Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day...
by kfrzcode on Monday February 15, 2021 @05:01PM
(#26148079)
The BTC market cap is around $650 billion. I don't understand your logic.
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Re:Mining Bitcoin with pencil and paper: 0.67 hashes per day...
by AaronFriel on Monday February 15, 2021 @07:58PM
(#26149751)
Market cap is not a meaningful measure of a currency. A better measure is the velocity of money within a currency.
For context, just one part of the US economy is the stock market. The Depository Trust & Clearing Corporation (DTCC) which came up in the news recently processed $2.15 quadrillion in securities in 2019.
The 30 day average for estimated transactions in Bitcoin is around 5-6 billion, or still around 1/1000th just one art of the US economy's transaction volume.
At 5 transactions per second, the average transaction size would have to be around $1,268,2308 to equal the velocity of just one portion of one sector of the US economy. 5 transactions per second is actually higher than the average transaction throughput over the past several years.