3 ms·
A transaction here is a block. A block averages 2000 or so transfers, so that $20 becomes $0.01 for any individual transfer in the block. Electricity price in
by avar 9y ago
A transaction here is a block. A block averages 2000 or so transfers, so that $20 becomes $0.01 for any individual transfer in the block.
Electricity price in the US is also irrelevant. As the article shows just over 0% of blocks are mined in the US, or a rounding error. Bitcoin mining chases cheap electricity.
- jaekwon 9y agoNo, a transaction here is referring to a transaction. The block reward on Bitcoin is already 12.5BTC is 12.5 × $4000+. That incentives the expenditure of significantly more energy than $20 worth.
- avar 9y agoYou're right. Sorry. After re-reading the article I see the entirety of my comment is wrong.
- sireat 9y agoI could have sworn there was still sizeable Bitcoin mining done near the cheap hydros such as in Washington State(around 3c/kWh). Sure China and Ukraine is cheaper but not that much.