Bitcoin Mining Costs in the U.S.

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Bitcoin Mining Costs in the U.S.
Face Palmer Offer Upgrade User ID: 43285854 Germany 01/29/2018 10:31 AM Report Abusive Post Report Copyright Violation	Bitcoin Mining Costs in the U.S. Lately, bitcoin has been everywhere in the news. The cryptocurrency made headlines due to its dramatic rise in value over the past year. For most of 2017 and 2016, the value of one bitcoin hovered around $1,000 - $2,000. Towards the end of the year, the prices skyrocketed to $15,000 or more. While the prices have been in flux in the new year, news organizations seemingly can’t stop writing about it and people can’t stop reading and learning. People wanted to know how about the process -- how it works, what it’s used for, and then how they can get in on it. Mining bitcoin certainly isn’t cheap. Even just running one rig can use hundreds or more kWh per month. So how much is that actually costing miners? At Crescent Electric, we decided to find out. For this study, we wanted to look at how much it would cost to mine one bitcoin in each state. First, we identified three mining rigs to research: the AntMiner S9, the AntMiner S7, and the Avalon 6. Then, we put together the numbers on how many days it would take to mine one coin and multiplied it by the power usage. Based on the mining difficulty when these numbers were pulled in December 2017, the AntMiner S9 would take 451.91 days to mine one coin and use 14641.884 kilowatts. The Antminer S7 would take 1,301.79 days to mine one coin and use 37803.9816 kilowatts. And the Avalon 6 would take 1,807.63 days to mine one coin and use 45552.276 kilowatts. We took those numbers, averaged them together, and then multiplied them by the average residential electricity rate in each state, based on government data. Here’s what we found: [link to blog.cesco.com (secure)] "The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title." Never attribute to malice that which is adequately explained by stupidity. The woman who is not pursued sets up the doctrine that pursuit is offensive to her sex, and wants to make it a felony. No genuinely attractive woman has any such desire. - H.L. Mencken, In Defense Of Women

DARTH SILIOUS Abrasive Fuck User ID: 75814920 United States 01/29/2018 11:57 AM Report Abusive Post Report Copyright Violation	Re: Bitcoin Mining Costs in the U.S. It doesn't add in the cost of the rig which can also be in the thousands. Peace is a lie, there is only passion. Through passion, I gain strength. Through strength, I gain power. Through power, I gain victory. Through victory, my chains are broken. The Force shall free me. Or something
Anonymous Coward User ID: 76142564 United States 01/29/2018 12:04 PM Report Abusive Post Report Copyright Violation	Re: Bitcoin Mining Costs in the U.S. Wait until the middle of summer through a heat wave. They will be saying that mining bitcoins and altcoins will bring down the grid, which it may?. People are adding additional drops of electricity from the polls to get into mining. People are building sheds and special facilities on their property to mine these coins. All of it based on escalating electricity consumption. Expect to see them raise the cost of electricity threw the roof.
Anonymous Coward User ID: 75864438 United States 01/29/2018 12:13 PM Report Abusive Post Report Copyright Violation	Re: Bitcoin Mining Costs in the U.S. Those rigs are so expensive . Why not just use a server rig with 6 GPU and a portable AC all on a generator.

Anonymous Coward User ID: 76151323 Slovenia 01/29/2018 02:42 PM Report Abusive Post Report Copyright Violation	Re: Bitcoin Mining Costs in the U.S. Wait until the middle of summer through a heat wave. They will be saying that mining bitcoins and altcoins will bring down the grid, which it may?. People are adding additional drops of electricity from the polls to get into mining. People are building sheds and special facilities on their property to mine these coins. All of it based on escalating electricity consumption. Expect to see them raise the cost of electricity threw the roof. Quoting: Anonymous Coward 76142564 when the grid should go down, and this should happen forever, then BTC even my 0,07 haha would be the last thing i would care for then
jkm1864 User ID: 74933864 United States 01/29/2018 03:13 PM Report Abusive Post Report Copyright Violation	Re: Bitcoin Mining Costs in the U.S. Wait until the middle of summer through a heat wave. They will be saying that mining bitcoins and altcoins will bring down the grid, which it may?. People are adding additional drops of electricity from the polls to get into mining. People are building sheds and special facilities on their property to mine these coins. All of it based on escalating electricity consumption. Expect to see them raise the cost of electricity threw the roof. Quoting: Anonymous Coward 76142564 The majority of the homes in the US just don't have the wiring to seriously mine crypto. I'm currently mining about 95 dollars a day and My wiring is MAXED the fuck out. I'm always tripping breakers and I have to watch My load or I'll trip the main breaker. I really can't go any further unless I build a house and intentionally have the electricians add more than 150 amps which most homes are wired for. Pussy Grabber Extraordinaire
jkm1864 User ID: 74933864 United States 01/29/2018 03:14 PM Report Abusive Post Report Copyright Violation	Re: Bitcoin Mining Costs in the U.S. Those rigs are so expensive . Why not just use a server rig with 6 GPU and a portable AC all on a generator. Quoting: Anonymous Coward 75864438 A 6 GPU rig costs way more than a S-9 and a generator would cost more to operate than the coins it provides. Pussy Grabber Extraordinaire
Anonymous Coward User ID: 19948123 United States 01/29/2018 03:17 PM Report Abusive Post Report Copyright Violation	Re: Bitcoin Mining Costs in the U.S. This coin shit needs to be outlawed
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