Jim grant gold is natures bitcoin wallet18 comments
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These days it seems that the best miner available for sale is the AntMiner S9. It is actually over a year old, and there are faster and more energy efficient ASICs now, e. BitFury, but it is very hard to get any information on those, so we will just use the S9 information.
The collective Bitcoin hash rate is equivalent to , S9 miners running in parallel. It can be as low as 0. While grosly inaccurate, this shows that mining is quite profitable, and that Bitcoin price would have to fall a lot for mining to stop being profitable. Thus there is a direct relationship between energy cost and the difficulty. This is all very confusing, but we can see that faster hardware and more of it drives the cost of mining up and the rlationship between the difficulty and the cost of mining a Bitcoin is linear.
Faster hardware enables higher hash rate at improved energy efficiency, and the difficulty adjusts to keep the rate of blocks and supply of new BTC at 10 minutes. The cost factor behind Bitcoin is energy, and spending more energy on mining makes a Bitcoin more expensive and less profitable.
So far we have not seen any news reports of mining facilities being sabotaged, which probably means miners are not enemies. I will need to think on this some more as there are a lot of moving parts. But if I can make a cursory conclusion here, it is that industrial mining is and will remain very profitable for some time. How much does it cost in electricity to mine a Bitcoin?
As of Sep 28, , according to blockchain. An S9 uses W, which means that in 1 hour it consumes 1. Bitcoin blocks are solved at 6 per hour on average. The current mining reward is This, of course, does not include hardware and other costs.
Looking at the Trend Current difficulty is , The difficulty before that was Difficulty adjusts every 2, blocks, which is about two weeks.