Bitcoin Mining Calculator Gigahash

How to prove you are a time traveler using the bitcoin blockchain

It turns out there are more applications of bitcoin than simply revolutionizing every economic system ever conceived.
It is also possible to prove you traveled through time with the help of the hashing mechanism behind our favorite blockchain.
As a thought experiment, consider the following calculation:
Now, if you as a civilization are able to use the energy of your host star, that makes you a type II civilization on the Kardashev scale.
My challenge to the universe and its type II civilization time travelers is simple:
Produce an empty block with around 32 leading zeros in the coming year and we’ll take notice.
submitted by pastpresentposterity to Bitcoin [link] [comments]

Current Bitcoin Carbon Emissions. The numbers. Can we discuss please?

I received a PM from a redditor about a old comment. His PM reads -
So back 10 months ago I posted this comment and you responded with the most reasoned response about the entire Bitcoin network emitting less carbon than a single 747. It made me feel much better about Bitcoin. It also confused me this past few weeks with people posting stories stating that Bitcoin will soon use nearly 0.1% of the world's energy and already consumes more power than every single solar panel in the entire world produces. Those two don't really square, so I looked back and the article you reference was from 2014. I'm curious if you've reevaluated your stance on bitcoin or perhaps have some insight that the current hysteria is just overblown?
Since I've spent the time doing some napkin math (I could be horribly wrong on this, someone please correct me!), I thought I should make this post public for everone to evaulate my maths and my reasoning.
First, I would just redirect to AA's great clip on the subject -
https://www.youtube.com/watch?v=fExR-IKozOY
As for re-evaluating my position, yes, constantly. Im going to do this really quickly, so unsure of accuracy, but should give a rough ball park.
http://www.yousustain.com/footprint/howmuchco2?co2=761+tons
Says its about 761 tons for a 747 to fly 24 hrs.
https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280
Claims 1 watt per 1 second gigahash. Comes out to 343 mW per second. Thats 1234800 mW per hour, which equals 29635200 mWh for 24 hrs. The formula used to calculate megawatt-hours is Megawatt hours (MWh) = Megawatts (MW) x Hours (h). In this case, I've used 24 hours since we are comparing to 24 hours of a 747 flying, so 24 MWh. So currently btc mining has a rate of 1,234,800 per MWh.
Putting 29635200000 (previous mWh * 1000 for kWh) into this government calculator will give you caron comparisons. That calculator claims an equivilent of 2,481,717,074 gallons of gas consumed. Yes, thats nearly 2.5 billion.
To make this comparison more comprehensible....
https://www.eia.gov/tools/faqs/faq.php?id=23&t=10
In 2017, about 143.85 billion gallons (or about 3.40 billion barrels1) of finished motor gasoline were consumed2 in the United States, a daily average of about 391.40 million gallons (or about 9.32 million barrels per day).
This would be equivilent of 6.33 days of gasoline usage in the USA for a single day of mining.
So go go back to our airplane analogy, the carbon calculator says that many mW = 22,055,020 metric tons of carbon emitted.
I do recall looking into the airplane thing back when we were discussing it, and I remember looking at the numbers. Frankly, its impossible to believe those were accurate and im sorry. I should have double checked everything.
According to - https://charts.bitcoin.com/chart/hash-rate
We had around "5EHash" in august of 2017, when that comment was made. We are now at 31EHash, over a 6x fold since that comment was made.
Now that we have the numbers out of the way, some things to consider...
These estimates are based upon the USA's carbon calculators which measures average carbon output based on the varying technologies in the US. According to the wiki the US only is around 12% (in 2016) for renewable energy.
So in general, our energy is pretty damn dirty and we put out a lot more carbon than we sequester.
In that AA video, he talks about the geolocation arbitrage used by miners. This makes a lot of sense. If you are going to invest 50-500 million into a mining operation, are you going to do it in a area where it costs 12 cents per hour (US average), or where it costs 3-4 cents per kwH? See -
https://www.forbes.com/sites/dominicdudley/2018/01/13/renewable-energy-cost-effective-fossil-fuels-2020/#1c69d08e4ff2
Obviously you are going to massively reduce your operational cost as that is what will lead your investment to become profitable.
Fortunately for us, and the world, many of these arbitrage opportunities are in hydroelectric and geothermal energy areas. These plants are designed to be future proofed, so enterprising mining congolmerates will move to areas where they can secure very cheap energy prices. When these companies are currently using 5-15 GwH for their cities, with 50 GwH capacity, they will happily sell their extra capacity to the mining operation since that is a very favorable economic incentive to all parties.
Another factor to consider is that for every single new ASIC design, they are becoming more energy efficient. So even though the hashrate is jumping, I would say the overall energy used by the network will plateau, if it has not already done so. With GMO and other giants like Samsung entering the mining design fray, this will only speed up energy efficiency.
None of this is intended to be a sidestepping of the facts - Clearly the bitcoin network uses a lot of energy. And when you have less regulated countries (china, India), it presents opportunities for locals to setup mining operations inside their locality, which then uses dirty energy, increasing carbon outputs.
The amount of carbon emissions per day (22,055,020 metric tons) that is above is obviously not very accurate when you account for these arbitrage opportunties. We know for a fact many of the largest mining colo's are situated near hydroelectric and Geothermal energy plants, which means that they are practically zero carbon emissions. Since we do not know the location of every miner, due to the decentralized unregulated nature of bitcoin, it is impossible to calculate how much of a reduction of tons of carbon we will get for that calculation.
But even if we are generous, and say 50% of all mining is done on renewables, that still leaves 11 million tons of carbon per day, a pretty staggering amount.
There is also much to hope for with scientists claiming we can be 100% renewable energy across the entire planet. Such as scientists setting to prove through empiracle data that it is feasible to convert the entire planet to 100% renewables. Though it is probably not realistic that this will happen quickly, or even at all. To give perspective, CFC's have been banned for decades and thought not in use for over a decade, yet recent data has shown levels are increasing. There will always be industry willing to destroy the world in the future for short term profit now.
We should also weigh the costs and benefits of this massive network. If bitcoin becomes adopted across the world as a currency, which if you look at places like Japan, it clearly is, then this will enable literal billions of people who are currently unbanked to join into the global financial ecosystem.
The personal financial soverignty that bitcoin brings is of incalcuable value. Whether the carbon emissions are worth these trade offs is a philosophical question that probably does not have an right or wrong answer.
Then we must also evaluate the carbon impact that the bitcoin network would have if cryptocurrencies were to replace traditional financial networks. There are some good analysis on the carbon footprint of banks, and bitcoin mining, coindesk has done several articles, see -
https://www.coindesk.com/microscope-conclusions-costs-bitcoin/
&
https://www.coindesk.com/microscope-true-costs-banking/
If we are properly to examine the impact that cryptocurrency carbon emissions have on society, then we should also examine the reduction of carbon that cryptocurrency networks will have upon the banking sector.
This site Claims AC & Heating results in 47.7 % of the entire USA's electricity usage. This example is just to present a understanding of how much energy these systems use.
How many Banks are there around the world that have their AC on 24/7? I can imagine just that number alone would lead to a staggering level of CO2 emissions. The coindesk article claims 591k bank branches around the world. The above aritcle claims 3.5k watts for a single central air unit. I had a family member that used to run a A/C business and I've been on top of many businesses. A bank will likely have several of those units to keep the place cool, I would estimate between 2-10 depending upon size.
In more good news, Bank branches are declining, and cryptocurrencies will only accelerate this. Lets hope that bitcoin is the amazon of retail brick and mortor closures.
In conclusion, there is a valid and rational concern as to the amount of power that the bitcoin network brings. And instead of being dismissive, we should recognize the incredible rate at which the bitcoin network is growing on an annual basis. From 4.3EHash to 31EHash over the last year, that is about a 8x fold increase.
Since we can assume that the majority of hashpower is coming online in the last year is likely newer models, these units should be at the current efficiencies. The estimates above should be roughly accurate based on this information.
This information will only be used by politicians and media congolmerates to spin a very bad negative impression of the bitcoin network. And you know what? Maybe they are right. Maybe bitcoin is growing into a massive CO2 producing beast that outweighs the benefits that it brings to society.
But how can we reach a consensus on this issue unless we, the hardcore bitcoiners and techophiles, bring the numbers into sunlight and discuss?
submitted by Cryptolution to Bitcoin [link] [comments]

