Quote from: tucenaber on August 06, 2014, 10:07:45 AM

Quote from: BurtW on August 01, 2014, 12:56:52 PM

If BTC were to go to $500,000 in this era it would cause a catastrophic mining bubble:

$500,000 x 25 = $12,500,000 per block = $75,000,000 per hour

$75 million per hour would drive the mining to attempt to use 675 GW. This is about 30% of all the power generated on the planet.

This seems wrong. The world electricity production 2008 was 20 181 TW according to wikipedia.

0.675 TW / 20181 TW = 0.003%

Quite a lot of energy but nowhere near world production Wink

That is TWh/year, not TW. Divide it by 365 day/year * 24 hour/day and his number was about right.