Generating BitCoins now financially impractical due to power cost? - calculator...
The BitCoin client reports how many khash/sec it is performing. You can enter that figure into This Calculator to find out how long it should take to generate a block. Using one core on my Core2Duo Laptop would take 3060 days, 7 hours, 7 minutes on average. So that's approx. 30 watts, or 2,200kwh over 3060 days. At my local power rate that's about $420 worth of power. I'm not sure how GPUs perform in comparison - but would need to be about 8 times better than one 2GHz CPU @ 30 watts to be feasible. I guess the network has to be this way however to limit growth, and to cope with the potential of quantum computing in coming years to yield significant calculations per watt improvements. It's really quite analogous to mining a rare item - perhaps there's an analogy to peak oil in there somewhere, with the value of BitCoins increasing relative to the difficulty in producing them 'cept they don't go up in an irretrievable puff of smoke like oil does... Similarly, one does not dig for oil with a single shovel any more - my dual core laptop is a shovel. Made by Toshiba. :)
Noob Question: Is this acceptable? How long would it take? (New to this who BTC THING)
Im using diablo on a box with a Radeon 4850, getting about 34 MH/sec using BTCguild Is this good? How long would it take to get 1 BTC? Im a little dense so someone hold my hand to give me an idea where this is going?
At current state-of-the-art Bitcoin ASIC miner efficiency, the network hash rate will increase until it hits around 1243 PH/s (1,243,360 TH/s) (difficulty 168 billion)
We know the efficiency of the newest ASICs. Miners will keep adding capacity until their margins are fairly low, say 20% more than their electricity costs. Bitfury's new miner only uses 0.8J/GH (here it uses 1J/GH, but they're underclocking the chips in final devices to reach 0.8J/GH). With an electricity price of $0.1/kWh, that means miners want to make at least $0.12 per kWh spent. 0.8J / GH 1 kWh = 3600000 J So mining for one day at 1 GH/s at 0.8J / GH uses 3600*24*0.8J: 69120J / GH/s for 1 day which, in kWh, is: 0.0192 kWh / GH/s for 1 day so to spend 1 kWh per day we can mine at 1/0.0192 GH/s for 1 day: 1 kWh / 52 GH/s for 1 day Mining at 52 GH/s for 1 day currently makes $78.53 (at the next difficulty of 25.7M). So in order for it to only produce $0.12 (which miners are willing to go down to), network hash rate would have to increase by a factor of 78.53/0.012 = 6544 So at current ASIC efficiency (using Bitfury as an example), the difficulty will increase to 168 billion (168,000M) until miners' margins are 20% (at current BTC prices). This will bring the network hashrate up to 1243 PH/s (1,243,360 TH/s).
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