Bitcoin mining calculator per hour. How to use a Bitcoin mining calculator. Bitcoin Mining Estimate Profitability Calculator | Biteminer
Bitcoin Mining Calculator
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Why Our Calculator is the Most Accurate
Bitcoin Energy Consumption Index
NEW:Bitcoin Electronic Waste MonitorDownload data.
Annualized Total Footprints
Single Transaction Footprints
Key Network Statistics
| Bitcoin's current estimated annual electricity consumption* (TWh) | 76.75 |
| Bitcoin's current Bitcoin mining calculator per hour annual electricity consumption** (TWh) | 46.39 |
| Annualized global mining revenues | $5,483,127,737 |
| Annualized estimated global mining costs | $3,837,281,984 |
| Current cost percentage | 69.98% |
| Country closest to Bitcoin in terms of electricity consumption | Chile |
| Estimated electricity used over the previous day (KWh) | 210,262,027 |
| Implied Watts per GH/s | 0.078 |
| Total Network Hashrate in PH/s (1,000,000 GH/s) | 112,217 |
| Energy footprint per transaction (KWh) | 708 |
| Number of U. S. households that could be powered by Bitcoin | 7,106,078 |
| Number of U. S. households powered for 1 day by the electricity consumed for a single transaction | 23.93 |
| Bitcoin's electricity consumption as a percentage of the world's electricity consumption | 0.34% |
| Annual carbon footprint (kt of CO2) | 36,454 |
| Carbon footprint per transaction (kg hourr CO2) | 336.37 |
*The assumptions underlying this energy consumption estimate can be found here. Criticism and potential validation of the estimate is discussed here.
**The minimum is calculated from the calcuoator network hashrate, assuming the only machine used in the network is Bitmain’s Antminer S9 (drawing 1,500 watts each). On February 13, 2019, the minimum benchmark was changed to Bitmain’s Antminer S15 (with a rolling average of 180 days), followed by Bitmain’s Antminer S17e per November 7, 2019.
Did you know?
Ever since its inception Bitcoin’s trust-minimizing consensus has been enabled bitcojn its proof-of-work algorithm. The machines performing the “work” are consuming huge amounts of energy while doing so. The Bitcoin Energy Consumption Index was created to provide insight into this amount, and raise awareness on the unsustainability of the proof-of-work algorithm.
Note that the Index contains the aggregate of Bitcoin and Bitcoin Cash (other forks of the Bitcoin network are not hourr. The latter has been removed per October 1, 2019. A separate index was created for Ethereum, which Bitcoin mining calculator per hour be found here.
What kind of work are miners performing?
New sets of transactions (blocks) are added Bitcoin mining calculator per hour Bitcoin’s blockchain roughly every 10 minutes by so-called miners. While working on the blockchain these Bitcoin mining calculator per hour aren’t required to trust each other. The only thing miners have to trust is the code that runs Bitcoin. The code includes several rules to validate new transactions. For example, a aclculator can only be valid if the sender actually owns the sent amount. Every miner individually confirms whether transactions adhere to these rules, eliminating the need to trust other miners.
The trick is to get all miners to agree on the same history of transactions. Every miner in the network is constantly tasked with preparing the next batch of transactions for the jining. Only one of these blocks will be randomly selected to become the latest block on the chain. Random selection in a distributed network isn’t easy, so this is where proof-of-work comes in. In proof-of-work, the next block comes from the first miner that produces a valid one. This is easier said than done, as the Bitcoin protocol makes it very difficult for miners to do so. In fact, the difficulty is regularly adjusted by the protocol to ensure that all miners in the network will only produce one valid block every 10 minutes on average. Once one of the miners finally manages to produce a valid block, it will inform the rest of the network. Other miners will accept this block once they confirm it adheres to all rules, and then discard whatever block they had been working on themselves. The lucky miner gets rewarded with a fixed amount of coins, along with the transaction fees belonging to the processed transactions in the new block. The cycle then starts again.
The process of producing a valid block is largely based on trial and error, where miners are making numerous attempts every second trying to find the right value for a block component called the “nonce“, and hoping the resulting completed block will match the requirements (as there is no way to predict the outcome). For this reason, mining is sometimes compared to a lottery where you can pick your own numbers. The number of attempts (hashes) per second is given by calculatod mining equipment’s hashrate. This will typically be expressed in Gigahash per second (1 billion hashes per second).
Sustainability
The continuous block mining cycle incentivizes people all over the world to mine Bitcoin. As mining can provide a solid stream of revenue, people are very willing to run power-hungry machines to get a piece of it. Over the years this has caused the total energy consumption of the Bitcoin network to grow to epic proportions, as the price of the currency reached new mibing. The entire Bitcoin network now consumes more energy than a number of countries, based on a report published by the International Energy Agency. If Bitcoin was a country, it would rank as shown below.
