One average Bitcoin transaction today now cost more than a
One average Bitcoin transaction today now cost more than a
How Much Bitcoin Transaction Fees To Pay For Confirmed
An analysis of batching in Bitcoin | by Hasu | Medium
What Would it Cost to Build a Bitcoin Mining Rig Today
What is the Environmental Impact of Bitcoin Mining
Keep on minting my friends
http://www.mintcoinofficial.eu/ Mintcoin is a community owned and operated pure proof-of-stake crypto-coin. Save your coins in your wallet and earn the annual percentage rate while securing the Mintcoin network. Fast. Secure. Energy Efficient. Digital Internet Money. Mintcoins literally mint coins. Join us, we'll teach you how to mint coins. Start the process of minting your own coins today!
07-10 09:05 - 'I was just reading about tezos 5 min ago. What do you like about it? Does it cost about $1 per transaction right now? What’s so great about it in a nutshell?' by /u/WocketMan0351 removed from /r/Bitcoin within 160-170min
I am able to roughly calculate the total income per year for miners (mostly paid in new minted BTC or in the future mostly paid in transaction fees) per transaction - which is volatile and dependent on the price of BTC, and also the total cost of operations to be a miner (electricity bills, network costs, hardware costs)... but I am only able to do this with hindsight, meaning if I looked at total miner rewards over the past 12 months and divided that with total cost of operations over the past 12 months I'd see that there are times when it's not profitable to mine because the miner's fixed costs would exceed any reward, especially when Bitcoin prices are low. But let's put aside profits for now and look at fixed costs. Bitcoin has an upper limit to the number of transactions it can process per second, so if we understand that cost (not price or fee) per transaction is XX dollars being spent on computing and networking power per year divided by YY transactions per year, we'll see that it lands at about $40-50 per transaction. Then considering there is an upper limit to the transaction speeds achievable by Bitcoin, and the fixed nature of operating costs, this cost per transaction seems to remain rather constant at this range even when Bitcoin is at its theoretical maximum transaction speed. But here is where I faced difficulty, when coming back to the price side of the equation. In scenarios where the price of Bitcoin is low and mining becomes unprofitable, does the reduction in total number of miners who drop out reduce the remaining miner's operating cost? Or does it just mean that the spoils of war is now divided amongst less miners, hence they become profitable again? In this case wouldn't the miners with lowest operating cost always be the one who is the last to drop out, ie. large low-cost mining farms in China? Also, when transaction fees become the primary source of income for miners, and we know the cost per transaction is about $40-50 based on past year data, then how do we reduce transaction costs so that it's appealing and competitive in the market? Miners incurring operating costs of $50 per transaction would still be profitable if they charged a $51 transaction fee, but they would be bleeding losses if they only collected $10 per transaction. How would that work? What are the levers that can be pulled in Bitcoin that can help ensure it'll always remain a viable enterprise for a distributed group of people to continue processing transactions? If the lever is predominantly number of miners hoping to earn transaction fees, then what number is the breakeven point for all miners? I'm sure there are plenty of experts who have pondered and probably published PhD papers on this topic, so I'd be forever indebted if you could help me clear this up, and I do apologize in advance for not being able to crack this one on my own. Thanks a million! PS: For total operating costs I included estimated electricity costs, which came to about USD$5 billion per year.
What noteworthy excuses have you seen for Proof of Work?
I'm 2000 words into a blog post on excuses for why the self-evidently terrible process of Proof-of-Work is stupid, and I'm after butters' excuses for why it's good actually. The hard part is that I really need ones that are from noteworthy butters - random bozos talking rubbish are too easily deniable. So far I have:
security of the chain. (Could use Antonopoulos, he's a bit glib though.) This ignores the security of everything around the chain, which is of course what hackers and crooks have had startling success attacking, because nobody attacks a system at its most secure point.
decentralisation, which failed by early 2014. When pushed, they retreat to some element of decentralisation as the justification, e.g. miners can't issue money willy-nilly like those central banks totally do. (Again, I need a noteworthy arguer.)
