5 ms·
<50MW globally, apparently (http://www.bloomberg.com/news/2013-04-12/virtual-bitcoin-mining-is-a-real-world-environmental-disaster.html http://www.bloomberg.com
by to3m 13y ago
<50MW globally, apparently (http://www.bloomberg.com/news/2013-04-12/virtual-bitcoin-mining-is-a-real-world-environmental-disaster.html http://www.bloomberg.com/news/2013-04-12/virtual-bitcoin-min...). $147,000/day.
Well, this is certainly more than nothing, but still isn't actually a great deal. For example, something else that cost $147,000 would be 12 seconds'-worth of US petrol consumption (http://www.eia.gov/tools/faqs/faq.cfm?id=23&t=10 http://www.eia.gov/tools/faqs/faq.cfm?id=23&t=10) at wholesale prices (http://www.eia.gov/dnav/pet/pet_pri_refmg_dcu_nus_m.htm http://www.eia.gov/dnav/pet/pet_pri_refmg_dcu_nus_m.htm).
- Tloewald 13y agoOk well how much conventional economic activity does 50MW create? That 12s of US gas consumption might theoretically generate say 29% of US GDP for 12s, which comes to $16,000,000 (29% is transportation as a proportion of US energy consumption, US GDP ~ 1.4E+13). Does that 50MW generate $16M worth of bitcoins per day? In any event, I strongly suspect currency production is one of the overall economies more energy efficient activities given that most currency is created electronically by banks based on a fairly simple set of calculations.