3 ms·
Going to need you to walk me through that calculation you came up with.
by trident5000 6y ago
Going to need you to walk me through that calculation you came up with.
- mlyle 6y agoBitcoin network uses about 120 TWh of electricity per year. https://www.bbc.com/news/technology-56012952 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 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...
- rkagerer 6y agoI 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).