Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[BlindMayorBitcorn]

Can someone check these numbers?

"The study states that in October alone, Bitcoin mining-related electricity consumption is estimated to have increased by 29.98 percent, and if it keeps increasing at this rate, Bitcoin mining will consume all the world's electricity by Feb. 2020."   

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

You don't even need to check anything with sensationalist claims like that. Shit article by a shit author.

Light Pollution in the U.S. alone: 120 terawatt-hours/year

Bitcoin Network: 29.05 terrawatt-hours/year (Confirmation? Some articles cite 11 Twh/yr ?)

CERN Hadron Collider:  1.3 terrawatt-hours/year

Yeah, let's get the global light pollution levels solved first before we start considering Bitcoin energy consumption a problem...

Motherboard did a piece years ago. "Bitcoin is unsustainable" I think it was called, with extensive quotes from jstolfi of all people. Same same.

[BlindMayorBitcorn]

Just the thing needed to send r0ach into additional fits of apoplectic frenzy: https://bitcoen.io/

We've been in this canoe before, so to speak. We know why he's here, when he's here. His timing is too perfect. I just wish he was more fun to read.

[hv_]

Can someone check these numbers?

"The study states that in October alone, Bitcoin mining-related electricity consumption is estimated to have increased by 29.98 percent, and if it keeps increasing at this rate, Bitcoin mining will consume all the world's electricity by Feb. 2020."  

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

You don't even need to check anything with sensationalist claims like that. Shit article by a shit author.

Light Pollution in the U.S. alone: 120 terawatt-hours/year

Bitcoin Network: 29.05 terrawatt-hours/year (Confirmation? Some articles cite 11 Twh/yr ?)

CERN Hadron Collider:  1.3 terrawatt-hours/year

Yeah, let's get the global light pollution levels solved first before we start considering Bitcoin energy consumption a problem...

There is a lot more like

Useless gold mining and destroying nature.
Fiat coin / note production
Extreme air conditioning
...

[lightfoot]

Just the thing needed to send r0ach into additional fits of apoplectic frenzy: https://bitcoen.io/

Impossible and a scam: They are giving it away for free. :-)

[BTCMILLIONAIRE]

If you still hold BCH...

Would rather keep my dignity intact, TBH.

EDIT: LOL @

why i'm not surprised))
https://www.youtube.com/watch?v=OJT2CbfHTpo&feature=youtu.be&t=41m14s

HA! ... LOL! ... ROFL!...

I still have mine... I'm too lazy to split my cold storage. But I'm thinking to trade on it when the dust settles and it becomes predictable, just for fun.

But the man seems like a nerdy prick that is very shallow and with low experience at playing life, ethics and wisdom. I would compare him to some Paris Hilton kind of gall / figure.
A plastic mindless dummy.

Bcash is really getting under his skin .. Ahole coin seems more appropriate :-D LOLLL

Is he upset because of BCash or because of BTC cracking $10k before BCash got anywhere close?

And why is his BCash business failing if he's such a godsent gift to humanity?

[Wekkel]

Traffic with only one person per car. Making stuff that everyone buys but no one needs. Keeping a military afloat in peace time. Powering Al Gore’s little apartment.

The list goes on and on.

But we have another great contender for virtue signalling.

[RayX12]

Can someone check these numbers?

"The study states that in October alone, Bitcoin mining-related electricity consumption is estimated to have increased by 29.98 percent, and if it keeps increasing at this rate, Bitcoin mining will consume all the world's electricity by Feb. 2020."  

https://www.dailysabah.com/finance/2017/11/27/electricity-used-in-bitcoin-mining-surpasses-power-consumption-of-159-countries

You don't even need to check anything with sensationalist claims like that. Shit article by a shit author.

Light Pollution in the U.S. alone: 120 terawatt-hours/year

Bitcoin Network: 29.05 terrawatt-hours/year (Confirmation? Some articles cite 11 Twh/yr ?)

CERN Hadron Collider:  1.3 terrawatt-hours/year

Yeah, let's get the global light pollution levels solved first before we start considering Bitcoin energy consumption a problem...

Assuming a network at 10 Exahash/10,000 Petahash/10 Million Terahash/10 Billion GH/s and an average miner efficiency of .3 Watts per GH then I come up with 26.28 terrawatt-hours/year. That is about the efficiency of an Antminer S7 but the majority of miners are probably S9s or equivalent so that seems really high. .2 Watts per GH/s would still be high but closer to reality considering other power costs such as cooling. That would bring us down to 17.52 terrawatt-hours/year.

10,000,000,000 GH/s X .2 Watts/GH/s X 24hours X 365days = 17,520,000,000 KW/h or 17,520,000 MW/h or 17.52 TW/h

It's all based on your assumptions and of course the article didn't say what assumptions it used.