Nick Szabo, in "Money, blockchains, and social scalability": Spending all that electricity on Bitcoin is like spending computing power on nice user interfaces - Bitcoin allows global social coordination like nothing before it! You might think that the Internet is what allows that. Szabo concedes this, then outlines how money would have to work on the Internet to be any good and, coincidentally, what he describes closely matches Bitcoin! Thus, Bitcoin justifies the energy spent on Bitcoin.
Saifedean Ammous says we need PoW to make Bitcoin hard money in an Austrian jargon sense, which is intrinsically good and you must be some sort of Keynesian pervert if you disagree. And it's not a "waste" because people were willing to spend the money.
Andreas Antonopoulous ignored PoW in The Internet of Money, but by Volume 2 he couldn't ignore it, and gives it a chapter: Bitcoin is not merely tamper-evident but tamper-proof. Therefore it is a perfect unalterable historical record, and giving us this is why PoW is good. He ignores that the thing it's a perfect record of is SatoshiDice spam and prosecution futures, because blockchains don't scale to actually useful information.
"But what about the entire financial system and everyone in it?" I did some really quick and casual numbers on this and worked out that at the present cost per transaction, Bitcoin would have to use something like 40% of all energy (not just electricity) to equal the financial system's transaction rate.
I've got a pile of crappy cites on the argument that using all the energy is good because it necessitates the creation of clean energy, and so advances research into clean energy. Bitcoiners keep raising this one to me and showing they're bad at standards of evidence - the most solid I have so far is Ari Paul saying he knows someone who bought a pile of solar panels to fuel a mining operation.
I've seen nothing addressing the problem that PoW is motivated to be anti-efficient - to use more electricity for the same transaction rate - whereas everything that butters compare it to, is motivated to keep its electricity costs as low as possible. Has anyone seen butters mention this?
There must be others. What stupid arguments have particularly impressed you?
Food 200 Acres remaining arable land Data 100 zettabytes public ledger Breathable Air 100 km3 Dyson Sphere Cryptomining 380 yottawatts Laborers 2 million someone who is good at the economy please help me budget this. my planet is dying — comedyblissoption
WSJ: "[bitcoin core] fees have reached an average cost of about $30 per transaction. That makes bitcoin virtually unusable for all but very large transactions. The Bitcoin Cash crowd is just trying to offer a solution to that problem."
04-14 10:13 - 'You can use bitcoin cash instead, where the fees are about $0.001 per transaction. Why would you even think of sending cents when the tx costs are a dollar?' by /u/chocknog removed from /r/Bitcoin within 426-436min
Terabyte blocks for Bitcoin Cash will allow over 50 transactions per human on earth per day for a cost of less than 1/10th of a cent of USD, assuming no further decrease in hardware costs, and no further software breakthrough --- who needs the Lightning Notwork?
$257M in BTC Transferred for $43, How Much Would a Bank Wire Cost? We made a research and found how much banks are currently charging per international bank wire transaction for over $100 000 compared to Bitcoin.
Bcash is not ancap, as some people in this sub are saying. The reason has to do with decentralization and so far, Bitcoin is focused on maintaining that at all costs. Even if fees rise to thousands of dollars per transaction, this is ultimately the best and only option going forward. Here's why.
Bcash does not make sense from a technological and ancap perspective. Just calling something ancap does not make it so. The argument in favor of bcash is that it is still decentralized and 8mb blocks will hardly cause it to centralize. That is a high time preference attitude, sacrificing long term integrity of bitcoin for the short term gains of cheap transactions. Transactions will keep increasing, fees will keep rising. That is a given. The act of creating bcash established a precedence - that when fees reach an arbitrary expense, block size will be increased to compensate. This will undoubtedly lead to centralization. The unique characteristic of bitcoin is decentralization. So far, that is being preserved at all costs. Even if transaction fees rise to thousands of dollars per transaction, decentralization must be preserved. It is the foundation upon which higher layers (some more centralized) will be built. But without that foundation those layers are pointless and bitcoin has no purpose. You have to crawl before you can walk. Bcash doesn't make any sense from a technology point-of-view. It doesn't solve any scaling issues. Nothing does, yet. Decentralization is the only thing that matters in both the short and long term. Bcash has demonstrated that it is comfortable setting a precedence that will compromise decentralization for short term gain.
