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Re: How much electricity to make a BitCoin?

By: Fiz in GRITZ | Recommend this post (0)
Sat, 31 May 25 1:53 AM | 18 view(s)
Boardmark this board | Grits Breakfast of Champeens! 		Msg. 09005 of 09333
(This msg. is a reply to 08994 by Zimbler0)
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Zim: "On average, mining one bitcoin consumes approximately 650 kWh, which equals the typical monthly electricity consumption of an American household."

I don't understand. The typical American family probably pays $500 for a month's electricity. But the article says, or at least implies, this would be enough for one bitcoin...which can be sold for $100,000?

Yeah, I'd say that is "worth it". But I would also say that can't possibly be even remotely true? Maybe the mean TEN YEARS of electricity for one bitcoin? That would be $500/m x 12 m/yr x 10 yr = $60,000. So even that can't be enough? Maybe 20 years for electricity average use to get one coin?


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The above is a reply to the following message:
How much electricity to make a BitCoin?
By: Zimbler0 in GRITZ
Fri, 30 May 25 11:28 PM 		Msg. 08994 of 09333

>>>
The process of mining a single bitcoin relies on an energy-intensive process that demands substantial amounts of electricity. With the increasing complexity of mining algorithms, the energy requirements have skyrocketed. On average, mining one bitcoin consumes approximately 650 kWh, which equals the typical monthly electricity consumption of an American household.

https://bitcoinist.com/how-much-energy-does-it-take-to-mine-a-single-bitcoin-how-to-save-costs-on-electricity-if-you-are-mining/
>>>

>>>
Sep 3, 2021 — The process of creating Bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland,
>>>
Oct 30, 2024 — It is estimated at 155 TWh per year to 172 TWh per year
>>>

Is BitCoin really worth it?

Zim.

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