Blah blah blah all these current news items about how expensive it is to mine and shit are completely uninformed and should do some research this is a quick one i did my self most numbers are rounded by 2 numbers behind the decimal.
1.100.000.000 Ounces mined between 92-05
(13 years) (4 748 days) (~231.676 Ounces a day)
~36 Ounces cost's 7520 kWh (traditional mining, Electricity consumption in crushing and grinding processes)
And when (Urban Mining,Electricity consumption in crushing and grinding processes) 45.42 kWh
[ ur-buhn mahy-ning ] :
The process of reclaiming compounds and elements from products, buildings and waste.
Crushing and grinding processes
consume the most energy with approximately 50 to 65%
of total electricity consumption in milling operation.
Based on 1 kg of gold as a functional unit in this study
231.676 / 36 = 6.44 * 7520= 48.428 kWh * 2 = ~96.856 kWh for a day traditional mining ($294.691,81)
231.676 / 36 = 6.44 * 45= 289 kWh * 2= ~578 kWh for a day urban mining ($294.691,81)
232 ounces = 6.58 Kg The value of 6580 grams of pure gold is $294,691.81 on April 16, 2013 (based on $1393.00/ounce price).
490.801,84/ 294.691,81 = 1.67
96.856* 1,67 = 161.749,52 kWh (cost $24.262,43) needed with traditional mining to get Bitcoin worth of daily mining profit.
578* 1,67 = 965.26 kWh (cost $144.78) for Urban Mining to get BTC worth daily profit.
How many Bitcoins are mined?!
some ~4.375 Bitcoins (included transaction costs worth abouth $490.801,84) are mined everyday (atm) with a total of 1.041,30 MWh ( 1.041.300 kWh) Based of 650 Watt for 1 Gh/s 15 cent per kWh
66.749,71 GH/s Network speed
electricity costs $156.194,31
(based on Avalon mining rig)
650/620 =1.048 (1.05)
1.05*65 (Gh/s) = 68.25 GH/s based on 650 Watt
66.749,71 / 68,25= 978.02
(that is about 978 avalon rigs to get to the current network speed.)
E = 635700W × 24h / 1000 = 15.256,8 kWh
In the near future it will cost about $2288,52 (Bitcoin mining) a day to maintain current network speed.
Where in traditional gold mining costs $24.262,43 to earn as much as all Bitcoin miners.
And what about all the environmental damage in gold mining?!