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Is it possible to build a bitcoin miner that mines 1 Terra
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At what price will Bitcoin fail to function? My estimate: ~$100.
I'll begin with my conclusions: If the Bitcoin network consisted solely of 'Titanium ASIC' miners, the most powerful and energy efficient mining machine I know of, then the price point at which electricity costs begins to exceed rewards is $71/BTC (based on yesterday's network figures; more on that later). More realistically though, most miners aren't running highly efficient Titanium ASICs, hence I estimate ~$100/BTC as the turning point. I say 'fail to function' in my title, because who will continue to mine at a pure loss? It would be irrational - the rational action would be turn off the machine until the value of the rewards increases. Note: This is not the same as sunk costs in buying hardware - because in that case even if you never get back how much you paid, you're still making something. Perhaps, you might counter, Bitcoin enthusiasts will continue to mine at a loss. Well consider this: To sustain just 1% of the current network hash rate, you would require 559 Titanium ASICs costing over one million dollars in yearly electricity cost (at $0.10/kWh) - and that's a best case scenario. Let's assume that's the case - you have Bitcoin Enthusiasts contributing the equivalent of 559 Titanium ASICs hashing power for free out of their pocket. That's a 99% drop in hash rate. The time to a difficulty retarget is 2016 blocks, or at 10minutes/block that's 2 weeks. But if the hash rate were to drop by 99% within that two week period, then the block time would balloon out to 16.66 hours - making the block retarget ETA up to 3.8 years! If transactions took 16.66 hours just to get a single confirmation (if they had first priority), then how would use of Bitcoin remain practically feasible? Would people still have confidence in the system and the developers for allowing this to happen? How difficult or costly would it be to launch a 51% attack? Now, on to the calculations, and a few less optimistic alternate scenarios: Network hash rate at time of calculation: 335,365,290.09 GH/s 335,365,290.09 GH/s / 6000GH/s = 55894.215 'Titanium ASIC' miners 55894.215 x $5.28 daily electricity cost (At $0.10/kWh) = $295121.4552/day in electricity costs = $1776.87709485/block (avg. time of 8.67 minutes) $1776.87709485 / 25BTC block reward = $71.04/BTC = break even point. The above does not account for pool fees or transaction fee revenue or more importantly variance in kWh rates ($0.10/kWh is nonetheless pretty low worldwide), and hardware cost is irrelevant to this calculation. Without doing all the math again, here's some other popular mining machines for comparison: $113.07 (SP35 Yukon) $193.84 (CoinTerra TerraMiner IV) $385.89 (Antminer S1) I've also just seen the 'Antminer S4' mentioned in /Bitcoin, so just for comparison a Titanium ASIC is almost twice as energy efficient as an Antiminer S4 (2200W vs. 4200W for 6TH/s) - it's less efficient than the SP35 Yukon. If I've made any miscalculations here or have left anything important out, feel free to correct me.
http://i.imgur.com/vzTj05k.jpg These numbers assume I am getting free electricity at the office, where I currently mine with a 30 GH little single, ordered in October of 2012 and delivered some time in August, 2013. Unless my numbers are way off (and who knows, really..), the best-case scenario isn't very attractive. I'd sooner drop $3,499 on buying Bitcoin itself -- it would seem like this was more of a sure thing given how time-sensitive delivery time can be. In the best-case scenario, if delivery were to slip by just one month to mid-February, I might not break even by the end of 2014. This is my best shot at analyzing this sort of purchase -- am I close?
The CoinDesk 20 provides real-time prices, news, videos and educational content on the digital assets moving the crypto market, from BTC to TRX. Yes is is possible. It is very expensive and depending on power costs you may never mine enough to payoff the equipment. I have found the best way to mine is using a cloud mining service. I am using Genesis Mining. I have purchased several contrac... Bitcoin’s extreme price volatility is a major roadblock towards its adoption as a medium of exchange or store of value. Intuitively, nobody wants to pay with a currency that has the potential to double in value in a few days, or wants to be paid in a currency if its value can signiﬁcantly decline before the transaction is settled. Bitcoin Miner Terraminer IV Cointerra Machine. Shop . Bitcoin Miner Terraminer IV Cointerra Machine. April 21, 2019 MrCrypto. Bitcoin Miner Terraminer IV Cointerra Machine Price : 79.99 Ends on : Ended View on eBay . Post navigation. Start-up Sirin Labs, Lays off 25% of its Staff. Bitcoin mining is the process by which computers on the Bitcoin peer-to-peer network update and synchronize the copies of the shared ledger to reflect your transactions. In basic terms, it is a consensus process for determining valid transactions to add to the ledger.
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