Re:Bitcoin surpasses $50K as major companies jump into crypto
by trident5000 on Tuesday February 16, 2021 @10:59PM
(#26162497)
Going to need you to walk me through that calculation you came up with.
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Re:Bitcoin surpasses $50K as major companies jump into crypto
by mlyle on Tuesday February 16, 2021 @11:20PM
(#26162654)
Bitcoin network uses about 120 TWh of electricity per year.
https://www.bbc.com/news/technology-56012952
It accomplishes about 7 TPS.
120 terawatts * hours / 1 year * 1 second / 7 in kilowatt hours = 543 kilowatts * hours.
Average US household electricity usage is about 877 kWh per month https://www.eia.gov/tools/faqs/faq.php?id=97&t=3
Of course, increasing Bitcoin prices will likely increase the amount of resources dedicated to mining, too...
Re:Bitcoin surpasses $50K as major companies jump into crypto
by rkagerer on Wednesday February 17, 2021 @06:14AM
(#26165140)
I was skeptical too, but approached it from this end:
At the moment, one Bitcoin transaction costs me about $10 in network fees. The party pushing it through gets, say, another $90 or so in reward for mining it (6.25 BTC reward per block ÷ 3500 transactions per block × $50000 per BTC).