Show Posts
Hi All,
Last night I was looking at the Bitcoin global (estimate) hash rate and thought to myself, I might just work out how much electricity is used to mine those 3600 Bitcoins per day. And here is what I came up with:
Fixed Electricity Cost: 0.09c /kWh
Global Hash rate: 1,228,570 Th/s
Now for the energy consumption of the miners I used a SP50 from Spondoolies Tech and a Antminer S7 from Bitmain.
SP50: 16,570 Watts per 110 Th/s +/- 10%.. Since I have owned a SP20E and could never get to 1.7Th/s I used the lower hash rate for the unit of 105 Th/s. Which works out to be 160 Watts per Th/s.
Antminer S7 = 1293 Watts for 4.73 Th/s. Which works out to 274 Watts per Th/s.
I picked these two ASIC's because they seem to be the most energy efficient on the market currently.
So as an average 160Watts+274Watts / 2 = 217 Watts per Th/s.
So now we come to the power per hour used by the Bitcoin network.
1,228,570 Th/s * 217 Watts = 266,599,690 Watts or 266,599.69 per kWh.
266,599.69 KW/h * 0.09 cents = $23,993.9721 USD per hour JUST IN ELECTRICITY, NOT INCLUDING RENTING A WAREHOUSE, STAFF ETC
6 Blocks an hour in ideal conditions but since last difficulty change was a 5% increase then I used (6blocks*25 BTC) + 5% = 157.50 BTC * $407.50 = $64,181.25.
Take the Electricity costs off the total income of the Bitcoin Mining Network and you get a figure of $40,187.2779 per hour in revenue less electricity.
Mind you this is using the most energy efficient miners on the market, which we all know that not everyone is using this sort of equipment.
So breaking it down even further we get:
24 hours * 40,187.2779 = $964,494.6696 / day
And as income in BTC/Th/day we get $964,494.6696 / 1,228,570 Th/s
Which gives us 0.785055 cents / Th / day OR
0.00192652 BTC/Th/Day.
So everyday the network is wasting just under $24,000 per hour just in Electricity cost. Or even more staggering, $575,855.00 per day. Over half a million dollars a day on electricity.
Mods: If this thread is in the wrong section kindly move it.
Anyways, I find that staggering those costs, without taking into account having a datacenter/warehouse/staff/Internet/Equipment etc etc.
Thoughts?
Cheers
Last night I was looking at the Bitcoin global (estimate) hash rate and thought to myself, I might just work out how much electricity is used to mine those 3600 Bitcoins per day. And here is what I came up with:
Fixed Electricity Cost: 0.09c /kWh
Global Hash rate: 1,228,570 Th/s
Now for the energy consumption of the miners I used a SP50 from Spondoolies Tech and a Antminer S7 from Bitmain.
SP50: 16,570 Watts per 110 Th/s +/- 10%.. Since I have owned a SP20E and could never get to 1.7Th/s I used the lower hash rate for the unit of 105 Th/s. Which works out to be 160 Watts per Th/s.
Antminer S7 = 1293 Watts for 4.73 Th/s. Which works out to 274 Watts per Th/s.
I picked these two ASIC's because they seem to be the most energy efficient on the market currently.
So as an average 160Watts+274Watts / 2 = 217 Watts per Th/s.
So now we come to the power per hour used by the Bitcoin network.
1,228,570 Th/s * 217 Watts = 266,599,690 Watts or 266,599.69 per kWh.
266,599.69 KW/h * 0.09 cents = $23,993.9721 USD per hour JUST IN ELECTRICITY, NOT INCLUDING RENTING A WAREHOUSE, STAFF ETC
6 Blocks an hour in ideal conditions but since last difficulty change was a 5% increase then I used (6blocks*25 BTC) + 5% = 157.50 BTC * $407.50 = $64,181.25.
Take the Electricity costs off the total income of the Bitcoin Mining Network and you get a figure of $40,187.2779 per hour in revenue less electricity.
Mind you this is using the most energy efficient miners on the market, which we all know that not everyone is using this sort of equipment.
So breaking it down even further we get:
24 hours * 40,187.2779 = $964,494.6696 / day
And as income in BTC/Th/day we get $964,494.6696 / 1,228,570 Th/s
Which gives us 0.785055 cents / Th / day OR
0.00192652 BTC/Th/Day.
So everyday the network is wasting just under $24,000 per hour just in Electricity cost. Or even more staggering, $575,855.00 per day. Over half a million dollars a day on electricity.
Mods: If this thread is in the wrong section kindly move it.
Anyways, I find that staggering those costs, without taking into account having a datacenter/warehouse/staff/Internet/Equipment etc etc.
Thoughts?
Cheers
Your numbers are wrong.
The network is .4 watts per gh not .21 so you 1/2 the power used
Or the networks is .3 watts per gh not .21 so you 2/3 the power used
Next price is 4 to 6 cents not 9 cents. So you are wrong in the other direction by 2 to 1 or 3 to 2
Basically your errors do not quite cancel out . My guess is you are off by 10000. And the hourly profit over power is 30000 not 40000
Thanks for your reply. If it is 0.4 watts per Gh then that works out to 400 Watts per Th/s. Or if you use 0.3 watts per Gh it's 300 Watts per Th/s.
400 Watts works out to 491,428,000 Watts or 491,428.00 kW/h or an increase of 84.33% over my 0.21 watts per Gh.
300 Watts is 368,571,000 or 368,571.000 kW/h, or an increase of 38.25% over my 0.21 watts per Gh.
As an average, since no one on the bitcoin network are all using energy efficient mining gear, Its a increase (using your figures) of 61.29% in power costs. or total kW/h of
Using 4c per kW/h and 6c per kW/h you get:
4cents = 429,998.64 kW/h or a cost of $17,199.95 per kW/h.
6cents = 429,998.64 kW/h or a cost of $25,799.92 per kW/h.
Compared to my figures at 9cents per kW/h which was $23,993.9721 USD per hour.
Even if people were getting power at 6cents per hour, it's still $2,000 more expensive per hour using your figures. (Except if the entire bitcoin network got their power for 4 cents per kW/h.
Just food for thought...
As for being the same cost as mining Gold. I checked and it is sometimes more expensive to mine Gold, except for Nevada where it's $282.00 per Ounce to mine.
The difference being is that what do you have after mining a Bitcoin. All you are left with is a digital currency that has no assets behind it, it's not backed by banks, its just a digital currency. You dont actually own anything of value except for the electronic bitcoins sitting in your wallet.
Anyways, its an interesting topic.
Cheers
