Why 98% of Mining Rigs fail to verify transactions

According to de Vries, a single Bitcoin transaction consumes the same amount of electricity needed to supply a UK household for 59 days, 780,650 Visa transactions, or 52,043 hours of video streaming on Youtube.

The article claims that annual Bitcoin mining earnings are close to $ 5.9 billion — with approximately 4 billion mining units competing for a share of the premium worldwide. At the end of August 2019, Bitcoin miners have made an estimated $ 14 billion in profit since the technology was introduced.

“They take part in a big lottery, so to speak, and every 10 minutes you’re lucky enough to be able to produce the next block,” he explains.

The shocking thing is that the average lifespan of a Bitcoin mining machine is one and a half years since we have a new generation of machines that can do these calculations better. This means that 98 percent of the devices cannot perform a calculation during their lifespan that actually leads to a reward. So the rest of it only runs for a few years, uses energy and generates heat. Then they are simply thrown away because they cannot be reused. It’s crazy.

Bitcoin mining and renewable energy

The 2018 Coinshares report found that Bitcoin mining is largely done with cheap renewable energy, especially hydropower, with fossil fuels accounting for a minority share of the network’s total electricity needs.



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The Crypto Basic

The Crypto Basic

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