As the price of Bitcoin continues to soar, more and more people are joining the bitcoin mining industry. How long does it take for a bitcoin to be dug? How much power is the bitcoin mining machine?
How is Bitcoin produced?First, let's take a look at the “blockchainâ€. The core principle of Bitcoin is “blockchainâ€. Each block corresponds to a bill. Linking all the blocks is the blockchain, any transaction information and transfer records. Both are recorded in the blockchain. It should be noted that the blockchain exists throughout the Internet, so any Bitcoin holder is not worried about bitcoin losses.
At every other point in time, the Bitcoin system generates a random code on the system node. All computers on the Internet can look for this code. Whoever finds this code will generate a block and get a bitcoin. The process is what people often say about mining. Calculating this random code requires a lot of GPU computing, so miners buy massive graphics cards for faster bitcoin profit, which is an important reason for the recent shortage of graphics cards.
Some people say that there will be more and more bitcoin in this way, and finally there is no value at all? Nakamoto also thinks about this problem. There is also a mechanism in the Bitcoin system: that is, Bitcoin has a limited amount, and the total amount of the first four years will generate 10500000 BTC, which will be halved every four years, in the fourth year. In the 8th year, there will be 5.20000 BTC, in the 8th to 12th, only 2625,000 BTC, and so on. In the end, the total number of bitcoins generated is close to 21000000 BTC.
At present, a bitcoin is divided into 8 decimal places based on the current data structure, which is 0.00000001BTC. The miners who dig into the smallest bitcoin are 0.00000001BTC.
Popularly speaking, Bitcoin is like a Jinshan consisting of a total of 21 million gold coins. To get it, players need to use the computer's computing power to calculate a set of numbers according to the existing rules. .
Of course, these math problems are becoming more and more difficult with the increase of existing bitcoins.
Why does Bitcoin produce value?In fact, the problem itself is wrong. As mentioned above, any currency itself has no value. Only a sufficient number of people believe in money, which will cause the currency to produce "value", and this "value" is quoted. of. But now many people believe that Bitcoin can bring wealth to them, so Bitcoin has produced "value."
Let's review the characteristics of Bitcoin.
1, the total amount is limited, only 21000000BTC
2, anyone can issue bitcoin, but the issue is getting more and more difficult
3. It is safer than the central bank's currency and can hardly be stolen.
4. The transaction process is completely anonymous and cannot be tracked.
Based on the above advantages, more and more people are willing to convert their wealth into equivalent bitcoin, and at the same time cancel the legal currency representation of these wealth, so the bitcoin price begins to rise. The more people believe in Bitcoin, the more fierce Bitcoin prices will rise. Of course, the bitcoin skyrocketing 21,000 yuan in the past few days and falling to 17,000 yuan is a speculative speculation. The long-term advantage of bitcoin is that it cannot be controlled by speculation. In the end, bitcoin will be relatively stable in the total value of wealth it truly represents. But, at this stage, the price fluctuation of Bitcoin is still too intense.
From the performance of bitcoin at this stage, bitcoin has low liquidity and high liquidity risk, so it cannot effectively fulfill the three basic functions of currency trading medium, pricing unit and value storage, and cannot become a real currency.
Coupled with the limited total number of bitcoins, deflation will become more and more serious. Imagine replacing Bitcoin with global currency. If a person has 10,500,000 BTC, he will own half of the world's property in the years to come! And be aware that this wealth is permanent. So it is completely impossible for Bitcoin to completely replace the currency.
How long does a bitcoin have to dig?China's computing power has accounted for more than 75% of the world, which means that 75% of the world's bitcoin is made in China. So how long does a bitcoin have to dig?
Once the bitcoin was very good, "digging", ordinary computer CPU can be completed, just download the software to automatically "solve". However, as the price of the currency rises, more and more people want to “solve the problemâ€, and the difficulty of mining is getting bigger and bigger. Now the amount of calculations that need to be spent on digging a bitcoin is simply not affordable. Or ordinary computers don’t think about it.
According to industry insiders, in 2014, the electricity cost of 500,000 yuan per day will produce 100 bitcoins, and the cost of electricity alone will be 5,000 yuan per piece. But now, the same cost has more than doubled, and the cost of electricity per bitcoin is as high as 10,000 yuan.
