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Author Topic: Energy/Compute in Bitcoin Balance  (Read 55 times)
mindplex
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February 11, 2021, 06:43:55 PM
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Given a particular bitcoin balance on a particular wallet — how to compute the approximate amount of energy or compute cycles that were invested into mining it?
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February 11, 2021, 07:07:57 PM
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Given a particular bitcoin balance on a particular wallet — how to compute the approximate amount of energy or compute cycles that were invested into mining it?

There are a lot of variables, such as when each input was mined?  Was it 2009 or 2010 so it was likely CPU mined?  Was it 2011-early 2013 when it was likely GPU or FPGA mined?  What year thereafter was it mined so that you could see the likely ASIC hardware used.  Then you'd have to have a guesstimate of the cost/watt of power.  You'd also want to then look at how long each block took to be mined since if it took 10 seconds, that is a lot different than 20 minutes.  Would you also include just the one miner who did it or all of the network attempting to mine that same block at the same time? The hash rate of the network vs the hash rate of a single miner?

You'd have to trace each input back to the block that mined it and calculate which it was.  You would also have to look at the percentage of a block that it was, e.g. if it was a full block reward (50? 25? that would depend on the year) that ended up in the "balance" or was it 1/10000. 

Do you also want to include the blocks that included the transfer from the block reward block to now and see what percentage of each block led to the current "balance"?

Of course, all of it would be an estimate and there are probably even more variables to take into account depending on how close you want to get to a true answer.
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February 11, 2021, 07:19:10 PM
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Is this calculation as to when a particular bitcoin on a block was mined really a thing? Or just some fun project for you @OP because i really don't get it on its relevance yet. Maybe you can enlighten me on the ideas behind your thread but the, it would be cool getting to know about the hash rates and energy input in mining this bitcoins. I'll like to ask,
Is it really possible to know when a particular bitcoin in circulation with respect to when i t was been mined?
I ask this because, with my faint idea of the issue, Its actually the transaction details that are stored in the blocks and not the bitcoins itself right? We've got wallets for that, temporal storage.

mindplex
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February 11, 2021, 10:10:56 PM
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Is this calculation as to when a particular bitcoin on a block was mined really a thing? Or just some fun project for you

It is a fun project, I'm being curious: take a bitcoin address, and trying to work out, which were the incoming transactions, backwards until I hit the first block, that produced the coins, and then looking at the difficulty level of that block to get a precise time-complexity estimates. Any ideas for a way to get that block-number-distribution in a given balance without downloading the entire bitcoin transaction history?
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February 12, 2021, 02:24:17 AM
 #5

Any ideas for a way to get that block-number-distribution in a given balance without downloading the entire bitcoin transaction history?

There are many remote APIs that provide blockchain data, but given the number of requests you'd had to make to determine the full history of just one coin, you would quickly hit the limits of such APIs, and the process will be very-very slow, because each request takes miliseconds to resolve. So, downloading the blockchain and writing a program for traversing transaction inputs is the only realistic way. No one had done it before, because it has no practical purposes.

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