Hey everyone! I've been diving into the economics of Bitcoin mining and wanted to compared to the estimation from majoy institutions on what it currently costs to mine a single Bitcoin. I get some number which is high (~ $100k), I wonder what went wrong.
Assumptions:
- Hashrate: 628 EH/s (exahashes per second) https://www.coinwarz.com/mining/bitcoin/hashrate-chart
- Energy Efficiency: 16 J/TH (joules per terahash), which reflects some of the more efficient mining hardware available today.
- Electricity Cost: $0.05 per kWh, a rough average for industrial electricity rates in several countries.
- Block Reward: Currently at 3.125 BTC per block, post the most recent halving.
Calculations:
- Daily Energy Consumption: Calculated as Hashrate x Efficiency x Seconds per Day
, which comes out to about 868.15 terajoules. - Daily Electricity Cost: With the above energy consumption and the cost of electricity, this totals approximately $43.4 million per day.
- Daily Bitcoins Mined: Given the current block reward and average block time (144 blocks per day), this equals 450 BTC.
- Cost per Bitcoin: Dividing the total daily electricity cost by the number of bitcoins mined gives us approximately $96,460 per Bitcoin.
Did I do something obviously wrong here? Would love to learn from you.
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