Apart from the previous comparison, it also possible to compare Bitcoin’s energy consumption to some of the world’s biggest energy consuming nations. The result is shown hereafter.
Carbon footprint
Bitcoin’s biggest problem is perhaps not even its massive energy consumption, but the fact most mining facilties in Bitcoin’s network are located in regions (primarily in China) bitccoin rely heavily hou coal-based power (either directly or for the purpose of load balancing). To put it simply: “coal is fueling Bitcoin” (Stoll, 2019).
Locating miners
Determining the exact carbon impact of the Bitcoin network has been a challenge for years. Not only does one need to know the power requirement of the Bitcoin network, but one also need to know where this power is coming from. The location of houur is a key ingredient to know how dirty or how clean the power is that they are using.
Just like it’s not easy to find out what machines are active in the Bitcoin network, determining location isn’t an easy feat either. Initially the only information available to this end was the common belief that the majority Bitcoin mining calculator per hour miners were located in China. Since we know the average emission factor of the Chinese grid (around 700 grams of carbon dioxide equivalent per kilowatt-hour), this can be used for a very rough approximation of the carbon intensity of the power used for Bitcoin mining. Assuming that 70% of Bitcoin mining is taking place in China, and that 30% of mining is completely clean, this yields a weighted average carbon intensity of 490 gCO2eq/kWh. This number can subsequently be applied to a power consumption estimate of the Bitcoin Bitcoin mining calculator per hour to determine its carbon footprint.
A more detailed estimate
Later on, more granular information Bitcoin mining calculator per hour available in the Global Cryptocurrency Benchmarking Study by Garrick Hileman and Michel Rauchs from 2017. In Bitcoin mining calculator per hour study, they identified facilities representing roughly half of the entire Bitcoin hash rate, with a total (lower bound) consumption of 232 megawatts. Chinese mining facilities were responsible for about half of this, with a lower bound consumption of 111 megawatts. This information can be used to get a more accurate idea of the carbon emission factor in grams of carbon dioxide equivalent per kilowatt-hour (gCO2eq/kWh) that applies to the electricity used for mining.
The table below features a breakdown of the energy consumption of the mining facilities surveyed calvulator Hileman and Rauchs. By Bitcoin mining calculator per hour the emission factors of the respective country’s grid, we find Bitcoin mining calculator per hour the Bitcoin network had a weighted average carbon intensity of 475 gCO2eq per kWh consumed. hoour number is currently applied to determine the carbon footprint of the Bitcoin network based on the Bitcoin Energy Consumption Index.)
Rauchs et al. released a similar study one year later. In the second study, Rauchs et al. identified cryptocurrency mining facilities with a total capacity of 1.7 gigawatts. According to their own estimates, all cryptocurrency mining facilities (for the top-6 cryptocurrencies) were running on 5.9 houf 12.7 gigawatts. As such, they cover significantly less Bitcoin mining calculator per hour than before, while Bitcoin is also making up a smaller part of this data. Even so, the overall trend appears to be Bitcoin mining calculator per hour change in the localization of miners.
Breakdown of regional carbon intensity
One can argue that specific locations in the listed countries may offer less carbon intense power. In 2018 Bitcoin company Coinshares suggested that the majority of Chinese mining facilities were located in Sichuan province, using cheap hydropower for mining Bitcoin. Now, even though there is plenty of reason to criticize this report, it is worth investigating what it would bitxoin if their statement was true.
One might assume that the use of hydropower implies that the Bitcoin network has a relatively low carbon footprint. As it turns out, this would be a rather dangerous assumption. The main challenge hlur is that the production of hydropower (or renewable energy in general) is far from constant. In Sichuan specifically the average power generation capacity during the wet season is three times that of the dry season. These fluctuations clculator hydroelectricity generation are balanced out with other types of electricity, which is usually coal-based. Psr carbon emission factor of purchased electricity in Sichuan therefore ranges from 265 to 579 gCO2/kWh. This is nowhere near the emission factor of a grid like the one in Sweden, which is really fuelled mostly by nuclear and hydroelectric power. The carbon emission factor of the Swedish grid is 13 gCO2/kWh.
In a new study titled “The Carbon Footprint of Bitcoin” (Stoll et al. 2019) properly account for these regional differences (while also introducing a new method to localize miners based on IP-addresses), but still find a weighted average carbon intensity of 480-500 gCO2eq per kWh for the entire Bitcoin network (in line with previous and more rough estimations).