How much Power it takes to create a Bitcoin?

How much Power it takes to create a Bitcoin?
https://preview.redd.it/q8fybks5d3r31.png?width=1024&format=png&auto=webp&s=0d9836d98582d8652a82a99333d37b2885d4116e
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.
submitted by TrustcoinCommunity to u/TrustcoinCommunity [link] [comments]

The energy cost of a single bitcoin transaction could power 2.7 American homes for a day.

Hi guys, I am currently writing my bachelor's thesis on Bitcoin and while talking about Bitcoin's threats and weaknesses I've calculated that a single bitcoin transaction could power 2.7 American homes for a day. That seems ridiculously high.
My assumptions were that on average, mining companies use 0.352 watt of power for every Gigahash per second of computing power, which means that the bitcoin network currently runs at 1,156,918,400W (1,156 MW). That's enough to power 930,000 average American households' daily electricity usage. With about 345,000 Bitcoin transactions per day, that works out to 2.7 households daily usage of electricity per one Bitcoin transaction.
Did I make a mistake somewhere? How is this sustainable?
submitted by lawmaster10 to btc [link] [comments]

Of Wolves and Weasels - Day 45 - Breadth and Scope

Hey all! GoodShibe here!
Yesterday I spoke about those off doing great work on our behalf, taking the lead or pushing the boundaries of what Dogecoin can do.
I think today is a great chance for everyone to get a real sense of what's going on here - what a group of 65,000+ Shibes has and is accomplishing as we speak (err... type).
So, please, if I've forgotten anyone, don't feel bad -- especially if you're doing something in another sub -- just let me know in the comments and I'll add it to the list, okay?
Here we go!
Recently Completed Projects
Announcements/Shares
Competitions/Promotions
Merchants
Services
In Progress
Have I missed something? I'm sure I've missed something! I can keep going but I'm already running late for work (got carried away)! Post in the comments and I'll add as I have time over the course of the day :D)
It's 9:14AM EST and we're at 52.53% of DOGEs found. Our Global Hashrate is spiking from ~68 to ~89 Gigahashes per second but our Difficulty is still riding low at ~1027!
Go! Mine! Have fun!
As always, I appreciate your support!
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Mining Newbie here, is it possible to mine in Gigahashs?

Hey, me and some friends are trying to get into litecoin mining, originally we were going to mine Bitcoin, but I was running the numbers and this online calculator and it says we'd make 1,000's of dollars a day on a 38 gigahash miner for 128 dollars.
My friend brought up that all of the litecoin miners we saw on the internet were labelled in kilohash instead, would this mean we wouldn't be able to use this miner to mine in litecoin, and we should stick with bitcoin?
submitted by Raxal to litecoinmining [link] [comments]

