Tuesday, April 16, 2013

Bitcoin Mining The real costs now and in the near future!


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


Near Future 
(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



Conclusion:

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?!

Sources:
http://www.ijee.net/Journal/ijee/vol3/no5/11.pdf
http://www.bullionvault.com/guide/gold/Gold-mining#section-Gold-mining-GoldMiningNoMoreEasyGold
http://www.asknumbers.com/OuncesToKilogramsConversion.aspx
http://blockchain.info/stats
http://launch.avalon-asics.com/#prices

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