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Re: how much does it cost to "produce" 1 BTC currently? and how much power is used?
considering that there is still plenty of cpu and nvidia miners it is probably significantly more, plus, that changes every 10 days
fair enough, agreed
thx guys i now have a much better idea of the cost and power consumptionRe: how much does it cost to "produce" 1 BTC currently? and how much power is used?
If 160 Watts will (on average) generate one bitcoin each 24 hours, then the creation of each bitcoin uses 3.84 kW-h (0.16 * 24) or 13.824 Megajoules. That's about a dollar's worth of electricity where I live.
The target is for 7200 new bitcoins to be mined each day, which would require 27.648 MW-h (Megawatt-hours) or 99532.8 Megajoules (which is approximately 100 Gigajoules).
At the target of 7200 coins per day, the power consumption of the Bitcoin network would therefore be 1.152 Megawatts (i.e. 7200 times 160 watts).
At the moment the Bitcoin network is running about 60% above the target generation rate, so the total power consumption would be proportionally higher.
thanks! so one could assume that at 160% it consumes about 1.85 Megawatts continuously?
Re: how much does it cost to "produce" 1 BTC currently? and how much power is used?
You need ~160W (calculating with 1W per MHash/s) to mine a bitcoin in a day currently. If you let a GPU that consumes 160W/h and calculates 160 MHashes/s run for a day, in theory you have generated a BTC.
160W/h *24h = 3870W/day --> 3,87 kW/day
ok, thanks!
Also CO2 is generally (mis?)used as an "equivalent" factor for greenhouse gases. Read a bit on http://en.wikipedia.org/wiki/Global-warming_potential and http://en.wikipedia.org/wiki/Co2e before you start acting as if every greenhouse gas emission is CO2...
agreed, i didn't mean to imply that co2 is equivalent to all greenhouse gases. i simplified and mentioned only co2 because i didn't wanna complicate the discussion on that side.
The govt. would not ban bitcoin commerce without a very good pretext in place first. Govt.s acting arbitrarily against seemingly peaceful activities can get voted out in an awful hurry ... they need a good reason to ban it or else they just look like petty tyrants ... perception is everything.
Unless all governments ban/regulate bitcoin, it will be seen as a success in the nations where it is allowed and it's value will be backed by their economies. Also, such nations will thrive on a sound money standard.
The rest of the world will see this and soon governments will be force to come inline and legitimize bitcoin.
The rest of the world will see this and soon governments will be force to come inline and legitimize bitcoin.
why would they need to ban it if every country in the world has already given its central bank the monopoly on issuing currency and made all other currencies illegal? in the "spirit of the law" bitcoin is already illegal everywhere. some of the laws might technically not include digital-/crypto-currencies but they will likely change that swiftly once they wake up.
It's just ridiculous to think of the big brave govt. thugs showing up with the machinery of the state, paid for by the tax-payers, raiding the homes of gamers living in their mom's basement, to cart away their "illegal video game rigs". Who would even think to ask such a question, govt. paid foil, statist troll, failed bankster .... I wonder?
they wouldn't (need to) do that, or only in some extreme cases. if bitcoin grows over critical mass to wake them up they will make exchanges between bitcoin and fiat currencies illegal, they'll threaten any financial institution that engages in such exchanges, and they will generally make all bitcoin transactions illegal. they might go after the users or they might not. the exchanges are the critical point (at least until all fiat currencies disappear) - that's why i believe bitcoin needs a working underground peer-to-peer exchange system asap to survive in the long run (was proposed in another thread somewhere). they wouldn't be able to control that or enforce their laws once that exists. but reaching mainstream adoption will be very difficult this way, eg the majority of online poker players wouldn't wanna go through these hoops.
not trying to burst your bubble but to inject some realism! bitcoin has the power to severely disrupt the core of the current capitalist empire. you might be too naive if you think the empire will not strike back. it will with full force, better to be prepared for it and find solutions to overcome it than to keep dreaming imho
Re: how much does it cost to "produce" 1 BTC currently? and how much power is used?
Do you know how much carbon dioxide is produces by printing paper currency and how many trees have to be cut?
why do you compare to paper currency?! aren't we talking digital currency here? of course the carbon footprint of paper currency is terrible, but why on earth would we repeat the same mistakes with digital currency?
I think Sukrim meant 6 kWH/day, so it's not 6 * 24 = 144, it's 6 * 1.
that's not what he wrote, can someone confirm this?
It's not a waste. It's a price for having decentralized cryptocurrency. Also, I don't get why a huge carbon dioxide footprint would be bad. Plants require carbon dioxide to conduct photosynthesis. More CO2 - more plants growth. Are you against nature?
i do think it's a waste, there MUST be more (energy-)efficient ways of doing this. dude please, do some reading on CO2 imbalance on this planet...
You're failing to take into account the electricity used by the people who did not generate a block. Maybe a better calculation would be 10minutes * power consumption of the whole bitcoin network / 50BTC = energy consumption for the creation of one bitcoin.
But this talk of energy needed for the creation of bitcoins is pretty irrelevant, considering that this process also handles all the transactions. So it would probably be more intelligent to compare the power usage of bitcoins to the total power usage of the current financial network, including the energy required to move coins and bills around, to power bank servers, to produce coins and bills, and so on.
But this talk of energy needed for the creation of bitcoins is pretty irrelevant, considering that this process also handles all the transactions. So it would probably be more intelligent to compare the power usage of bitcoins to the total power usage of the current financial network, including the energy required to move coins and bills around, to power bank servers, to produce coins and bills, and so on.
hmmm can you give me an idea of the "power consumption of the whole bitcoin network"??
and again, yes the current financial system creates a terrible carbon footprint, but why repeat the same mistakes??!! it's the wrong comparison imho
every BTC generated by my mining-rigs is 100% carbon dioxide neutral, no matter how many kWh they consume.
don't fire up your rigs (or anything else) with dirty energy, if you want a greener world.
don't fire up your rigs (or anything else) with dirty energy, if you want a greener world.
great stuff!! but i fear you are one of only a few in the bitcoin network?
guys, i admire your passion and enthusiasm on bitcoin. we all know that fiat currencies are not sustainable (for several reasons) but in my simple mind any new digital currency that is such a HUGE resource hog won't be sustainable either in the long run. feel free to persuade me that i'm wrong
Re: how much does it cost to "produce" 1 BTC currently? and how much power is used?
Currently you need ~160MHashes/s to generate 1 BTC on average per day. Power draw is somewhere between 1-1.5 W/MHash/s, so ~4-6 kW/day can be expected (a minig rig that small would have a bit more of overhead from other components, so I'll use the 6 kW/day further on)
hmm so basically for every BTC 144 pounds of carbon dioxide are created (1kwH creates about a pound on average)?! why is it necessary to waste so much energy and create such a huge carbon footprint?
how much does it cost to "produce" 1 BTC currently? and how much power is used?
hi folks, i am still relatively new to bitcoin and trying to better figure it out. one of the things i don't understand yet is why the mining difficulty is raised so much that one seems to need super duper high end gears and GPUs to mine coins these days.
i understand that exact answers may not be possible, can can any of you give me an estimate of how much power is currently used to generate 1 BTC and how much it costs overall (including cost/depreciation of the rig)?
i understand that exact answers may not be possible, can can any of you give me an estimate of how much power is currently used to generate 1 BTC and how much it costs overall (including cost/depreciation of the rig)?