Other concerns
While renewables are an intermittent source of energy, Bitcoin miners have a constant energy requirement. A Bitcoin ASIC miner will, once turned on, not be switched off until it either breaks down or becomes unable to mine Bitcoin at a profit. Because of this, Bitcoin miners Bitcoin mining calculator per hour both the baseload demand on a grid, as well as the need for alternative Bitcoin mining calculator per hour based) energy sources to meet this demand when renewable energy production is low. In the worst case scenario, the presence ccalculator Bitcoin miners may thus provide an incentive for the construction of new coal-based power plants, or reopening existing ones. This impact would be even harder to quantify.
Further substantiation on why Bitcoin and renewable energy make for the worst match can be found in the peer-reviewed academic article “Renewable Energy Will Not Solve Bitcoin’s Sustainability Problem” featured on Joule.
Comparing Bitcoin’s energy consumption to other payment systems
To put the energy consumed by the Bitcoin network into perspective we can compare it to another payment system like VISA for example. According to VISA, the company consumed a total amount of 674,922 Gigajoules of energy (from various sources) globally for all its operations. This means that VISA has an energy need equal to that of around 17,000 U. S. households. We also know VISA processed 111.2 billion transactions in 2017. With the help of these numbers, it is possible to compare both networks and show that Bitcoin is extremely more energy intensive per transaction than VISA (note that the chart below compares a single Bitcoin transaction to 100,000 VISA transactions).
Of course, these numbers are far from perfect (e. g. energy consumption of VISA offices isn’t included), but the differences are so extreme that they will remain shocking regardless. A comparison with the average non-cash transaction in the regular financial system still reveals that an average Bitcoin mining calculator per hour transaction requires several thousands of times more energy. One could argue that this is simply the price of a transaction that doesn’t require a trusted third Bitcoin mining calculator per hour, but this price doesn’t have to be so high as will be discussed hereafter.
Alternatives
Proof-of-work was the first consensus algorithm that managed to prove itself, but it isn’t the only consensus algorithm. More energy efficient algorithms, like proof-of-stake, have been in development over recent years. In proof-of-stake coin owners create blocks rather than miners, thus not requiring power hungry machines that produce as many hashes per second as possible. Hhour of this, the energy consumption of proof-of-stake is negligible compared to proof-of-work. Bitcoin could potentially switch to such an consensus algorithm, which would significantly improve sustainability. The only calxulator is that there are many different versions of proof-of-stake, and none of these have fully proven themselves yet. Nevertheless the work on these algorithms offers good hope for the future.
Energy consumption model and key assumptions
Even though the total network hashrate can easily be calculated, it is impossible to tell what this means in terms of energy consumption as there is no central register with all active machines (and their exact power consumption). In the past, energy consumption estimates typically included an assumption on what machines were still active and how they were distributed, in order to arrive at Bitcoin mining calculator per hour certain number of Watts consumed per Gigahash/sec (GH/s). A detailed examination of a real-world Bitcoin mine shows why such an approach will certainly lead to underestimating the network’s energy consumption, because it disregards relevant factors like machine-reliability, climate and cooling costs. This arbitrary approach has therefore led to a wide set of energy consumption estimates that strongly deviate from one ca, culator, sometimes with a disregard to the economic consequences of the chosen parameters. The Bitcoin Energy Consumption Index therefore proposes to turn the problem around, and approach energy consumption from an economic perspective.
The index is built on bitoin premise that Bitcoin mining calculator per hour income and costs are related. Since electricity costs are a major component Bitcoin mining calculator per hour the ongoing costs, it follows that the total electricity consumption of the Bitcoin mining calculator per hour network must be related to miner income as well. To put it simply, the higher mining revenues, the more energy-hungry machines can be Bitcoin mining calculator per hour. How the Bitcoin Energy Consumption Index uses miner income to arrive at an energy consumption estimate is explained in detail here (also in peer-reviewed academic literature here), and summarized in the following infographic:
Note that one may reach different conclusions on applying different assumptions (a calculator that allows for testing different assumptions has been made available here). The chosen assumptions have been chosen in such a way that they can be considered to be both intuitive and conservative, based on information of actual mining calxulator. In the end, the goal of the Index is not to produce a perfect estimate, but to produce an economically credible day-to-day estimate that is more accurate and robust than an estimate based on the efficiency of a selection of mining machines.
Criticism and Validation
Even though critics like Marc Bevand and Jonathan Koomey have long argued that the estimates provided by the Bitcoin Energy Consumption Index are “seriously flawed”, the launch of the Cambridge Bitcoin Electricity Bitcoin mining calculator per hour Index (CBECI) in 2019 managed to prove the opposite. The latter index was based on the alternative methodology provided by Bevand (which is strongly advocated by Koomey), but failed to produce significantly different estimates. In fact, the Bitcoin Energy Consumption Index and the Calcultor Bitcoin Electricity Consumption Index are mostly in perfect agreement with each other.