In the bitcoin production mechanism, the mining reward is decremented. At the beginning of the birth of Bitcoin, every time a book was booked, the miners could get 50 bitcoins, and then a page rewarded 25, which was successively decremented. Just like digging gold, I started to dig more and then less and less. Each time a new bonus is reduced by half, it is called halving bitcoin production.
Assume that the mining calculation capacity is 100Mhash/s. In 2014, the total computing power is 4000Ghash/s per day, and 3600 bitcoins are dug every 24 hours.
Now, we can understand the difficulty of digging bitcoin in this way, equivalent to 100 million dice throwing out less than 100 million 50, whoever throws it first, who gets the billing right. At this time, 100 million and 50 is a hash value. The process of throwing a dice is called a hash collision, and the unit of mining power is how many hash collisions per second.
At present, Bitcoin's total network computing power reaches 2.36 trillion hash collisions per second, which is equivalent to the number of water droplets in more than 200,000 50-meter-long standard swimming pools. But even with such a large amount of computing power, it takes about 10 minutes to collide with a hash value that meets the requirements.
Bitcoin has become more and more difficult to dig. Due to the influx of a large number of mining machines, bitcoin has been dug more than 80%, leaving less than one-fifth of the bitcoin has not been dug up. The total amount of bitcoin is 21 million, and now 16.8 million have been dug up, and there are about 4.2 million bitcoins. And the more difficult it is to dig later, the price is bound to rise. But at the beginning of 2018, the price of bitcoin fluctuated, but there are still many people to buy. It is precisely because the number of bitcoins is getting less and less, and more and more mining machines have caused the global power consumption to be amazing. Let's take a look at it.
At present, the power consumption of bitcoin mining far exceeds the electricity consumption of all electric vehicles in the world.
Morgan Stanley's latest report predicts that bitcoin's electricity demand is expected to triple in 2018, with one year of electricity equivalent to Argentina's national electricity demand for one year.
Analysts at the bank predict that bitcoin mining may consume more than 125 terawatt hours this year, and global electric vehicles will not reach this level by 2025. In a research report released last Wednesday, Morgan Stanley estimated that Bitcoin used 36 terawatt-hours of electricity last year, equivalent to the annual electricity consumption in Qatar.
In contrast, Fortune analysts found that all Tesla cars that have already been on the road (according to Tesla's statistics show that there were about 280,000 vehicles by the end of 2017), last year's power consumption may be less than 1.3. Taiwa time. According to the report to the US Environmental ProtecTIon Agency, according to the median mileage calculation rate of Tesla Model 3 and Model S cars, it is assumed that each car has a mileage of 15,000 miles. The national average in the United States uses 30 kWh per 100 miles.
This means that the power consumption of Bitcoin produced last year is 29 times that of all Tesla cars on the road today.
A netizen named Frank99 posted a similar calculation at Tesla's online discussion forum. He wrote: "This is crazy."
In 2016, the electricity consumption of all electric vehicles in the world was about 6 TWh.
The power consumption of bitcoin mining is so high because the production of each new bitcoin requires a high-power computer to perform the encryption process to solve complex mathematical problems. Mining calculations are used to verify bitcoin transactions in the digital general ledger blockchain to ensure security; but their disadvantage is that energy consumption is very large. (People think that most other cryptocurrencies are using much less electricity than Bitcoin.)
Morgan Stanley estimates that the cost of producing a bitcoin is between $3,000 and $7,000, including energy and hardware costs. Last Thursday afternoon, the price of a bitcoin was about $13,500, a sharp drop from the highest point of nearly $20,000 last month.
Morgan Stanley analysts said in the research report: "Despite this, according to the current bitcoin price, the profit of bitcoin mining is still very impressive. If the cryptocurrency continues to appreciate, we expect that the global mining power consumption will still be increase."
But analysts have yet to find a correlation between bitcoin prices and electricity costs, which means that cryptocurrency investors do not consider their actual production costs when buying bitcoins. This also means that although cryptocurrency prices are unusually volatile and even sensitive to mining company information, bitcoin prices are unlikely to be affected by energy price volatility.
Morgan Stanley analysts said: "We believe that in the near term, the value of cryptocurrency will not be driven by electricity costs. In 2017, the price of cryptocurrency does not seem to be based entirely on fundamentals."
However, bankers have provided a proposal for power companies to use cryptocurrencies to push up their stock prices. Analysts concluded: "Perhaps global utility companies should start accepting bitcoin payments."
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