Of Wolves and Weasels - Day 325 - My 1 DOGE = 1 DOGE moment

Hey all, GoodShibe here!
So, how was your Black Friday? Did you snag many Shibe deals? Merchants, how did you make out? Was there any real uptick in sales?
There was an interesting post on /Bitcoin yesterday showing the difference that a year had made - a screenshot of the sub back when a Bitcoin was worth $1000 as a contrast to how the sub seemed now. One of the comments mentioned how the reaction this year seemed much more subdued and another even brought up Dogecoin directly and how their reaction was similar to when our price collapsed.
One of the important bits to keep in mind is that what’s happening to DOGE right now isn’t just happening to DOGE. Everyone is feeling the pinch -- Bitcoin moreso because their sub is constantly being brigaded by people who keep on slagging them and their efforts (sort of like we were in the run-up to us going AuxPoW).
With that said, we’re in an interesting position because we actually have one of the largest potentials to better our current situation. Bitcoin is already top dog, they’re on every major exchange. Moving 'forward' involves crossing over into full-blown USD Stock Exchanges.
The good news here, for us, is that considering our 3rd/4th place position in the cryptosphere, we actually have quite a bit of room to run… if we can get up and start running.
Which is why I’m taking time today to highlight an important project that I think every Shibe should get behind:
DogeHustle has created Doge808.com in an attempt to gain 808 signatures and petition the massive exchange OkCoin to start listing/ trading Dogecoin.
Right now they’ve got 225 signatures out of the 808 that they wanted but they clearly need not only our signatures, but our overwhelming support.
One of the key points that DogeHustle has made is that right now, because our volumes are so low, people can move the entire Dogecoin market with a few thousand dollars. That, of course, is not at all healthy and so the more people we can have actively taking part in trading Dogecoin the more resilient our valuations will be.
The reality that we’re facing is that people who don’t have a whole lot of crypto right now aren’t really a fan of parting with it when valuations, across the board, are so low. And with the future seemingly uncertain, people are holding back from buying in even though prices are low.
So what we end up with is this feeling that we're stuck in a holding pattern, the idea that we should just hold our crypto until someone else spends it or does the work necessary to bring the coin's valuation up again. Once it's back up, then it’ll be okay and we’ll be fine to start spending again.
It's like an awkward high school dance where everyone’s lined up against the wall, unsure of who’s going to be the first one to jump in.
Obviously it’s not THAT bad… but even in the conversations I’ve been having, there’s that sense of trepidation.
That worry of loss.
So, how do we combat that?
One of the most fantastic experiences I had recently came when I was doing some shopping at ShibeSeeds.com and I happened to click on the currency converter… and noticed that the currency could be set directly to DOGE.
So I did.
And you know what? I experienced a true, solid, 1 DOGE = 1 DOGE moment.
What I mean by that is that, for that entire shopping experience, I looked at the prices and I was considering if that gift pack of seeds was really worth 20k-ish DOGE to me. I considered each item and weighed it against how much DOGE I was willing to part with.
One of the things that I think has been harming our DOGEconomy has, essentially, been a massive case of 'Sticker Shock'. Doing all of the calculations in our head in USD or GBP or Euros and then converting that to DOGE and going 'WTF?!?' and freaking out at how much DOGE that's going to cost us.
By doing it the other way around, by seeing ONLY the DOGE price, not the USD price, I knew how much DOGE I was spending every step of the way and by the time I was done making my purchase… I was okay with it.
Only after I made my purchase did I stop and go ‘oh, how much was that in USD’? and then go back to check. And I was still okay with it.
So… how can we integrate this better?
What if a business could set it so that if a customer's entry page was, say, reddit.com/Dogecoin they AUTOMATICALLY displayed all prices in DOGE?
You come from /Bitcoin? Everything’s in Bitcoin.
/Litecoin? Everything’s in Litecoin.
And you do that for all of the common pages (bitcointalk, litecointalk, dogecoin.com, etc) that you can think of.
It’s small, subtle things like this that allow the consumer to evaluate, for themselves, what something is worth to them. How much of their coins they’re willing to part with.
And in that experience, that’s where our DOGEconomy has the potential to truly spread its roots and dig deep.
By seeing prices ONLY in DOGE or BTC or LTC we can decide for ourselves what’s fair to us. We can make our peace with the process and not only feel positive, but confident in the whole experience.
Confidence is exactly what we need, my friends. And one of the surest, simplest ways to gain it is to shed the USD unless we specifically go looking for it.
Merchants, please, take the time to know your audience. Figure out where we’re coming from, anticipate us, prepare for us and in doing so you help us to treat our cryptos like the currency that they are instead of a stand-in for USD.
And, if you do so, I suspect you will see not only MORE sales but more confidence from the sales you do make.
What do you think?
Is it worth a shot?
It's 8:01AM EST and we've found 96.16% of our initial 100 Billion DOGEs - only 3.84% remains until we reach our soft cap! Our Global Hashrate is down from ~1315 to ~1214 Gigahashes per second and our Difficulty is up from ~19287 to ~22083!
As always, I appreciate your support!
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Chill everyone, let's talk bitcoin internals, fundamentals and what it means for price.