Chatting to a taxi driver last night who tells me he has to pay 120 per week to be able to take card payments in his taxi. We then had to spend a couple of minutes manually typing the numbers into the machine. If only there were a quicker means of payment with lower costs of transacting /r/Bitcoin
Did you know? #RSK network is an EVM-compatible #blockchain that can process up to 100 transactions per second, with 3 to 6 times cheaper costs plus leveraging on the Bitcoin security. https://t.co/6GFquX0aEQ
Founder of occupywallst.org, Justine Tunney says "Bitcoin costs society $250 in electricity per transaction. I think cryptocurrencies are only really useful for: 1) grey/black markets; 2) undeveloped countries that don't have banking infrastructure."
We are at 0.10 satoshi per byte to be included in the next 6 blocks, that's the lowest fees since 18th of November 2016. Using Segwit reduces the cost of your transactions by another 40%. Good times /r/Bitcoin
03-21 05:33 - 'Quick X Protocol as a solution can process 1000s of transactions per second by doing the transaction off-chain in a cryptographically secure manner, reducing its transaction cost next to zero and transfer tim...' (facebook.com) by /u/Ketan_Verma removed from /r/Bitcoin within 16-26min
[uncensored-r/btc] WSJ: "[bitcoin core] fees have reached an average cost of about $30 per transaction. That makes b...
The following post by Egon_1 is being replicated because some comments within the post(but not the post itself) have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ btc/comments/7m2gb8 The original post's content was as follows:
03-22 08:22 - 'Quick X Protocol as a solution can process 1000s of transactions per second by doing the transaction off-chain in a cryptographically secure manner, reducing its transaction cost next to zero and transfer t...' (facebook.com) by /u/Ketan-Verma removed from /r/Bitcoin within 101-111min
03-22 08:22 - 'Quick X Protocol as a solution can process 1000s of transactions per second by doing the transaction off-chain in a cryptographically secure manner, reducing its transaction cost next to zero and transfer ti...' (facebook.com) by /u/Ketan_Verma removed from /r/Bitcoin within 95-105min
The energy cost per transaction is decreasing as more people enter the network. In early January (around the peak of Bitcoin transactions for 2018) Marc’s “best guess” for consumption was around 18.4 terawatt hours per year. For now, it seems that estimation really is in the eye of the beholder. Energy Trends Critical to all mining operations is the “break even” factor, which the mining estimator seeks to determine. This is the value of cryptocurrency that must be produced for the cost of the rig to be paid for. For example, one featured Bitcoin mining rig costs USD $1,767 to build and operate and generates $4.56 in profit per day at current prices. One average Bitcoin transaction today cost $4.87. I've been running a full validating Bitcoin node on Scaleway for $3.35 per month. Other providers can do the same thing for $5 or less. Edit: Hey, look at that 40 sat/byte transactions just finally started clearing for the first time in 6 12 24 36 48 61 hours. Woo hoo! Cost Per Transaction A chart showing miners revenue divided by the number of transactions. 30 Days 60 Days 180 Days 1 Year 3 Years All Time Raw Values 7 Day Average 30 Day Average On May 6th, 2017, Bitcoin hit an all-time high in transactions processed on the network in a single day: it moved 375,000 transactions which accounted for a nominal output of about $2.5b. Average…
How Much Does It Cost To Mine 1 Bitcoin? How Much? Loading... Unsubscribe from How Much?? ... $1137 Per Month - Duration: 22:15. TommyBryson Recommended for you. 22:15. Bitcoin is the most popular cryptocurrency with the highest cost (as of this video). ... ($100-$200 PER DAY) - Duration: 11:30. a bitcoin transaction a bitcoin to naira bitcoin buy ... i bitcoin cost i bitcoin in inr i bitcoin in rupees i bitcoin price ... TOP 3 Ways to Make $100 PER DAY as a Broke Individual - Duration: ... #exodus #exoduswallet #bitcoin #crypto Bitcoin transaction fees explained in simple terms. This video gets to the basics of Bitcoin fees and how bitcoin transaction fees are determined. Roger Ver Is Pissed About Bitcoin Transaction Fees And He's Not Going To Take It Anymore! - Duration: 24:46. TheAnarchast 28,930 views. 24:46. Bitcoin Core Vs Unlimited - Where Do I Stand?