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Bitcoin Mining Costs Vary by Region
To perform a cost calculation to understand how much power it takes to create bitcoin, first, you’d need to know electricity costs where you live. In 2017, the Crescent Electric Supply Company did a state-by-state breakdown of how much it costs to mine a single bitcoin. Louisiana came in as the cheapest location at $3,224, while Hawaii was the most expensive at $9,483. As of September 2018, bitcoin’s exchange rate was valued at about $6,700 for a single bitcoin, which shows that doing the work in an area where energy costs are very low is important to make the practice worthwhile.
Calculating the Cost
There are lots of different bitcoin mining computers out there, but many companies have focused on Application-Specific Integrated Circuit (ASIC) mining computers, which use less energy to conduct their calculations. Mining companies that run lots of ASIC miners as businesses claim they use one watt of power for every gigahash per second of computing performed when mining for bitcoins.
At this rate, the bitcoin network runs at 342,934,450 watts — roughly 343 megawatts. Calculations based on EIA data reveal that the average U.S. household consumes about 1.2 kilowatts of power, meaning that 343 megawatts would be enough to power 285,833 U.S. homes.
That’s quite a lot of energy — for a frame of reference, that equates to about a third of the homes in San Jose, California. Since 1 watt per gigahash/second is pretty efficient, it’s likely that this is a conservative estimate. Also, a large number of residential users take more power to run their miners.
BITCOIN may be a useful way to send and receive money, but cryptocurrency doesn’t come for free. The community of computer-based miners that create bitcoins uses vast quantities of electrical power in the process. The electric resource-heavy process has led some experts to suggest that bitcoin isn’t very environmentally friendly. Therefore, using SOLAR ENERGY to mine Bitcoin is considered more suitable for people.
To conclude, a Bitcoin mining calculator can give you a much better idea about your potential to run a profitable mining operation. Remember, however, that some factors such as Bitcoin’s price and mining difficulty, change every day and can have dramatic effects on profitability, so it’s important to conduct up to date calculations when needed. Unless there is a substantial Bitcoin tech shift, this is very likely to remain the same. Just one Bitcoin is valued at about $9,100, in the time of writing, but mining which may cost less. In the long run, purchasing Bitcoin right at least gives you something for the money instantly. How to use this HashPower calculator? To use this calculator just input your mining hardware hashing power and it will automatically convert to all other units. For example the current network hashrate of Bitcoin is 40 EH/s (Exa hashes per second). To convert this value in to TeraHash or PetaHash or GigaHash you can use this tool. So why convert? Find out what your expected return is depending on your hash rate and electricity cost. Find out if it's profitable to mine Bitcoin, Ethereum, Litecoin, DASH or Monero. Do you think you've got what it takes to join the tough world of cryptocurrency mining? Bitcoin Mining Calculator. Got your shiny new ASIC miner? Wondering when it will pay off? If you enter your hash rate below, this page will calculate your expected earnings in both Bitcoins and dollars over various time periods (day, week, and month).
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