becoming mass adopted money. Bitcoin will do to money what Internet did to information. And money is a way bigger market.

  1. If every millionaire in the US wanted to have just 1 bitcoin they wouldn't be able to. There will always be fewer bitcoins than there are millionaires in the US (let alone the whole world). Ignore this at your own risk.

  1. The corporations & institutions that stand to lose from Bitcoin adoption are made up of individuals who stand to benefit massively from Bitcoin adoption. Realizing that every group or entity is made up of self-motivated individuals is key to realizing why Bitcoin will succeed.

  1. Bitcoin self-selects for people with:
* Low time preference
* Long attention span
* Commitment
* Authenticity
* Patience
* Persistence
* Ability to focus
* Ability to go against the mainstream
Bitcoin is a marathon, not a sprint.

  1. If you don’t have a deep understanding of:
  2. What money is
  3. Functions of money
  4. Monetary history
  5. Money properties that fulfill its various functions
Then don’t you dare criticize Bitcoin.

  1. Bitcoin doesn’t care:
- what color you are
- what sex you are
- what age you are
- what your religion is
- who your parents are
- which university/school you went to
- who you’re friends with
- how expensive your lawyer is
Bitcoin cannot discriminate.

  1. You chase money every single day. You stress over money all your life. You worship money.
But you have no idea why money is valuable. Money controls your life because you have no understanding of what it is. Once you ask yourself “What is money?”, Bitcoin will make sense.

  1. Satoshi Nakamoto deserves:
- Nobel Prize in Economics
- Nobel Peace Prize
- Nobel Prize in Physics
But thankfully the last thing Satoshi needs is the validation of the establishment.

  1. Bitcoin is doing better than corporations & altcoins though it never had:
- CEO
- Marketing
- Salaries
- ICO
- Partnerships
- Headquarters
- Customer support
Bitcoin is an emergent superorganism. Members contribute according to their ability, driven by passion more than greed.

  1. July 2011 - $31
- “Damn, I should've bought bitcoin earlier”
Apr 2013 - $266
- “Damn, I should've bought bitcoin earlier”
Nov 2013 - $1,242
- “Damn, I should've bought bitcoin earlier”
Dec 2017 - $19,891
- “Damn, I should've bought bitcoin earlier”
2022-2023 - ...
- “Damn..”

  1. Successful crypto trading boils down to correctly predicting how the whales will torture the normies next.

  1. Bitcoin doesn’t wait for anyone. It’s up to you if you want to learn this the hard way.

  1. Percentage of world using the Internet in 1995 = 0.4%
Percentage of world using the Internet in 2019 = 58.8%
Bitcoin is to money what the Internet is to information.
Percentage of world using Bitcoin in 2019 = 0.4%
If you thought you are late to Bitcoin, think again.

  1. I didn't choose the dollar.
I didn't choose the euro.
I didn't choose the pound.
I didn't choose the yen.
I didn't choose the ruble.
I didn't choose fractional reserve banking.
I didn't choose central banks.
I didn't choose quantitative easing.
I choose Bitcoin.

  1. Using Bitcoin
  2. Download wallet
  3. Receive funds
Using Banks
  1. Go to location
  2. Identification card
  3. Social Security #
  4. Hidden fees
  5. Initial deposit
  6. Proof of address
  7. Unreadable legal docs
  8. Wait a week for your funds
Which one will the next generation choose?

Many of these wisdom quotes are from the author of the new book called “This ₿ook Will Save You Time”, and he's donating all of the proceeds from the book sales to a Bitcoin developer.
submitted by crypto_trading_stats to CryptoCurrencyTrading [link] [comments]

Am I wrong or no? - Serious

Let’s say cost of bitcoin mining is $5k per coin
Part 1: Balanced price
Price goes little below 5k - some miners turn off - Some miners off - difficulty adjusts, cheaper to mine - Easier to mine - miners turn on - Miners Turn on - we’re back at $5k/per coin because miners push price to break even point
Part 2: Halvening After halvening cost per minted coin goes to $10k
How stupid this logic sounds? What am I missing?
submitted by ikustov to Bitcoin [link] [comments]

Imagine if all the money miners spend on buying new ASIC rigs would go directly into the purchase of bitcoins. Imagine also if all the cost associated with operating mining farms would be virtually eliminated and therefore greatly reducing amount of bitcoins miners have sell to keep operating.

That is effectively one of the things ETH 2.0 is bringing to the table. It will also result in lower issuance, a rapid increase in network scaling. This is a very exciting development for cryptocurrencies as a whole, and if the implementation is successful there are a lot of reasons to believe it will catapult Ether's price.
If you are a maximalist (on either side of the fence), please consider hedging your investment. It is a responsible approach specially when dealing with a highly speculative and volatile asset class. Cheers!
submitted by TheWierdGuy to CryptoCurrency [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 maxwellhill to science [link] [comments]

"Bitcoin [Core] mempool is blowing up right now, to me it looks like a primary miner is cutting off mining to grow the transaction fee cost... there are 1 hour intervals with no blocks mined, about an hour ago there was a huge chunk of low cost transactions thrown into the network.."

submitted by Egon_1 to btc [link] [comments]