So I've been watching bitcoin for a couple weeks, and i got a bit of my own dough into it.
Of recent everybody seems obsessed with the vast accumulation of wealth in the hands of few, and the hordes of panicky upstarts trying to get in, who might get screwed by falling prices (for instance see this lovely post
Hyperbole
Now I'm not saying that the doomsday scenario the prophets are peddling is impossible. But it's about as possible as the wonderland prophets who're hoping for a 100'0000% return.
Trojans
On a related note, yeah some trojan started targeting wallet.dat, surprise surprise. Incidentally, that the same machine you're making VISA payments from and operate your e-banking? You worried about that too? Not? Well I don't see VISA shares falling every time somebody infects himself with a keylogger.
Pricing
So I thought a fair bit about where prices are going to go, and why, and I asked a lot of people and talked this over, and after this, a few things remain that give some direction.
A price of a security (like bitcoins, or gold, stocks, fiat money etc.) is ultimately determined by supply and demand. If you understand supply and demand, you understand prices.
So an important consideration is who's bidding for bitcoins, and who's asking for a price to sell them, and what prices to these parties consider reasonable.
Buyers (bid)
This is a diverse group of people, it may include people who use the small but fledgling bitcoin economy to buy coins to pay other people in them. But by far and large, it's probably a speculation driven market, people buy bitcoins in the hopes the value will rise.
The psychology speculative buying ends up being about a zero-sum game. Somebody buys, somebody sells, the overall activity neither adds or removes coins from the market, and hence when viewed over long periods (months/years) this activity is just white-noise.
This defines the demand, and demand rises and falls with bitcoin popularity and confidence. Some week confidence may be low, some it may be high.
Sellers (ask)
This roughly falls into two camps. The speculative sellers and the miners.
Speculative selling (that is sells of coins bought earlier) is the other half of the zero-sum game, it neither adds or removes coins overall, and is hence just white noise.
Freshly minted coins (by miners) which enter the market are the real driver of supply.
The limited and small constant supply myth
Every 10 minutes 50 new bitcoins are found. That is a fact, and if it strays from that, the difficulty adjusts to keep it there. If you look at it purely from the point of view of scarcity, this would seem a small (but nearly ignorable) inflationary influence.
This however would be an over-simplification. There are substantial amounts of mined coins held by people who've been mining them for the better part of a year. They've been hoarding these coins, and commonly I'd refer to this group as bitcoinionaires. Their actually supply capacity vastly exceeds the day to day supply of fresh coins.
Since these stockpiles are the real driver of the supply, it's important to understand when the miners/bitcoinonaires will sell and when they will not.
Mining economics
The mined bitcoins where obtained by the activity you call mining. This is neither an easy nor free way to get coins. It takes energy, room, time to setup, etc. There are constant costs attached to this (paying rent and electricity) as well as recoverable costs (buying hardware to do it) and unquantifiable costs (work rendered to make it all happen).
You can think of mining as a business that has expenses and profits. In order for that business to work, the constant expenses must be covered, the recoverable expenses must be recoverable, and the work invested must be repaid.
This all leads to a fairly straightforward calculation which goes something like this: You pay around 1000$ for one 1gh/s (one gigahash per second) in hardware. Running that hardware you pay about 2-3$/day/gh in energy. If you factor in rent of some or another form, you probably pay between 1-5$/day/gh in rent. If you also factor in resale value decay of the hardware you bought, you immediately lose about 20% upon buying the hardware, and around 30%/year.
As a business you probably plan to run your miner for more then half a year, so about 50% of the hardware cost has to be recovered in a reasonable time-frame, say 3 months. Which means there's a hardware recovery calculation that you should do that factors in at about 2$/day/gh
If you sum that all up, you get a running cost of mining that is around 5-10$/day/gh.
One gigahash will get you about 1.2btc/day at current difficulty, which is at current prices somewhere around 17-20$.
It is fairly obvious that your expenses need to be lower then your profits. If they are not, what happens?
Difficulty
You may have heard about difficulty, in essence it is a constant value (for 2 weeks) that aims to keep the rate of fresh coins at about 50coins/10minutes. Obviously, the more difficult it gets, the less coins 1 gh/s will mint, and the more difficult the economy of a mining business becomes.
miner psychology
Since you can't simply acquire and sell hardware capacity on a dime (it takes weeks and months to do it), and since you will need months to recover your boot costs, miner selling is out of necessity a long-term affair.
So what can a miner do when the price of btcs falls below their operational cost?
bitcoinionaire psychology
If prices go down and you sit on a big pile of coins, you lose wealth. Nobody likes loosing wealth, I don't like it, you don't like it, the bitcoinionaires don't like it.
In order to become a bitcoinionaire you need to be a hoarder. If you wouldn't hoard, you wouldn't have tens of thousands of bitcoins. A hoarder essentially never likes letting go of his stash. You get rid of as little of your stash as possible to keep your risk and costs in a reasonable balance. Which means, these fat-cats depicted in the picture above, they didn't sell you all they had, not even a fraction. They sold you just about as much as they where personally willing to sacrifice. This means that they're still having the majority of their wealth in the game, and they absolutely do not want to see that devalued to zero.
I've talked to a bunch of these very decent folks, and their sentiment is that they're in for the long haul. True they'll sell "big" positions occasionally, but they keep the majority of their assets stashed away.
If you're expecting the miners/bitcoinionaires to suddenly explode with supply at lowering prices, you're most likely mistaken.
the difficulty/price correlation
For the reasons outlined above, there's a very simple correlation. If prices go down and difficulty goes up, by far and large supply dries out.
However lower prices drive demand (in bitcoin volume) up, because as the price goes down, the buying power (in $/btc) of the would-be buyers increases.
And if the market self-balancing fails, then the difficulty adjust will step in once enough miners have given up.
In sum these dynamics lead to deflation. Since difficulty and hardware turnover moves at a much slower pace then prices, prices are far more likely to adjust to difficulty then the other way around in the long term.
What does all of this mean?
Keep a cool head, and don't let the market fool you. Trust your fundamentals, technicals and sentiment analysis, and tightly control your risk only to what you personally can afford to lose.
If you buy in a mania or sell in a panic (we've see both the past 2 weeks), you're probably going to lose (or diminish your profits).
Study bitcoin and what drives it carefully and come to your own conclusion. Adjust your strategy carefully and maybe, one day a couple years from now, you can be a bitcoinionaire. If not, life is full of other opportunities, so just pick yourself up and try the next.
So chill everyone, and have a good time :)
submitted by pyalot to Bitcoin [link] [comments]

The real cost of bitcoin?

