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Kanye West and Drake working together on a song for Ye’s new album is a big deal … but it seems like the 2 hip-hop icons are teaming up in Wyoming for a whole lot more. Sources in Jackson Hole tell TMZ … both rappers are staying at the…
Tommy Lee still might not be over getting punched by his son … but at least it looks like his face is back to normal. The retired rock star was spotted out in Woodland Hills Friday — with his fiancee Brittany Furlan — for the first time since he…
Unlike most people, Seal Beach resident Tom Hazelleaf took the time to read the contract when he recently received a new MasterCard.
The card, issued by Capital One, includes the benefit of being compensated “for losses you incur as a result of identity fraud,” which the agreement declares clearly…
Just recently the firm Crescent Electric Supply Company conducted a study that showed the cost of mining one single bitcoin in each state in the U.S. Since then the company’s subsidiary business Elite Fixtures took the research further by charting the cost to mine a single bitcoin in each country across the world.
Also read: New Plant to Assemble Mining Rigs in Belarus
The Cost to Mine a Single BTC Throughout 115 Different Countries
Many people are very interested in how cryptocurrency networks function, and a lot of people are especially curious about bitcoin mining as far as cost and where concentrations of miners reside. So the company Elitefixtures.com decided to conduct a study which mapped the cost to mine one single BTC throughout a vast majority of countries located within the globe. Elite looked at data across 115 different countries based on average electricity rates found in government data.
Elite then used the statistics from the Bitmain produced Antminer S7, the S9, and Canaan Creative’s Avalon 6. Then the firm calculated the number of days it would take to mine a single coin based on BTC difficulty throughout January of 2018. The Elite research team measured the cost of electricity and amount of power needed to produce one coin. According to the firm’s study, a single Antminer S9 consuming 17,773.344 kilowatts would need to mine for 548 days at peak performance to mine a single BTC. Canaan’s Avalon 6 would take 2194 days to produce one coin Elite details.
South Korea and Other Regions Show Mining BTC is Unsustainable
The company’s research reveals some interesting statistics on the most expensive and cheapest nation states to mine BTC. South Korea is the most expensive according to Elite’s figures as one single coin would cost $ 26,170 using the country’s power rates. Other areas in the world where it is really too expensive to mine bitcoins includes Solomon Island, Niue, Bahrain, and the Cook Islands.
Miners Thrive in Areas Like Venezuela and China
Venezuela is the cheapest country to mine a BTC ($ 531 USD per coin) alongside countries with a lot of government subsidization for electricity resources. China is the 17th cheapest nation-state as it only costs 3,172 USD to mine a single bitcoin there. Other countries where the cost is super low for bitcoin miners to produce coins include Ukraine, Myanmar, Tobago, Uzbekistan, and Trinidad. Russian mining is cheap according to Elite’s data as it costs $ 4,675 to mine a single coin in Russia. Just a hair above that is the U.S. the 41st cheapest region to mine BTC with an average of $ 4,758 per coin. But some states in the U.S. are much cheaper to mine BTC like the cheapest state Louisiana which costs $ 3,224. However, in Hawaii its $ 9,483 per coin to mine BTC on the island.
It goes to show there are definitely regions across the globe where it’s very cheap to mine BTC but on the other hand there are areas where it’s not sustainable at all. With these types of metrics, its likely cheaper areas around the world will continue to see large concentrations of miners unless their government doesn’t approve the activity.
What do you think about Elite Fixture’s study? How much does it cost to mine a single BTC in your country? Let us know in the comments below.
Images via Bitmain, Elite Fixtures, and Crescent Electric Supply Company
The post New Study Looks at the Cost to Mine BTC Across the Globe appeared first on Bitcoin News.
The European Union is preparing to hit back against President Donald Trump’s proposed tariffs on steel and aluminum, sending a message that the bloc has the authority and experience to fight protectionism from Washington.
WSJ.com: What’s News Europe
At first glance, authorities saw what they thought was an abandoned trailer and a large plywood box amid a sea of trash in Joshua Tree, Calif. On second glance, they realized this was the shelter of three children, ages 11, 13, and 14, and their parents. Mona Kirk, 51, and…
Over the past few months, the U.S. government and its special agencies have been ramping up their efforts to try to regulate bitcoin and digital currencies. This week the Justice Department’s Deputy Attorney General Rod Rosenstein spoke about cryptocurrencies at the Financial Services Roundtable this Monday in Washington, DC.
The Justice Department’s Cybercrimes Task Force Will Develop a Cryptocurrency Focused Strategy
According to multiple reports, the Justice Department is planning to launch a comprehensive strategy for cryptocurrencies. In a caucus filled with American bankers, Deputy Attorney General Rod Rosenstein said cryptocurrencies are a “new challenge” and the agency is planning on tending to the issue soon. At the Financial Services Roundtable Rosenstein discussed the subject of cryptocurrencies with Governor Tim Pawlenty (R-MN).
“A new challenge we face of course is cryptocurrency, because a lot of these schemes involve Bitcoin and other cryptocurrencies, which do not flow through the traditional financial systems,” Rosenstein reveals.
So what we’re working on now with our cybercrimes task force within the department is an effort to develop a comprehensive strategy to deal with that.
Digital Currencies and Encryption With No Means of Access
The Justice Department has recently dealt with bitcoin and other cryptocurrencies late last year during the investigation of the alleged BTC-e exchange operator. Further back in October of 2017 Rosenstein discussed the subject of digital currencies that were used in a fentanyl case that involved Chinese traffickers who used the internet to sell their wares. That month the Deputy Attorney spoke about encryption to a large crowd in Annapolis, Maryland asking for “responsible encryption.”
“When encryption is designed with no means of lawful access, it allows terrorists, drug dealers, child molesters, fraudsters, and other criminals to hide incriminating evidence,” explains Rosenstein.
What do you think about Deputy Attorney General Rod Rosenstein and the Justice Department’s idea to come up with a cryptocurrency strategy? Let us know what you think in the comments below.
Images via: Shutterstock, Associated Press, and Wiki Commons.
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The post Justice Dept Looks to Develop ‘Cryptocurrency Strategy’ appeared first on Bitcoin News.
Blac Chyna says a new sex tape floating around featuring a woman who’s the spitting image of her is just that … a spitting image, but it ain’t her. An out of focus, 13-minute video surfaced online just a day after Chyna’s oral sex vid with…
China’s President Xi Jinping is turning to a trusted political ally who ran his potent anticorruption campaign to help manage the critical but fraught relationship with the U.S. as trade tensions escalate, according to officials familiar with the leadership’s thinking.
WSJ.com: What’s News Asia
Sumaya Bairuty walked through abandoned streets pocked with shell craters amid rows of destroyed buildings, at times climbing over giant sand barriers before reaching her parent’s apartment in Homs. The 38-year-old English-language teacher, who works in Damascus, visits by bus once a week to spend two days with her parents,…