The cost of printing fiat money uses less resources than bitcoin mining (unless it's $14000 in 1 cent coins, then crypto mining uses less resources).
That money spent on mining the coin though is securing the chain and does well to ensure no counterfeit bitcoin can be introduced - I'd imagine the same system added to paper money would be a lot more expensive.
Topic: The cost of printing fiat money to BTC generation. - page 2. (Read 296 times)
The cost of printing fiat money can be whatever the central bank wants. For example, if the central bank decides to print a $10,000 dollar bill, the cost of printing $1 lowers. If the mint decides the value of the banknotes, they decide the cost of printing a unit of it as well.
The cost of producing a bitcoin can be measured in hashes per second. The more the mining, the higher the difficulty, which means the higher the cost.
The cost of producing a bitcoin can be measured in hashes per second. The more the mining, the higher the difficulty, which means the higher the cost.
With the equalization in value of one Bitcoin to $14,000 does it means both could consume same amount of resources since they amount to same value?
No. A car that costs $14,000 doesn't consume the same amount of resources as $14,000 in cash. 
Bitcoin has a max supply of 21 million. What's the max supply of Fiat? Lol.
Imagine being so bad at common sense that you can't even find something good to compare with Fiat.
Bitcoin is not generated from thin air, it's generated from blocks that miners mine as a reward.
Every Halving, that reward is getting less and less. Not increasing like your fiat which causes inflation.
Imagine being so bad at common sense that you can't even find something good to compare with Fiat.
Bitcoin is not generated from thin air, it's generated from blocks that miners mine as a reward.
Every Halving, that reward is getting less and less. Not increasing like your fiat which causes inflation.
We all know it takes a lot of resources such as money, time, efforts etc to print new paper notes (Fiat money), and I strongly believe same applies to generating BTC too.
But just to clear the air, between the very two which really takes a lot of resources to generate?
Let's say for example, one Bitcoin equals to $14,000. With the equalization in value of one Bitcoin to $14,000 does it means both could consume same amount of resources since they amount to same value?
But just to clear the air, between the very two which really takes a lot of resources to generate?
Let's say for example, one Bitcoin equals to $14,000. With the equalization in value of one Bitcoin to $14,000 does it means both could consume same amount of resources since they amount to same value?
You cannot compare. It's apples and oranges.
The price to mine one Bitcoin depends on various factors, but most important is the mining difficulty and that's something variable and not easy to understand. Even more, the price of bitcoin on the markets is not the mining price (nor the mining price + a known %). Halving, the increase of miners, the better and better hardware make difficulty and "mining price" be more and more expensive.
Now fiat. I don't know the official numbers and I'd guess that neither you do. Fiat money is printed multiple times. Old and partly destroyed money is replaced too. And destroying old money and re-printing is costly too, not only the printing of new banknotes.
Then, nowadays we use banks and cards. Since mining pretty much keeps almost the entire ecosystem running, it would be fair to somehow add all the fiat-relate part too. So: all the banks and their servers, then at very least VISA and Mastercard have to be added to the equation. Maybe even all the ATMs and PoS systems in shops (we can do the same for Bitcoin, but it won't change much). And it makes the numbers become significant, however, unknown.
So there are 2 numbers we don't know (maybe the numbers for Bitcoin can be guestimated). I let you compare them.
We all know it takes a lot of resources such as money, time, efforts etc to print new paper notes (Fiat money), and I strongly believe same applies to generating BTC too.
But just to clear the air, between the very two which really takes a lot of resources to generate?
Let's say for example, one Bitcoin equals to $14,000. With the equalization in value of one Bitcoin to $14,000 does it means both could consume same amount of resources since they amount to same value?
But just to clear the air, between the very two which really takes a lot of resources to generate?
Let's say for example, one Bitcoin equals to $14,000. With the equalization in value of one Bitcoin to $14,000 does it means both could consume same amount of resources since they amount to same value?
Bitcoin cannot be just printed, it has to be mined.
To cost to mine one bitcoin varies according to the cost of electricity. THe average cost to mine one bitcoin is around 30,000 USD, which is more than the currenct price now , according to Cointelegraph:
https://cointelegraph.com/news/30k-btc-price-has-severe-impact-on-bitcoin-miner-profits-analysis
Quote
“If depreciation and amortization charges are included then the cost basis for mining Bitcoin is at around $30K, basically at the same level as current bitcoin price.”
We all know it takes a lot of resources such as money, time, efforts etc to print new paper notes (Fiat money), and I strongly believe same applies to generating BTC too.
But just to clear the air, between the very two which really takes a lot of resources to generate?
Let's say for example, one Bitcoin equals to $14,000. With the equalization in value of one Bitcoin to $14,000 does it means both could consume same amount of resources since they amount to same value?
But just to clear the air, between the very two which really takes a lot of resources to generate?
Let's say for example, one Bitcoin equals to $14,000. With the equalization in value of one Bitcoin to $14,000 does it means both could consume same amount of resources since they amount to same value?
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