I'm in
This is a interesting story about mining bitcoin and the costs in mining prime numbers.
worth the read.
https://www.politico.com/magazine/s...mining-energy-prices-smalltown-feature-217230
This is a interesting story about mining bitcoin and the costs in mining prime numbers.
worth the read.
https://www.politico.com/magazine/s...mining-energy-prices-smalltown-feature-217230
The interesting event will be make or break it is when all 21 million coins are in public hands. AS big players will attempt to hoard the coins, that will drive up the value but also im not sure where the mining fees will be headed. With no more coins to enter the market, I believe the fees are going to skyrocket.
Virtual currencies, such as Bitcoin are the greatest Ponzi scheme ever invented, my interest is the amount of "electrical energy" it will take to generate proof-of-work algorithms and to run the new sets of transactions (blocks) that are added to Bitcoin’s blockchain roughly every 10 minutes by so-called miners. On average, Antminer S9s actually draw about 1,500 watts. Most miners run these systems 24 hours per day — so the equation is simple: 1,500 x 24 = 36,000 watt hours, or 36kWh. In a 30-day month, these systems will draw about 1,080 kWh. During the summer, however, depending on the climate in which you live, it can actually cost 50–100% or more in additional power to cool the heat exhausted by these miners. That could add another $65 - $130/month (or more if you have higher power rates) to your electric bill. I'll Put my money in large power who generate solar kWh and mark it up 1000% and charge a monthly connection fee and pay a 4% dividend.
Thats the thing though. Even when they are all mined, thats it. You cant make more, or should I say duplicates, like you can with serialized currency. Lets say you have a couple bitcoins on a PC or thumb-drive. To the best of my knowledge, if you lose it or the physical device is destroyed, they are gone, forever. So the actual known number of bitcoins out there is ?<21M₿. With that said, I own Bitcoin strictly as an investment commodity. The value fluctuates so much, I have bought and sold so many times I have withdrew my initial investment 2 or 3 times and still have "what I started with" in there.
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Currency value is determined by supply and demand just like everything else in the market. ... Basically, if the demand for a currency is high, then the value (strength) of that currency will rise with the demand.
What is driving the demand ?
