Bitcoin Mining Costs Throughout the World

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Bitcoin emerged as a worldwide phenomenon. However, since then the value has rebounded and the cryptocurrency continues to make headlines. One thing that people are most interested in is learning about how bitcoin works. Specifically, individuals are curious about the mining process, how it works, and how much they can potentially make from it. Mining is expensive and as more people set up rigs and more coins are mined, it only gets harder and pricier.

Previously, how long does it take to mine 1 bitcoin with antminer s9 parent company Crescent Electric Supply Company conducted a study on the cost of mining a bitcoin in each state in the U. By using averaged data from three mining rigs and the average electricity cost in each state, they came to some pretty interesting results that showed how the costs can differ greatly depending on where you live. So, we went worldwide.

We were able to calculate the numbers on how many days it would take to mine one coin and how much power that would use. Based on the mining difficulty when this study was finalized in early Januarythe AntMiner S9 would use 17, The S7 would how long does it take to mine 1 bitcoin with antminer s9 45, Their electricity rates are heavily subsidized by the government, leading to incredibly low prices.

Trinidad and Tobago, Uzbekistan, Ukraine, and Myanmar round out the rest of the five least expensive nations. Russia, a major mining hub, was just a little below the U.

Our findings show that where you where you live in the world can greatly impact bitcoin mining costs. And naturally, how much it costs changes how much you can profit. Otherwise, have fun mining! You must be logged in to post a comment. See what gift product is flying out the door and why! Happy Holidays in 50 Shades of Green! Cyber Sales All This Week at: More about it on our blog Here's a fun exercise on your day off!

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These days it seems that the best miner available for sale is the AntMiner S9. It is actually over a year old, and there are faster and more energy efficient ASICs now, e. BitFury, but it is very hard to get any information on those, so we will just use the S9 information.

The collective Bitcoin hash rate is equivalent to , S9 miners running in parallel. It can be as low as 0. While grosly inaccurate, this shows that mining is quite profitable, and that Bitcoin price would have to fall a lot for mining to stop being profitable. Thus there is a direct relationship between energy cost and the difficulty.

This is all very confusing, but we can see that faster hardware and more of it drives the cost of mining up and the rlationship between the difficulty and the cost of mining a Bitcoin is linear. Faster hardware enables higher hash rate at improved energy efficiency, and the difficulty adjusts to keep the rate of blocks and supply of new BTC at 10 minutes. The cost factor behind Bitcoin is energy, and spending more energy on mining makes a Bitcoin more expensive and less profitable.

So far we have not seen any news reports of mining facilities being sabotaged, which probably means miners are not enemies. I will need to think on this some more as there are a lot of moving parts. But if I can make a cursory conclusion here, it is that industrial mining is and will remain very profitable for some time.

How much does it cost in electricity to mine a Bitcoin? As of Sep 28, , according to blockchain. An S9 uses W, which means that in 1 hour it consumes 1. Bitcoin blocks are solved at 6 per hour on average. The current mining reward is This, of course, does not include hardware and other costs. Looking at the Trend Current difficulty is , The difficulty before that was Difficulty adjusts every 2, blocks, which is about two weeks.

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