Hi, I recently read an interesting post on the bitcoin forums about the electricity cost of keeping bitcoins secure. I did some of my own calculations base on figures from bitcoinwatch
kilowatts per gigahash * cost per kilowatt * network gigahash per hour = bitcoin running cost per hour 
So at 650 watts per gigahash at 15 cents per kilowatt hour.
0.65 * $0.15 * 13,300 = $1,297 per hour
Divide that by the number of transactions per hour (309)
1,296.75 / 309 = $4.20 per transaction. I was unable to find figures, but i can't imagine it costs anywhere near that amount for visa or paypal to process a transaction. When all blocks are mined won't bitcoin transaction fees need to significantly increase to cover these costs?
Or to look at it another way bitcoin miners will spend over $11 million dollars this year on electricity, which is 17.6% of bitcoin's market cap. In contrast the federal reserve printing budget is ~$650 million or 0.0812% of USD value.
A first glance this doesn't seem very efficient to me. This money is going straight to the electricity companies and not back into the bitcoin economy. Where does the money come from to pay for this and how is it sustainable in the long run?
submitted by richmad to Bitcoin [link] [comments]

Of Wolves and Weasels - Day 745 - Weekly Wrapup #100!

Hey all, GoodShibe here!
This was your week in Dogecoin:
(Note: We now have a Weekly Wrapup Time Capsule that collects all 100+ Weekly Wrapups!)
This Week’s oWaWs
Top Images/Memes of the Week
Announcements
HELP WANTED
ACTIVE BOUNTIES
Community Chest: Seeking Community Feedback
Other Dogecoin Communities
Dogecoin Attractions – Neat or interesting things to check out/ Take part in this Week
Other Interesting Stuff
Did I miss anything? Do you have a Dogecoin community you want featured? Let me know!
It’s 8:45AM EST and Sunday is FunDay, right? Right? Our Global Hashrate is holding at ~1430 Gigahashes per second and our Difficulty is holding at ~16674.
As always, I appreciate your
submitted by GoodShibe to dogecoin [link] [comments]

Ushering in the Exahash Era with the SHA-256 Cryptocurrency Mining Algorithm

Colleagues, the Exahash era of SHA-256 mining is rapidly moving into the mainstream … and much sooner than expected. Exascale computing is defined as a system that can process more than one exaflop per second — which is equal to a billion billion calculations per second. The BTC network surpassed 1 exaflop in May 0f 2013, which at the time was up to eight times faster than the combined speed of the top 500 supercomputers in the world. Enter 2018. The BTC hashrate is over 30-35 exahash per second or over 30 billion gigahashes per second, and the BCH network is 3-5 exahash per second or over 5 billion gigahashes per second. Nakamoto consensus is a name for Bitcoin’s decentralized, pseudonymous consensus protocol and is considered as Bitcoin’s core development and innovation. So when will we see the 500 exahash zetahash era? Share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)
https://preview.redd.it/7v89a9qnlu011.jpg?width=297&format=pjpg&auto=webp&s=545dfbe389be1d83ef442efb5e0114e4ddea5cac
submitted by internetdigitalentre to ethereum [link] [comments]

Of Wolves and Weasels - Day 452 - Weekly Wrapup #58

Hey all, GoodShibe here!
And this was your week in Dogecoin.
This Week’s oWaWs
Announcements
Top Images/Memes of the Week
Other Cool Stuff
Did I miss something? Of course I did! Please let me know in the comments and I'll add it!
It's 8:40AM EST and we've found 98.89% of our first 100 Billion DOGEs! Our Global Hashrate is up from ~1420 to ~1430 Gigahashes per second and our Difficulty is down from ~24749 to ~25602.
As always, I appreciate your support!
GoodShibe
Please take 10 seconds or so out of your day to vote for Josh Wise.
submitted by GoodShibe to dogecoin [link] [comments]

Pay <0.008 BTC per Gigahash

At a Difficulty of 267,731,249 each Gigahash of mining is worth about 0.008 BTC so you should get about 125 Gigahash per BTC in order to break even.
Background:
It takes, on average, 232 * Difficulty hashes to find a block: 4,294,967,296 * Difficulty
Divide that by your Hashrate to get seconds between blocks: 4,294,967,296 * Difficulty / Hashrate
Divide that into seconds per month (60 * 60 * 24 * 30 = 2,592,000) to get blocks per month: 2,592,000 / 4,294,967,296 * Difficulty / Hashrate
Multiply by 25 to get Bitcoins per month: 2,592,000 / 4,294,967,296 * Difficulty / Hashrate * 25
Since Difficulty has been going up about 100% per month, the lifetime return on your Hashrate is double that (1 + 1/2 + 1/4 + 1/8... =2): 2,592,000 / 4,294,967,296 * Difficulty / Hashrate * 25 * 2
Do some algebra to simplify the formula:
0.00060349536 * Difficulty / Hashrate * 25 * 2 0.030174768 * Difficulty / Hashrate 
So once the algebra is done the formula comes out to: Lifetime Bitcoins = 0.03 * Hashrate / Difficulty.
The BTC per Gigahash calculations are: 0.03 * 267,731,249 / 1,000,000,000 = 0.03 * 0.267,731,249 = 0.00803193747
submitted by JohnWasser to BitcoinMining [link] [comments]

Of Wolves and Weasels - Day 298 - Weekly Wrapup #36

Hey all, GoodShibe here!
This was your week in Dogecoin.
This Week's oWaWs
Announcements
Top images/Memes of the Week
Dogecoin Games
Dogecoin in the News
Good Reads
Did I forget something? Of course I did! Please let me know in the comments and I'll add it in!
It's 8:24AM EST and we've found 95.00% of our initial 100 Billion DOGEs - only 5.00% until we reach our soft cap! Our Global Hashrate is down up ~941 to ~1048 Gigahashes per second and our Difficulty is up from ~16130 to ~18417!
As always, I appreciate your support!
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Frequently Asked Question: What's an ASIC, FPGA?