If Bitcoin 'is the future' yet mining is such a lengthy, expensive & laborious process, why don't large corps with supercomputers do it in a fraction of the time and at minimal cost?

submitted by I_Always_Talk_Shite to NoStupidQuestions [link] [comments]

If Bitcoin 'is the future' yet mining is such a lengthy, expensive & laborious process, why don't large corps with supercomputers do it in a fraction of the time and at minimal cost?

submitted by I_Always_Talk_Shite to CryptoCurrency [link] [comments]

If Bitcoin 'is the future' yet mining is such a lengthy, expensive & laborious process, why don't large corps with supercomputers do it in a fraction of the time and at minimal cost?

submitted by I_Always_Talk_Shite to CryptoCurrencies [link] [comments]

Leo Zhang: "miners need to think through the business due to the imminent halving of the reward»

Leo Zhang:

https://preview.redd.it/g7z50ldlmc441.jpg?width=900&format=pjpg&auto=webp&s=37bf3ef15037bcec91a36c1ba0093beefc6ea295
According to the Chairman of Iterative Capital Management Leo Zhang, miners need to think carefully about the business, as in six months will be upolovinivanie awards for mining.
Zhang stressed that although many analysts believe in the rise of the bitcoin rate after halving the reward for mining, in fact, no one knows what will happen. Despite all the Analytics, the bitcoin rate is closely related to the hashrate of the network and in case some miners leave the industry after the half of the reward, the price of bitcoin may even decrease.
At the same time, according to a study by Iterative Capital, after halving the reward for mining, the bitcoin rate will exceed $17,000. Now, using Whatsminer M20s devices and paying 3 cents per kWh for electricity, the cost of bitcoin mining is $7,000. Accordingly, if miners produce half as many bitcoins, the cost will reach $14,000, and if the electricity fee rises to 7 cents per kWh, the cost will exceed $17,000.
The Chairman of Iterative Capital Management has highlighted several ways for miners to remain profitable. However, there will be no revelations: you need to buy equipment at a minimum price, as well as try to reduce the cost of electricity and other operating costs. At the same time, companies need to provide themselves with a supply of electricity, or money, so that in case of a possible decline in the rate of bitcoin, they can survive this drawdown.
"In fact, there is no truly effective way to hedge these risks. All you can do is cut your costs as much as possible, " Zhang concluded.
#LeoZhang #opinions #mining #business #bitcoin
submitted by QBEXCHANE to u/QBEXCHANE [link] [comments]

We can't predict the price of bitcoin long term, but can we predict the cost to mine bitcoin long term?

is there a growth rate for each generation of mining hardware. Like CPU power doubles every 18 months. Is there something like that for typical asic hash power

Also for the historical data, is there a chart for the typical mining costs for each year?
submitted by dancingbearstonks to Bitcoin [link] [comments]

How Much Does It Cost To Mine 1 Bitcoin? - YouTube how much does it cost to build a mining rig? how much money you need to make a ethereum mining rig? Mining Bitcoin for Two Years. WORTH IT? Cryptocurrency Mining Cost Breakdown How much does it cost to mine 1 Bitcoin? - YouTube

At present, it costs around $5,600 to mine each bitcoin, and with prices circling $8,000, miners can expect a $2,400 return, according to latest reports.. The Bitcoin mining industry is still a profitable business. In 2018 for example, during the crypto Winter, the industry annual revenues clocked $5.2 billion in block rewards and $300M in rewards. Bitcoin Production Cost provides insight into the profitability of Bitcoin mining businesses. Price drops below the Bitcoin Production Cost tend to be short lived. This makes sense as high-cost ... In the chart given below as well, it shows that the break-even cost is below $6000 (double of current price) post halving. The net operation losses will comprise of the depreciated amount for the cost of S17 miners, rent/lease for the space, maintenance cost and other miscellaneous expenses. Bitcoin Mining Break-evens for S17 Many island nations have a high cost associated with mining for bitcoin, likely because of associated high costs of electricity in those areas. South Korea is the country with the highest cost ... China, the home of the largest bitcoin mining operations in the world, unsurprisingly has a relatively low cost for bitcoin miners ($3,172 to mine one BTC). Other notable countries where a decent amount of bitcoin is mined include United States ($4,758), Sweden ($4,746), Georgia ($3,316) and Iceland ($4,746).

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How Much Does It Cost To Mine 1 Bitcoin? - YouTube

Different video style, may be doing stuff like this occasionally enjoy it pls READ THIS ON MY WEBSITE!: cointocapital.com As per viewer requests, today's video is an update on my Ethereum Mining Rig! It has now been two years since I b... in this video i will explain that how much does it cost to build a mining rig? how much money you need to make a ethereum mining rig? how much money needed to setup a mining rig? follow me on ... SUBSCRIBE FOR MORE HOW MUCH - http://shorturl.at/arBHL Visit our Bitcoin Merch Store - http://www.bitcoinmerch.com *Don't forget to subscribe and hit that no... SUBSCRIBE FOR MORE HOW MUCH - http://shorturl.at/arBHL Nviddia GTX 1080 Ti - https://amzn.to/2Hiw5xp 6X GPU Mining Rig Case - https://bitcoinmerch.com/produc...

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