A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Let’s say you don’t factor in the cost of the equipment and only the electrical costs (utility only). If it cost $0.10 per kWhr, what would be the average approximate cost to mine a btc in a pool? Let’s just say you are using a cheapish miner that isn’t the latest power efficient miner on the market maybe last generation. I tried to use the calculator from whattomine.com but couldn’t get a price that looked realistic.
Correcting a misconception: The cost of electricity to mine a bitcoin does not create a bottom for the price
I've seen a lot of people repeat the myth that the cost of the electricity to mine a bitcoin creates a natural floor for the coin's price. In light of the rapid loss of value and there being nothing to stop this from continuing, I wanted to make sure that everyone who is holding the coin is aware of this so that they at least have a proper investment thesis formulated. The basic idea that claims the cost to mine a bitcoin has some fundamental correlation to value falls under the Labor Theory of Value, however this theory is a fallacy and does not hold up under market dynamics. Just because a person spends a lot of time or resources creating an object, does not mean that that object has value on the market.
12-19 13:04 - 'If someone mines a bitcoin for $3000 of coal in China and sells it 4000, I buy it at 4000 and sell it at 5000, to a hodler. A scam group arrives and dump bitcoin they got at 2000 of scam infra cost for 2500 OTC and create...' by /u/rlsethekraken removed from /r/Bitcoin within 42-52min
''' If someone mines a bitcoin for $3000 of coal in China and sells it 4000, I buy it at 4000 and sell it at 5000, to a hodler. A scam group arrives and dump bitcoin they got at 2000 of scam infra cost for 2500 OTC and create a sell pressure, I buy between 2700 and 3999 along with others once it's laundered to exchanges, and the price re-stabilizes progressively after the dump at 5000. How much did I make with nobody losing any money trading, hodlers hodling, scammers dumping and miners burning their coal ? Sure the scammed lost something, but that's bitcoin, we're not the US government and their stupid justice. Response: I have a 5000$ bitcoin and some cash, for the cost of reading about OTC scams at the same time as others. A few dumps happen every year, since the exchanges and crypto schemes are hard to regulate and the hacks are heavily publicized. Your mistake is you think like a classic economist, but the real economy is far from a perfect market, there are flaws in every implementation, and if there's no police, it's easier to exploit. Saying it's a zero sum game just says someone loses, not that I must lose if my interest is only to profit in fiat, while others want to join a scam cult because they feel lonely or want to hodl because they believe in fairies. ''' Context Link Go1dfish undelete link unreddit undelete link Author: rlsethekraken
Relativity speaking what is the price difference between a bitcoin and the cost of mining a bitcoin. Is it over or under valued
If it takes $1000 of hardware and $100 of electricity to mine a bitcoin then it's over valued. If it takes $50000 to mine a bitcoin then it's under valued. How much money does it take to mine a bitcoin?
When I mine a bitcoin, how can I prove that it was mined by me?
0 down vote favorite let's say, I'm not using a pool to mine bitcoins,let's think that I mine directly with the blockchain (correct word?) .. say, I use following code (for an example purpose) to mine and find the hash which is below the target, So, to prove that I (my public wallet address) mined the coin, shouldn't I include my public wallet address or anything as data along with those block hashes, nonce etc ? or is it mixed with the final hash and send to the blockchain? if I mix it (concatenate etc) with the "final hash" and re-hashing again with SHA256? then it won't be a valid hash then. How do block chain recognizes my public wallet address and reward "me" when I only use the data of version, previous block hash, merkle root, time, bits, nonce? Sample code
$version = littleEndian(1); $prevBlockHash = SwapOrder('00000000000008a3a41b85b8b29ad444def299fee21793cd8b9e567eab02cd81'); $rootHash = SwapOrder('2b12fcf1b09288fcaff797d71e950e71ae42b91e8bdb2304758dfcffc2b620e3'); $time = littleEndian(1305998791); $bits = littleEndian(440711666); $nonce = littleEndian(2504433986); //concat it all $header_hex = $version . $prevBlockHash . $rootHash . $time . $bits . $nonce; //convert from hex to binary $header_bin = hex2bin($header_hex); //hash it then convert from hex to binary $pass1 = hex2bin( hash('sha256', $header_bin ) ); //Hash it for the seconded time $pass2 = hash('sha256', $pass1); //fix the order $FinalHash = SwapOrder($pass2); echo $FinalHash;
You've heard of Bitcoin and you're ready to get your hands on some digital wealth. However, this may be easier said than done. When you "mine" Bitcoin, you actually verify Bitcoin transactions in the public, decentralized ledger of Bitcoin transactions (called the blockchain).Every time you find a new block to add to the chain, the system gives you some Bitcoin as a reward. Bitcoin Mining ist der Prozess des Hinzufügens von Transaktionsdatensätzen zu Bitcoins öffentlichem Hauptbuch vergangener Transaktionen. Dieses Hauptbuch früherer Transaktionen wird Blockchain genannt, da es sich um eine Blockkette handelt. Die Blockchain dient dazu, zu bestätigen, dass Transaktionen mit dem Rest des Netzwerks stattgefunden haben. Bitcoin-Knoten verwenden die Blockchain ... Das Bitcoin-Netzwerk muss es also schwieriger machen, denn ansonsten würde jeder hunderte Blocks in der Sekunde hashen und alle Bitcoins wären in ein paar Stunden geschürft. Das Bitcoin-Protokoll macht es den Minern entsprechend durch die Einführung eines sogenannten Arbeitsnachweises absichtlich schwieriger – die Mining-Schwierigkeit steigt mit der Zeit an. Das Bitcoin-Netzwerk würde ... If you want to know how to mine Bitcoin, there are two different steps you can take – go through a cloud mining company or buy and use purpose-built hardware. We’ll look at both options, and ... I’ll look at these in a bit more detail and then I’ll get onto exactly how to mine Bitcoins!. Pool Mining. Bitcoin mining as part of a larger pool of miners is the easiest, fastest, and most reliable way to make sure your Bitcoin mining operation is profitable.You join forces with other miners to share the rewards.
Bitcoin Mining 2019 - Should We Mine Bitcoin? - YouTube
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