So you're sick of just mining on your GPU, and not a fan of the electric bill after a month of mining? There has to be a better option out there than your loud GPU in your gaming computer. There is!
Shortly after GPUs became popular for bitcoin mining, enterprising folks started looking at other things they can re-purpose to mine bitcoins more efficiently. Around mid-year 2011, the first devices sprang up that are called FPGAs or Field Programmable Gate Arrays. These are nothing new to the hobbyist community, they've been around for a while for crackers and other security-conscious folks looking at ways to defeat cryptographic locks. Hey! I know something that uses cryptographic calculations to secure its network! BITCOINS! Yep, so some miners developed their own boards and slapped some FPGA chips on them (most commonly the Spartan-6), and wrote specific firmware and "bitstreams" to more efficiently calculate bitcoin hashes. The first generations were sort of slow, but still they had better efficiency than a GPU. Some of the latest generation included the Icarus boards, Cairnsmore, x6500, and ModMiner Quad.
In early 2012(i think my timeline is right), Butterfly Labs(BFL) was selling their own FPGA miner that hashed at 800 Mhash/s using 80 watts and only cost US$600 amazing! These grew very popular, but people could see that FPGAs still weren't the most efficient way to hash their shares. BFL then announced that they would be designing their own chips that would be orders of magnitude faster than anything ever seen. These would be the ASICs (or Application Specific Integrated Circuit)everyone is raving about. ASICs are--as the name implies--specifically designed for one thing, and one thing only. Bitcoins. This is all it can do, and can't really be repurposed like an FPGA to other applications. Who wouldn't want a US$150 "Jalapeno" that hashes at 3.5 GIGAhashes/s using only power from a USB port?? Crazy! So summer 2012, BFL says they will ship before Christmas. Various things happen and we now still don't have any confirmed ship dates from BFL.
A few other companies have sprouted up, ASICminer which I believe is developing their own chips to mine themselves, but in a responsible way as to not threaten the network with a sudden influx of hashing. bASIC was a fiasco that was developed by the creator of the ModMiner Quad(which is actually a fantastic miner, I own one, and love it.) where he took many preorders, promised lots of people amazing ASIC performance, but in early 2013 the stress of the whole endeavour got to him and he gave up, refunded money(I think it's still being refunded now, or maybe it's been cleared up already.)
Avalon is the only company we know has ASIC mining hardware in the wild. It is not certain exactly how many are out there, but they have been confirmed by independent sources. The Avalon units are expensive(75 BTC) and have been in limited production runs (or batches) of a few hundred units that were pre-sold out very quickly.
All of this info is gleaned from the Custom Hardware forum over at bitcointalk.org over the past year or so I've been involved in bitcoin. I may have some facts wrong, but this is the gist of the situation and hopefully gives you an insight on the state of the hardware war against bitcoin
Thanks for reading!
submitted by purelithium to BitcoinMining [link] [comments]

Bitcoins cost $1.3M/hr to mine

Someone check my calculations but based on the current difficulty and cost of electricity, this is what it costs in power to keep mining for new Bitcoins:
6,931 Th/sec Current network hash rate
6,931,000 Gh/sec In Gigahashes per second
0.5 W/Gh/sec Efficiency of latest ASIC mining rigs (most likely much worse than this)
3,465,500 W/sec Power consumed per second to mine BTC
3,466 KW/sec In Kilowatts per second
12,475,800 kW/h In Kilowatts per hour
0.110 $/kWh Average cost of electricity in the USA
1,372,338 $/hour Cost of mining Bitcoin
submitted by mangist to Bitcoin [link] [comments]

found a summary of bitcoin's current power consumption!

[email protected] phs-forum on bitcointalk:
I updated current Bitcoin electric energy consumption, calculated like here: http://www.reddit.com/Bitcoin/comments/2hlwpy/5_terrawatt_per_hour_bitcoin_network/cktv3xl
BTC global hashrate: 360.000.000 Megahash/Second
Source: https://blockchain.info/charts/hash-rate
Current mining efficiency: Optimistic: 0.51 Wh per Gigahash/s
Source: https://bitcointalk.org/index.php?topic=902305.0
Consumption of the network per year: (360.000.000 / 1000) * 0.51 = 183 600 kWh per hour
183 600 x 24 x 365 = 1 608 336 000 kWh p.a. = 1.6 Terrawatthours per year
All friendly calculated (1 Wh per Gh/s may more reality).
Now in compersion by a result of these 1.6 TWh per year:
BTC needs at least 43% of yearly Electricity Consumption of Ethiopia (Source: http://en.wikipedia.org/wiki/Electric_energy_consumption)
Around 2 - 2.66% of European countries like Switzerland or Austria. (ca. 60-80 TWh per year, wikipedia/reddit)
8% of production in the year 2007 by German nuclear plant "Isar" (http://de.wikipedia.org/wiki/Kernkraftwerk_Isar)
A raw energy amount of 160.833.600 litres of diesel per year. (1 litre = 10 kWh)
Electricity for 16 cities like German mid-sized Offenbach. (http://www.badische-zeitung.de/offenburg/die-offenburger-koennten-viel-mehr-energie-erzeugen-als-die-stadt-verbraucht--100981849.html)
Once again calculated quite friendly, in March 2015. Compared to full POS coins, normal consumption like computers turned on as usual, please correct any guess i did here, thanks.
submitted by zuepfi11 to blackcoin [link] [comments]

Cex.io, maintenance, mining, end of life. . . . a.k.a. "The End is near"

So, I was noodling about and playing with some math today, then focused in on cex.io.
Some background . . .I've been watching difficulty with a passion and turning about the idea in my mind of "What happens with the cex.io model when difficulty surpasses maintenance?" and "When will this happen?"
I decided to math it out.
Current maintenance is $0.18.
the current return in a month (without difficulty change) is $0.25. That leaves $0.07 or 28% of $0.25.
Sometime soon you start losing money, which, with the current monthly growth rate of 1% a day vs. maintenance, happens sometime this month.
This means it will start costing money to run the hash and 1 gh/s, in a sane world, is worth nothing, because who would buy something with negative returns and no future value.
This leads me to more questions:
Anyhoo, just some thoughts. If anybody has insights or other ideas/perspectives, it would be awesome to hear them.
Edit: Found the cex terms of service clause relating to this:
11.5. Mining with using User's Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient. The decision to renew Bitcoins mining is made by CEX.IO, taking into account calculations of mining effectiveness.
submitted by goth_toon to Bitcoin [link] [comments]

If you are good at science, or if you are an engineer, please check boogie79 analysis below. It is better than mine.