Thanks for the numbers.  I found this link indicating that the world consumption in 2015 was 20,757 TWhr and predict around 28,141 TWhr for 2030, assuming a linear growth it would grow at 492 TWhr per year.  That would put 2017 consumption at 20,757 + 492 + 492 = 21,747 TWhr for 2017.
https://www.eea.europa.eu/data-and-maps/figures/world-final-electricity-consumption-by-region-in-the-baseline-scenario-twh

So BTC would have consumed 17/21747 x 100 = 0.12% of the worlds energy.

I have downloaded the hash chart in excel from https://blockchain.info/charts/hash-rate?timespan=all
and then added a polynomial regression to predict the hash rate in one year and also in two years from today.

According to the chart on nov-24-2017 we are looking at 10445729 TH/s x 1000 = 10445729472 GH/s so according to your calculation that would put us at
10445729472 GH/s * 0.2 x 24 x 365 = 18300918034944 kw/hr or 18.3 TW-hr

The polynomial fit for the chart has a 0.9767 correlation coefficient predicting close to 70 TW-hr in 365 days and then 210 TW-hr in 730 days (2yrs) near the begining of 2020.
The world power consumption by the beginning of 2020 would be 21,747 + 492 +492 = 22,731 KW-hr
So BTC would consume 210/22731 * 100 = 0.92%

With the available data there is no way that the BTC electrical consumption could reach the world power by Feb 2020.

Here is the chart I generated for 365 extrapolation:


Here is the chart I generated for 730 day extrapolation.


Finally the hash rate chart from Blockchain.info

[btcbeliever]

If you still hold BCH...

Would rather keep my dignity intact, TBH.

EDIT: LOL @

B-Cash B-Cash B-Cash!

[gembitz]

https://imgflip.com/memetemplate/121072148/VerRage

Oh my Let the memes begin !

BEECASH is actually a good name what's wrong with this guy?   lol

[BlindMayorBitcorn]

[BTCMILLIONAIRE]

Are there any people who actually take that guy seriously?

[JimboToronto]

B-Cash B-Cash B-Cash!

Bitcorn-Cash?

C'mon Roger. That doesn't cut it anymore.

This place is full of Bitcoin multimillionaires.

 

[HairyMaclairy]

B-Cash B-Cash B-Cash!

Bitcorn-Cash?

I’m calling it Bcash Coin from now on. 

[rolling]

At 43:06 of the video, does he say "the owner of bitcoin cash doesn't like it being called bcash"?

https://www.youtube.com/watch?v=OJT2CbfHTpo&feature=youtu.be&t=43m06s

[gentlemand]

I’m calling it Bcash Coin from now on. 

I'll call it Bitcoin Cash if he pays me. He's got the money, right?

[HairyMaclairy]

I’m calling it Bcash Coin from now on. 

I'll call it Bitcoin Cash if he pays me. He's got the money, right?

He already paid me so he is going to have to pay me again.

I guarantee Bcash Coin will get under his skin even more than Bcash.

[BlindMayorBitcorn]

We should pay a busload of Japanese school girls to chase him down the street screaming BCASH coin. I'd pay to see it.

[HairyMaclairy]

Anyone notice what a shitty hotel room he was in for such a rich guy?

[BlindMayorBitcorn]

Anyone notice what a shitty hotel room he was in for such a rich guy?

The doorway has some kind of flap I don't understand.

[Heater]

At 43:06 of the video, does he say "the owner of bitcoin cash doesn't like it being called bcash"?

https://www.youtube.com/watch?v=OJT2CbfHTpo&feature=youtu.be&t=43m06s

Sounds like it.

Bcash is a magnet for these nutjobs. It doesn't take much to set them off and expose their lack of social skills.

Exhibit B Craig (too bad we don't have video)

https://www.youtube.com/watch?v=7YUTq7_vO3A

The interviewer sounds like a dick, but still.....

If you watch Roger in these older videos (from the Bitcoin unlimited days) you can see him fully exposed. His argument is basically I use bitcoin, I got lucky and discovered Bitcoin early,  I'm a millionaire, so I'm smarter than all the developers combined.

https://www.youtube.com/watch?v=JarEszFY1WY
https://www.youtube.com/watch?v=XdyIJ-BUPaU

He walks away very smug thinking he has won the argument, which of course he has not. Tone and Johnny tried, but didn't land a knock out punch over Roger's constant yelling.

Interestingly you can see a moment in the second video at 53:20 where a light bulb goes off and Roger realises all he need to do is an EDA to make his next clown coin work. Too bad Tone actually gave him this idea.