The cost of mining is a problem that every miner enters the mine, because the cost of mining will directly affect the amount of mining revenue. Of course, the mining cost cannot be generalized. The different electricity costs and different mining difficulty of different mining machines will affect the change of mining cost. For example, the mining cost of the Shenma mining machine M10 and Shenma mining machine M3 is different. However, in order to let the miners more intuitively understand the specific conditions of mining costs, here we only have the largest cost of electricity in this mining process.

Talking about mining costs, let's first understand the basic situation of current bitcoin mining. According to the data from trinsicoin.com, the bitcoin network's total network computing power is currently 43.3EH/s, the block reward is 12.5BTC, and 6 blocks are generated every hour. Below we select Ebang Ebit E10 as the current mining machine with the highest energy efficiency ratio. The calculation power is 18TH/s and the energy consumption is 1.65kW/h. Then, according to the current average value of industrial electricity and electricity, the mining electricity fee is 0.01043 US dollars kW / h.

Variable

The calculations in this article contain the following variables:

= total network total power (TH / s)

m=power of a single mining machine (TH/s)

Em=Energy consumption (kWh) of a single mining machine

c=electricity fee (kWh USD)

β = how many blocks per hour

r=block reward (btc)

m = total number of simulated miners

Cmb=Electricity fee (USD) per block per mining machine

v=bitcoin intrinsic value (USD)

To calculate, first, find the total number m of miners in the best case (all mines with the highest energy efficiency ratio). Second, divide the energy consumption of a single mine (in kWh) by the number of blocks found in an hour, then multiply the result by the cost per kW of electricity to find the energy cost per hour per min.

Finally, the lower bound of the intrinsic value generated by Bitcoin is the total system energy cost per block divided by the number of bitcoins generated per block. Substituting the data, according to the current situation, there are a total of 2,245,508 mining machines, the energy consumption of each mining machine is $0.019 kW / h, thus calculating the energy cost of generating a block is 42670 US dollars. Considering that the current block reward is 12.5 BTCs, the mining cost per BTC is $341.62.

With the continuous introduction of a new generation of mining machines, and other conditions remain unchanged, the mining cost of Bitcoin will continue to decrease due to the increase in energy efficiency of the new mining machine. The E10 mining machine is used above, and the E11 mining machine is also coming to the market, claiming to provide 44TH/s of computing power and energy consumption of 2.0kWh. Using this data calculation, in the most ideal case, the mining cost of Bitcoin can be reduced by half, only $1692.71. Of course, this is the electricity price of industrial prices. It is difficult to obtain the electricity fee miner of 0.01043 US dollars. Most miners and mines in China receive the mining electricity fee of 0.04468 US dollars to 0.07447 US dollars. The sharp increase in mining costs is a matter of nailing.

Therefore, many miners have turned their eyes to overseas. According to the RHY mines that have been deployed in the Middle East for many years, the RHY mine has received electricity costs as low as 0.02681 US dollars per kWh in the self-built mines in the Middle East. The electricity cost is higher than that of domestic mines. It is nearly half lower, which also attracts a large number of miners to choose mining machines such as mining machine leasing, cloud computing power and mining machine hosting on the RHY mine. Through low electricity bills, the mining cost is reduced, and then the richer mining is more abundant. Digging coins, this is already a new trend for miners to choose.

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