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Topic: Transaction cost in kWh - page 5. (Read 5123 times)

legendary
Activity: 1260
Merit: 1019
October 01, 2014, 06:41:52 AM
#6
Processing transactions isn't the only thing accomplished by the Bitcoin network. To keep it brief, it's censorship-proof money.

Sorry. My English is poor. I understand that bitcoin network does some things (most of them are casino bets as shown on bc.i)
My questions are:
a) aren't the expenses too high comparing to the other systems? (I mean centralized money systems, not other crypto-currencies)
b) who pays?
legendary
Activity: 1260
Merit: 1019
October 01, 2014, 06:12:03 AM
#5
Quote
So the cost range for processing and securing one transaction(added - amaclin) 83.33kW is from $3.36 to $16.8.

Good!
Would you like to compare these digits with current Visa/MasterCard/FED/whatever expenses for tx proceeding?
And tell me - who is paying for resources Grin
vip
Activity: 1358
Merit: 1000
AKA: gigavps
October 01, 2014, 06:00:49 AM
#4
Is there a chart which shows estimated transaction cost in kWh?

I haven't seen one but this is a great way to think about total processing costs. Although, this doesn't account for any CAPEX or any other OPEX but it is still interesting.

How much bitcoin network at all (miners, nodes, lite clients) takes energy for transaction proceeding?

I'd assume 1kW per 1Th/s as some miners are above this and some are below.

Are there more correct estimations and time-graph?

So we'd have 250,000 kWh at 3k txns which == 83.33kW

Hosting arrangement range from $30kWm to $150kWm.

So the cost range for 83.33kW is from $3.36 to $16.8.

We are probably over secure at this point in time but the infrastructure is in place for the network to grow 10x in transaction size which existing mining infrastructure.
legendary
Activity: 1260
Merit: 1019
October 01, 2014, 05:49:57 AM
#3
There is a number on blockchain.info (I can't access it right now). I believe their assumed cost of electricity is a bit on the high side.

No. There is no such chart there.
Seems to me that I know why  Cry
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
October 01, 2014, 05:29:40 AM
#2
There is a number on blockchain.info (I can't access it right now). I believe their assumed cost of electricity is a bit on the high side.
legendary
Activity: 1260
Merit: 1019
October 01, 2014, 05:20:12 AM
#1
Is there a chart which shows estimated transaction cost in kWh?
How much bitcoin network at all (miners, nodes, lite clients) takes energy for transaction proceeding?

My calculations are too weak:
Current bitcoin difficulty hashrate is 250 000 000 GH/s
Modern asic miners do 1000 GH/s for 600 W
So, the whole network runs as 250 000 such devices
(In fact the current miners take more energy)
In an hour bitcoin network takes 150 000 kWh power and produces 3000 transactions
So, one transaction costs today at least 50 kWh (this is low estimate)

Are there more correct estimations and time-graph?
Thank you. Sorry, English is not my native language.
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