Editor | Hao Fangzhou
Editor | Hao Fangzhou
When people buy a product, they must ask, how much does it sell for? Likewise, when you decide whether to buy Bitcoin, the first question that pops into your mind is, how much is it? After seeing the price on the trading platform, you might ask the second question: why is the price so high? A barrage of questions followed: How much does Bitcoin cost to produce? Who is producing it? Can I dig too? ... These doubts can all be explained in the "Bitcoin Mining Research Report" was answered.
At the same time, we also hope to provide more specific data on this basis. For example, "How much does it cost to mine a bitcoin in different countries?"
According to the conclusions in our research report, the main cost (also variable cost) of Bitcoin mining is electricity expenditure. Knowing the cost of Bitcoin mining in different regions will help you choose where to deploy mining machines and avoid losses caused by currency price fluctuations.
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How is this picture calculated?
Our basic idea is to calculate the computing power required to dig out a bitcoin and the real power consumption per unit of computing power. Meanwhile, the data in the graph above is based on the following known conditions and assumptions:
The computing power of the whole network is 46.31EH/S at 14:30 on April 23, 2019;
On average, the Bitcoin system generates a block every ten minutes;
The current reward for each block is 12.5BTC, and the fee reward is 3.27% of the block reward;
The hardware parameters are the mainstream Antminer S9i mining machine in the market, with a computing power of 14T and a power of 1320W;
The cooling power consumption ratio is taken as 30%;
Electricity price reference in various countries and regionsGlobal Petrol Pricesdata.
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Instead of going to Iran, it's better to be in China
Yes, you read that right, China is the country with the lowest mining costs. But you will also find that China's electricity prices are segmented.
In the previous research report, we introduced that China's electricity prices are relatively complicated, and the distribution of power resources is uneven. The electricity price fluctuates between 0.06 and 0.5 yuan, so we divide it into three gears, and the corresponding mining electricity costs are $507.6, $1711.01, $4277.53.
According to official data, the mining cost corresponding to the average on-grid electricity price is 4562.7 US dollars, compared with the current bitcoin price of 5546.44 US dollars, which shows that mining in China is profitable even if 0.5 yuan is used as the electricity price.
As for Iran, the "mining paradise" that miners are thinking of, the cost of mining is even higher than the cost of China's medium electricity price.
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Distribution of mining pool computing power in different countries, source: Bloomberg New Energy Finance. Country refers to country of ownership
If you have any questions, please add WeChat (Little Parker: lmm662381) to communicate.