Edited to add that this analysis was done by boogie79.
I studied theoretical physics. It has been a while since doing these kinds of things, but here is my take on it from a brief glance. I feel you might have mixed up your power and energy units somewhere, and also some of the assumptions I’m not sure of their validity.
So there are 70,000,000 gigahashes per second on the bitcoin network. Each gigahash apparantly uses 0.0075 kilowatt of power (or 7.5 watts0. Given that a kilowatt is just a 1000 joules/per second, which is like the hashrate expressed in seconds, the bitcoin network will consume 525,000 kw of power. This is the rate of energy consumption in other words. You can find this result by multiplying 0.0075 kilowatt/per gigahash * 70,000,000 gigahashes.
The 70 watts of average power consumption for a computer that’s actually on, which you assume strikes me as reasonable enough, so let’s use it. If an average personal computer has 70 watts in power, then the power needed to maintain the bitcoin network expressed in personal computers would be as follows: 525,000 kw / 0.070 kw per computer = roughly the power of 7.5 million personal computers. This seems about right.
In terms of energy consumption each hour, the bitcoin network simply expends 525,000 kw hours (as energy consumption is power consumption * time in hours). Next, on the basis of these data, you want to see how much the bitcoin network would consume power if it only had 10,000 members. Now you make a very important assumption in the next move in your calculations. You assume that power consumption in the bitcoin network is linearly related to the number of users. This may be valid for the blackcoin network, but I don’t think it works for the bitcoin network.
I really don’t know the details of these matters. But I thought that power consumption by the bitcoin network is not so much dependent on the number of users as it is on the number of people mining which is related to the difficulty of solving the puzzles in the blockchain and the market value of bitcoins. Whatever this relationship is, it certainly can’t be linear in the number of users. Or I have I misunderstood this?
In any case, we can avoid this problematic issue by instead calculating what the power consumption of the blackcoin network would be with 500,000 users. Because as I understand it the blackcoin network is simply powered only by the users, so the assumption of linearity is more plausible here.
Here also we need to consider two other important details, however. First, isn’t the blackcoin network only maintained by those who actually have their wallets open on their computer? Or is it anytime someone has their computer on? In any case, I thought it certainly couldn’t be so when their computers are off. At any point in time then, only some fraction of the 500,000 computers with accounts will therefore maintain the blackcoin network.
Second, the 70 watts per personal computer may be right, but hardly all of that is spent on maintaining the blackcoin network. This seems in constract apparantly to the data you gave for the bitcoin network, though I’d have to know more exactly about what they mean by the data to say for sure (whether this is energy expenditure just on the bitcoin network, or energy expenditure in general by the individual devices part of which goes towards maintaining the bitcoin network).You mentioned that it is 5%, so I'll just use that.
Given these two considerations, lets consider the worst case scenario: all 500,000 users of the blackcoin network have their wallets open and the 70 watts of their pc’s is contributing 5% only to the maintenance blackcoin network. This means we are at a network power consumption of 500,000 * 0.070 kw * 5% = 1,750 kw.
That figure is clearly much less than the 525,000 kw needed for the bitcoin network currently with 500,000 users. It’s only about 0.33%. If we take into account the other consideration I mentioned above, then it could potentially even be much less (though again to be fair we really also need more info on where these figures are coming from and what they mean exactly for the bitcoin network).
submitted by RJSchex to blackcoin [link] [comments]

How Bitcoin block chain and mining work (probably > ELI5)

I actually posted this in a different thread, but thought it might be useful to others. Let me know of any errors!
Bitcoin maintains a list of every transaction in a ledger called the block chain. The block chain is divided up into sequential blocks that contain the movement of bitcoins from one address to another. Each new block has a set of new transactions along with a special transaction that generates new bitcoins and a link to the most recent block in the block chain. During the creation of this new block, new transactions are being passed around to all of the computers connected to the Bitcoin peer-to-peer network. Some of the computers connected to the network are creating or watching for transactions, others are miners that are trying to add new blocks to the block chain.
A miner's goal is to be the first one to add the next block to the block chain. He receives a block reward of (currently) 25 bitcoin plus all of the transaction fees (so its best to add as many paid transactions as you can). For all of the computers on the network to accept the miner's block as the next block, the miner's computer has to do some math that involves the calculation of hashes.
A hash is the result of a function that takes arbitrary data and make a single number out of it. There are many different hashing functions, but the one used by Bitcoin, SHA256, has properties that are particularly good for Bitcoin's purpose. Here are a couple of examples of SHA256 I ran on my computer:
~ $ echo "hello you" | sha256 968afb511961ffe2c94b80cdb9db586d33ba10a35e4267b19b57cf0eb559df27 - ~ $ echo "hello yoo" | sha256 18e6653d23ca34d94710c83d305331e39a20761ff5dcba3c050adfb7995f1cd3 - 
The long list of numbers and letters is the SHA256 hash of "hello you" and "hello yoo" in hexadecimal (base 16 numbers). The numbers above may not look that big, but they are actually greater than the number of atoms in the Milky Way galaxy. For SHA256, no matter how large or small the input is, the result will always be a 256 bit number somewhere from 0 to 2256 -1. The same input always gives the same result. Notice that while there was only one letter difference between the two inputs in the example above, the resulting hashes look nothing alike. In fact, they are so different that we can't even guess what any of the numbers will be until we calculate the full hash. This property, along with the extremely large set of possible hash results and the repeatability of the hashing function is what makes it useful to Bitcoin.
Instead of using those simple little sentences, Bitcoin uses the block chain as the input to the SHA256 hash. With this, any computer on the network can ensure that no data has changed in the transaction ledger since even a small change of 0.00000001BTC anywhere in the block chain will cause a completely different hash result.
In addition to ensuring the block chain hasn't been tampered with, the miner uses SHA256 to calculate the hash of the next block added to the block chain in what is called the proof of work. For this calculation, he needs to come up with a hash that meets a certain criteria: the hash must be less than a certain value. This number is what is called Bitcoin's difficulty. The difficulty is adjusted so that only one miner every 10 minutes (approximately) can solve the proof of work problem. If the miners all just calculated the hash of the current transactions from the block chain ledger and the new transactions, they would all get the exact same value (which would almost never be less than the difficulty value). So there is another value input into this hash calculation called the nonce. This is another big number, but can be any number the miner chooses. By trying new nonce values and recalculating the new block hash over and over, eventually one of the miners will come up with a hash value that is less than the difficulty value. This is simply trial and error - sometimes a new block is calculated in minutes and other times it can take over an hour. The more hashes you can do in a second, the better your chance of solving the problem. This is why miners are keenly interested in gigahashes and terahashes per second.
When a miner has found a nonce that works with the list of new transactions and meets the difficulty criteria, he notifies all of the other computers on the network of the new block (with one of the transactions being his own address with the transaction fees and block reward!). All of the computers in the Bitcoin network now verify that this new block is valid and meets the proof of work criteria. Those on the network sending and receiving transactions see the new block as 1 confirmation for any transactions in that block. Miners now start over again with a new block and the hope that they will be the one to discover the next nonce. (When miners don't all move on to the same next block, you run into block chain splits and potentially nefarious things like 51% attacks, but its in everyone's best interest to all be working on the same block chain - the longest block chain.)
submitted by themgp to Bitcoin [link] [comments]

