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?
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.
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?
They can give up mining, much to the delight of everyboy who has not given up, because if they do, the difficulty will go down, hence making their business profitable again. This is essentially an inflationary influence (since btcs get easier to obtain with lowering difficulty, hence making miners willing to sell at lower prices).
They can stop selling, hoping for better times when the prices are more favorable. This is essentially a deflationary influence, since the big stockpile supply of coins held by miners will simply dry out. They'll not sell for months and perhaps years.
They can sell at prices below their operation cost, in which case they soon cease to be a factor, because they're out of business.
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 :)
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?
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:
So what happens on cex.io?
Do they change the maintenance fee to prolong this for an month or so?
If they do, why was there higher margin for them before?
Has anybody seen this happen before?
Do they just mine that last bit of btc out (because they do it at cost) and then liquidate the hardware?
Do they have another more efficient set of hardware ramping up/lying in wait?
If they switch to hardware that is profitable, what happens to old shares that were no longer profitable?
Is it sold as new shares?
Is it all over for cex.io mining?
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.
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).
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 blockchain. 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 blockreward 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:
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 proofofwork. 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.)
The Bitcoin price is rising at a slightly lesser 0.3403% per day over the past year. We suggest you enter a custom Bitcoin price into our calculator based on what you expect the average price to be over the next year. The price has gone down for most of the past year, which is a factor that should be strongly considered in your calculations. Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners. Updated in 2020, the newest version of the Bitcoin profit calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. 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). Gigahash (GHS) price stats and information. Share: Gigahash Price (Gigahash price history charts) 1 GHS = $ 0.023 USD (2018-09-30 11:57:53 UTC) 1 USD = 43.95 GHS How to use this HashPower calculator? To use this calculator just input your mining hardware hashing power and it will automatically convert to all other units. For example the current network hashrate of Bitcoin is 40 EH/s (Exa hashes per second). To convert this value in to TeraHash or PetaHash or GigaHash you can use this tool. So why convert?
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