abbreviation for BLAZE THAT CHRONIC. a term used by sp gangsters to express what they are going to do in their free time. BTC is generally a good thing to.
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- 'HODL,' 'whale' and 5 other cryptocurrency slang terms explained
- B.T.C. - What Does B.T.C. Abbreviation Mean?
If this information is correct, the bitcoin network in consumes gigawatts GW per second. This converts to about 63 terawatt-hours TWh per year. This staggering amount of power is the equivalent of million horses 1. Regardless of the number of miners, it still takes 10 minutes to mine one Bitcoin.
At seconds 10 minutes , all else being equal it will take 72, GW or 72 Terawatts of power to mine a Bitcoin using the average power usage provided by ASIC miners. One watt per gigahash per second is fairly efficient, so it's likely that this is a conservative estimate since a large number of residential miners use more power.
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Media outlets and bloggers have produced various estimates of the electrical energy used in bitcoin mining, so the accuracy of reported power use is sketchy, at best. To perform a cost calculation to understand how much power it would take you to create a bitcoin, you'd first need to know electricity costs where you live and the amount of power you would consume.
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More efficient mining equipment means less power consumption, and less power consumption means lower power bills. The lower the price of electricity, the less cost there is to miners—thus increasing the value of the Bitcoin to miners in lower-cost areas after accounting for all the costs associated with setup.
'HODL,' 'whale' and 5 other cryptocurrency slang terms explained
Bitcoin's exchange rate has fluctuated wildly throughout its history—but as long as it's price stays above the cost to produce a coin, doing the work in an area where energy costs are very low is important to make the practice worthwhile. The price placed on bitcoin in terms of energy consumption, and thus environmental impact, depends on how useful it's going to be to society.
This then begs the question—if bitcoin continues to rise in popularity and price, how much more power will be consumed, and will it ultimately be worth the environmental cost? Table of Contents Expand. Table of Contents.
Powered by the People. Calculating the Cost. Costs Vary by Region. The Real Cost. By Full Bio Follow Linkedin. Follow Twitter. Danny Bradbury wrote about bitcoin and other cryptocurrencies for The Balance.
B.T.C. - What Does B.T.C. Abbreviation Mean?
He has won awards for his investigative reporting on cybercrime. Read The Balance's editorial policies.
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