The problem with the author is he disregarded Bitcoin's decentralization and the "

*competitiveness or lottery*" of the

*mining* system which can't be measured based on a single miner or the average.

Bitcoin doesn't have an "

*operational cost*", you'll need it if you want to "

*mine*"

for profit (

*not to help the blockchain but the blockchain benefits from you*). And that expenses wasn't directly used for generating bitcoins in the network, literally, the Bitcoin blockchain can generate the same number of coins everyday using a single Pentium I computer.

The Price is pure speculation, it's 0 if no one uses it, $1+ if used

*and* $20,000 when

*hyped*.

A miner can have a 1TH of mining power, but the competition is too tough that by computing his chance, it will be decimals percentage.

A miner with a 1TH of mining power can join a pool which could secure his "

*wagered*" Bitcoins at a standard rate. Now you need a different formula for pool miners.

The expected number of bitcoins expected to be produced per day can be calculated as follows:

BTC/day = [(β · ρ)/(δ · 2^32)] · sec(hr) · hr(day) (1)

The expected number of Bitcoins produced per day in total (

*which must be considered to the formula*) is:

12.5(24*6)

12.5 is the current block reward,

24 hours per day and

6 (

*six "10 minutes" per hour*).

1,800BTC.

The

*difficulty* always changes depending on the total Hashrate of the previous block.

That is to maintain an average of 10 minutes per block.