New Study Looks at the Cost to Mine BTC Across the Globe

Just recently the firm Crescent Electric Supply Company conducted a study that showed the cost of mining one single bitcoin in each state in the U.S. Since then the company’s subsidiary business Elite Fixtures took the research further by charting the cost to mine a single bitcoin in each country across the world.

The Cost to Mine a Single BTC Throughout 115 Different Countries

Many people are very interested in how cryptocurrency networks function, and a lot of people are especially curious about bitcoin mining as far as cost and where concentrations of miners reside. So the company Elitefixtures.com decided to conduct a study which mapped the cost to mine one single BTC throughout a vast majority of countries located within the globe. Elite looked at data across 115 different countries based on average electricity rates found in government data.

Elite then used the statistics from the Bitmain produced Antminer S7, the S9, and Canaan Creative’s Avalon 6. Then the firm calculated the number of days it would take to mine a single coin based on BTC difficulty throughout January of 2018. The Elite research team measured the cost of electricity and amount of power needed to produce one coin. According to the firm’s study, a single Antminer S9 consuming 17,773.344 kilowatts would need to mine for 548 days at peak performance to mine a single BTC. Canaan’s Avalon 6 would take 2194 days to produce one coin Elite details.

South Korea and Other Regions Show Mining BTC is Unsustainable

The company’s research reveals some interesting statistics on the most expensive and cheapest nation states to mine BTC. South Korea is the most expensive according to Elite’s figures as one single coin would cost $26,170 using the country’s power rates. Other areas in the world where it is really too expensive to mine bitcoins includes Solomon Island, Niue, Bahrain, and the Cook Islands.

Miners Thrive in Areas Like Venezuela and China  

Venezuela is the cheapest country to mine a BTC ($531 USD per coin) alongside countries with a lot of government subsidization for electricity resources. China is the 17th cheapest nation-state as it only costs 3,172 USD to mine a single bitcoin there. Other countries where the cost is super low for bitcoin miners to produce coins include Ukraine, Myanmar, Tobago, Uzbekistan, and Trinidad. Russian mining is cheap according to Elite’s data as it costs $4,675 to mine a single coin in Russia. Just a hair above that is the U.S. the 41st cheapest region to mine BTC with an average of $4,758 per coin. But some states in the U.S. are much cheaper to mine BTC like the cheapest state Louisiana which costs $3,224. However, in Hawaii its $9,483 per coin to mine BTC on the island.

It goes to show there are definitely regions across the globe where it’s very cheap to mine BTC but on the other hand there are areas where it’s not sustainable at all. With these types of metrics, its likely cheaper areas around the world will continue to see large concentrations of miners unless their government doesn’t approve the activity.

Source from: Bitcoin.com

Link: http://www.yksind.com/

Sixth Grader Writes a 57-Page Book About Bitcoin

An 11-year old named Andrew Courey from Massachusetts just published a book on bitcoin so the younger generation can grasp this emerging technology that’s been sweeping the globe. The sixth-grader considers himself an expert on bitcoin, and his 57-page book describes cryptocurrencies in a way his peers can understand.

A 57-Page Book About Mastering Bitcoin Written By a Sixth Grader

Andrew Courey is a middle school student from Massachusetts, and he hopes to earn $20Mn by the age of fourteen. Courey made an agreement with his parents who said if he earned $20Mn by then, he could drop out of school much like the bitcoin millionaire Erik Finman’s deal with his parents. So after countless hours of research and Youtube videos covering the subject of bitcoin Courey decided to write a book on the topic. The book called “Early Bird Gets The Bitcoin: The Ultimate Guide To Everything About Bitcoin,” is available on Amazon in both e-book form or as a paper copy.

The introduction states:

Today we will be learning about an online currency created by Satoshi Nakamoto, and by the end, you will become a master of bitcoin.

Courey’s dad is a tech investor and prompted Andrew to put his studies to good use by publishing a book about bitcoin in a more simplified manner.

“Anyone can learn about cryptocurrencies if they’re willing to spend 70 to 80 hours researching every source until they find a couple sources that make sense,” Andrew explains in a recent interview with CNBC. “The whole book, in the simplest terms, is very easy to read and simple to understand.”

Relatable Analogies

The sixth grader’s book tries to use relatable analogies to describe cryptocurrencies and blockchain technology. In order to explain a distributed ledger, Courey explains that a blockchain is similar to a public Google document that’s “shared with everyone and that can only be edited by buying or selling bitcoin.” Additionally, Courey says a digital currency wallet is comparable to a mailbox where only the owner has the keys. Courey describes a bitcoin wallet in his book noting:  

Imagine there is a mailbox — the mailman can drive the mail to any mailbox, but only the person with the key can access the mail.

The book covers concepts like wallets, mining, and other technologies tied to cryptocurrencies. Moreover, the book discusses the history of bitcoin, Initial Coin Offerings (ICO), and the ethereum protocol as well. At the end of each chapter Courey concludes with a fun fact about the specific subjects discussed in that section.

Source from: Bitcoin.com