https://preview.redd.it/q8fybks5d3r31.png?width=1024&format=png&auto=webp&s=0d9836d98582d8652a82a99333d37b2885d4116esubmitted by TrustcoinCommunity to u/TrustcoinCommunity [link] [comments]
Bitcoin Mining Costs Vary by Region
To perform a cost calculation to understand how much power it takes to create bitcoin, first, you’d need to know electricity costs where you live. In 2017, the Crescent Electric Supply Company did a state-by-state breakdown of how much it costs to mine a single bitcoin. Louisiana came in as the cheapest location at $3,224, while Hawaii was the most expensive at $9,483. As of September 2018, bitcoin’s exchange rate was valued at about $6,700 for a single bitcoin, which shows that doing the work in an area where energy costs are very low is important to make the practice worthwhile.
Calculating the Cost
There are lots of different bitcoin mining computers out there, but many companies have focused on Application-Specific Integrated Circuit (ASIC) mining computers, which use less energy to conduct their calculations. Mining companies that run lots of ASIC miners as businesses claim they use one watt of power for every gigahash per second of computing performed when mining for bitcoins.
At this rate, the bitcoin network runs at 342,934,450 watts — roughly 343 megawatts. Calculations based on EIA data reveal that the average U.S. household consumes about 1.2 kilowatts of power, meaning that 343 megawatts would be enough to power 285,833 U.S. homes.
That’s quite a lot of energy — for a frame of reference, that equates to about a third of the homes in San Jose, California. Since 1 watt per gigahash/second is pretty efficient, it’s likely that this is a conservative estimate. Also, a large number of residential users take more power to run their miners.
BITCOIN may be a useful way to send and receive money, but cryptocurrency doesn’t come for free. The community of computer-based miners that create bitcoins uses vast quantities of electrical power in the process. The electric resource-heavy process has led some experts to suggest that bitcoin isn’t very environmentally friendly. Therefore, using SOLAR ENERGY to mine Bitcoin is considered more suitable for people.
Unless there is a substantial Bitcoin tech shift, this is very likely to remain the same. Just one Bitcoin is valued at about $9,100, in the time of writing, but mining which may cost less. In the long run, purchasing Bitcoin right at least gives you something for the money instantly. Manually overrule exchange rate **: € /BTC * = For some mining pools you pay a few percent fee (Most likely from 0% to 3%) ** = Be sure what you are doing, you are overwriting the current exchange rates. (Empty means use the real-time exchange rates) Advanced calculator Find out what your expected return is depending on your hash rate and electricity cost. Find out if it's profitable to mine Bitcoin, Ethereum, Litecoin, DASH or Monero. Do you think you've got what it takes to join the tough world of cryptocurrency mining? Bitcoin Dominates Jack Dorsey's Cash App in Q1 2020 with $306 Million Revenue BitMEX Causes a Significant Surge in BTC Transaction Rates at 13:00 UTC Daily Bitcoin Transaction Fees See a Massive Spike In The Run Up To The BTC Reward Halving Calculator. Bitcoin Mining Calculator; Ethereum Mining Calculator; Bitcoin Cash Mining Calculator; Bitcoin SV Mining Calculator; Litecoin Mining Calculator; Monero Mining Calculator; Dash Mining Calculator; Zcash Mining Calculator; Ethereum Classic Mining Calculator; Bitcoin Gold Mining Calculator; Vertcoin Mining Calculator; Feathercoin Mining ...
[index]          
Find out how to set up the software Meta Trader 4 to trade cryptocurrencies like Bitcoin and Litecoin on the btc-e exchange. Vietnam's first bitcoin broker exchange Bitcoin Vietnam and Israeli exchange technology startup Bit2C have partnered to launch Vietnam's first live open-order book trading bitcoin exchange, VBTC. To read more about bitcoin paper wallet, go to internet site the following: http://www.cryptocoinwalletcards.com/ Tags: asic bitcoin miner, asic bitcoin mine... For example, a good bitcoin miner like the Monarch from Butterfly Labs provides 600 GH/s (1 Gigahash is 1000 Megahash. 1 GH/s = 1000 MH/s) while consuming 350w of power. bitcoin calculator, bitcoin converter, bitcoin price history, how much is a bitcoin, bitcoin current value, btc value, btc price usd , bitcoin worth, bitcoin stock price, btc to usd converter, buy ...