Apart from the energy consumption estimates, the resulting environmental impact (in the form of carbon footprint) has also been strongly contested by critics like Robert Sharratt and the company Coinshares. Specifically, Sharratt used the Coinshares mining report to argue that the network has limited environmental impact. Interestingly, the Coinshares mining report only implies that the network has limited environmental impact due to a large share of renewable energy usage, but doesn’t contain the words “carbon footprint” at all. This is an important omission, as it ignores that the carbon intensity of electricity bought in Bitcoin mining calculator per hour (China), where miners are primarily located according to Coinshares, is nowhere near as low as one might expect. Bitcoin mining calculator per hour Technical University of Munich (TUM) independently studied the environmental impact of the network while properly accounting for this, and concluded that “coal is fueling Bitcoin”. Their weighted emission factor houur the whole Bitcoin network matched the one that is used to calculate the network’s carbon footprint, based on Bitcoin mining calculator per hour Bitcoin Energy Consumption Index.
Forecasting
Of course, the Bitcoin Cslculator Consumption Index is also very much a prediction model for future Bitcoin energy consumption (unlike hashrate-based estimates that have no predictive properties). The model predicts that miners will ultimately spend 60% of their revenues on electricity. At the moment (January 2019), miners are spending a lot more on electricity. On January 22, 2019, the Bitcoin Energy Index was estimating that 100% of miner revenues ($2.3B) were actually spent on electricity costs. This can happen after a significant drop in mining revenues where mining becomes generally unprofitable. In this situation machines are removed from (rather than added to) the network. Since machine investments can be considered sunk costs (no longer relevant to the decision to bitcin mining), miners will continue to run their machines up until the point where the electricity costs exceed the amount of mined income (approaching 100%).
Based on 100% of revenues already being used to cover electricity expenses, the Energy Consumption Index would thus predict little change in Bitcoin’s energy consumption.
Recommended Reading
The Bitcoin Energy Consumption Index is the first real-time estimate of the energy consumed by the Bitcoin network, but certainly not the first. A list of articles that have focussed on this subject in the past are featured below. These articles have served as an inspiration for the Energy Index, and may also serve as a validation of the Bitcoin mining calculator per hour numbers.
If you find an article missing from this list please report it here, and it will be added as soon as possible.
Carbon Footprint
36.45 Mt CO2
Claculator to the carbon footprint of New Zealand.
Electrical Energy
76.75 TWh
Comparable to the power consumption of Chile.
Electronic Waste
9.88 kt
Comparable to the e-waste generation of Luxembourg.
Carbon Footprint
336.37 kgCO2
Equivalent to the carbon footprint of 840,933 VISA transactions or 56,062 hours of watching Youtube.
Electrical Energy
708.15 kWh
Equivalent to the power consumption of an average U. S. household over 23.93 days.
Electronic Waste
91.21 grams
Equivalent to Bitcoin mining calculator per hour weight of 1.40 'C'-size batteries or 1.99 golf balls. (Find more info on e-waste here.)
Bitcoinx Bitcoin Profitability Calculator - BTC Mining Profit Calculator - Bitcoinx
Litecoin Mining Profitability Calculator
If you're new to cryptocurrency mining and looking to Bitcoin mining calculator per hour started, or a pro doing some more research, this calculator is for you. It will tell you your estimated profit margins based on your hashing power or hash rate and any pool fees you Bitcoin mining calculator per hour incur. Mmining you're using your own mining rig, input the hardware costs, bitciin usage and power costs in kw per hour. You houe find averages in your area online, or on an electricity bill. If you're using a cloud mining service, input the cost of your contract. Then click calculate.
The results are displayed below, in daily, weekly, monthly and yearly profits. It is based on the current Bitcoin mining calculator per hour of LTC to USD, as well as the current difficulty level of Litecoin. It will also show how much time, in days, it will take you to break even, considering your initial contract fee for cloud mining or your hardware costs if you've got your own rig.
Calculations are based on mean values and do not account for difficulty, price and exchange rate fluctuations. Profits may vary by 10-15%, based on pool success rate.
Daily Earnings
$0.3830324476
Mined: 0.00814963 | $0.3830324476 |
| 0 |
| 0 |
| 0 |
Weekly Earnings
$2.68
Mined: 0.05704739 | $2.68 | |||||||
| 0 | |||||||
| 0 | |||||||
| $11.49 |
| 0 |
| 0 |
| 0 |
Yearly Earnings
$139.81
Mined: 2.97461369 | $139.81 |
| 0 |
| 0 |
| 0 |
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