Shibes, now is the time to build our own rocket to the moon! And this is how:

Right now we are in an interesting discussion about our future – the future of our beloved dogechain. It's the backbone of our economy. Every tiny shibe uses the same playground to play and dig and to have all this fun.
Lately, as i'm sure every shibe noticed, we got an offer from litecoin to merge our mining. First of all, thank you ! Thats very kind.
But in my honest opinion, i think we are strong enough to stand on our own little paws. We don't need a bigger brother, who protects us when we are in trouble or someone wants to do us harm.
We are already strong enough to protect us on our own. And we found good friends in the playground, like the good guys from Digibyte.
But we have to be aware of our future. We have to defend ourself when we are threatened. We have to protect our dogechain.
The critical point is reached, when our blockreward is not enough to keep all the miners digging. The less people dig, the lower is our security of our dogechain. Especially when the first asic miners get released and only a few of them can totally overcome our global hashrate.
Yes, we can fight them if we change our algorithm to sCrypt-n, or Keccak, or X11, or...
We become a pure PoS Coin after the last block halving.
In my opinion we should get rid of the old PoW system, after the point we are fully mined out (our blockreward hits 10k coins). Instead we should change to pure PoS with an interest of 1-5% per year.
This would favour every shibe who believes in our coin. Just imagine the crazy buying and mining mania after everyone understands that dogecoins are limited. It would also make our blockchain safe to 51% PoW attacks!
This would also allow everyone to participate in the network, practically you could PoS mine with every smartphone or laptop or tablet, you just need your wallet on the device ! Every shibe can participate !!
And for our well experienced digging shibes, we could start our own Doge-Multipool for every other hash algorythm.
Right now our network is at 80 gigahash ! Thats 80000 megahash, or in other words:
360(!) bitcoin buying power every day! (if you calculate with 0,0045 btc/mh)
Now imagine that people pour 200k dollar in our economy every day. We can create Doge-Multipools for sCrypt-n, X11, Keccak or even Sha256! Imagine people to mine bitcoins, just to get paid out in dogecoins! Doesn't that sound to good to be true ? Well maybe, but we have 1 year in front of us to build our rocket.
And i honestly think, that this is the most efficient rocket to fly us to the moon. All of us !
Wex <3
submitted by Wex- to dogecoin [link] [comments]

Does Bitcoin Use Gpu Where Bitcoin Is Accepted Does Bitcoin Exist Why Bitcoin Mining Best Bitcoin Client

Bitcoin Mining Calculator. Got your shiny new ASIC miner? Wondering when it will pay off? If you enter your hash rate below, this page will calculate your expected earnings in both Bitcoins and dollars over various time periods (day, week, and month). It will not attempt to extrapolate difficulty or price changes -- it provides only instantaneous calculations (how much you'd make if all ... Bitcoin bitcoin cash : bitcoin org. Que justo encima de tus clientes más juego con bitcoin revolution, que en colombia y Bitcoin org las tareas de la plataforma fraudulenta no hay faucets con diferentes episodios. Por las misms documentacionesinterés en nuestra prioridad. terahash to bitcoin calculator - *Please note that values are only estimations based on past performance - real values can be lower or higher. Exchange rate of 1 BTC = 11579.03 USD was used. - Satoshi to BTC Conversion Table. Mostly units of Bitcoin are expressed in decimal exponents such as BTC (Bitcoin), dBTC (deciBitcoin or 0.10000000 BTC), cBTC (centiBitcoin or 0.01000000 BTC), mBTC ... When Bitcoin was initially introduced in 2009, mining the planet’s highest and first cryptocurrency needed little over a home PC — and not a quick one at that. These days, the barrier for entry is much greater in case you would like to generate any type of profit doing this. That does not mean it is impossible, but it is not exactly the homebrew business it was. Before we talk about how to ... W/Gh (watts per gigahash) is the metric used to display a miner’s efficiency. The lower this number, the more efficient the miner. Electricity Costs . Electricity costs can make or break a mining operation. A huge monthly electric bill means significant costs on top of the up-front cost of the hardware. China’s cheap electricity is one of the reasons why nearly 60% of Bitcoin’s network ...

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Does Bitcoin Use Gpu

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