Bitcoin GOLD BTG Network Hashrate Chart - 2Miners

How much would I have to spend to profitably mine bitcoin?

Currently (Nov. 28th 2017.) annual net earnings just with one Antminer s9 in Serbia is 8.986 USD.
As an investor or small/middle size miner you should consider: the price of bitcoin, investment for mining equipment and the price of electricity.
Superb mining equipment are ASIC processors specially made for bitcoin and alternative (all other) coins mining.
Currently (Nov. 2017.) for mining the bitcoin the best ASIK processor in the world is Antminer s9. It cost from $1.500 up to $3.500. The price varies depending on the series (each subsequent series has better performance), where it is bought (it's a big difference if you buy it directly from the manufacturer or via eBay or Amazon), shipping costs (can be from $0-200) and power supply unit cost from $105 to $200.
The cheapest electricity in Europe is in Serbia. 0,065 € (≈0,077 USD)
Source: Eurostat._YB16.png) (Eurostat is a statistical office of the European Union located in Luxembourg).
One of the essential heritage of communism that has remained in Serbia is that the price of electricity is a social category. So, in Serbia, unlike the rest of the world (perhaps in the communist countries), it is a cheaper electrical cost for domestic households than for the industry.
I decided to pinpoint exactly how much it would electricity cost if 2 Antminers s9 were mining 24/7 365 days a year. The calculation is based on Serbian Dinars. The final value is in US Dollars.
In Serbia, there are 3 zones of electricity categories depending how much of power do you consume per 30 days accounting period: green (0-350 KWh) blue (351 KWh-1.600 KWh) and red zone (more than 1.600KWh). Each zone has own price range. Each zone has night ( lower) and day ( higher) price. Night prices are calculated from 11pm-6am for each zone. Meaning, 16 hours (66,66%) during a day processor will consume higher priced el.energy and 8 hours ( 33,33%) lower priced el.energy.
One Antminer s9 processor consumes 1.400W = 1,4 KW x 24h = 33,6KW / h consumed in one day.
So two processors consume 67,2 KW / h / day
Green zone is up to 350 KWh. So, 350 KWh: 67,2 KWh / per day = 5,2083 days
5,2083 days x 24h = 124,9992 h.
33,33% of 124,9992 h = 41,6622h (lower price hours) x 1,419din. (lower price of el. in the green zone) = 59,1187 din.
66,66% of 124,9992 h = 83,3244 h (higher price hours) x 5,962din. (higher price of el. in green zone) = 496,7804 din.
The blue zone is from 350 KW to 1.600KW
1.600 KW-350 KW = 1.250 KW (the amount of electricity that can be spent in the blue zone price range)
1250KW: 67,2 KWh / per day = 18,6011 days
18,6011 days x 24h = 446,4264 h.
33,33% of 446,4264 h = 148,7939 h (lower price hours) x 2,236din. (lower price of el.price in blue zone) = 332,7032 din.
66,66% of 446,4264 h = 297,5878 h (higher price hours) x 8,943din.(higher price of el.price in blue zone) = 2.661,3280 din.
Red Zone
It remains 6,2 days in the red zone
The number of days spent in the green zone is 5,2
+
The number of days spent in the blue zone is 18,6
23,8 days spent
Calculation period 30 days -23,8 = 6,2 days in the red zone
6,2 x 24h = 148,8h
33,33% of 148,8h = 49,5950h (lower price hours) x 4,472din. (lower price of el. coast in the red zone) = 221,7890 din.
66,66% of 148,8h = 98,208h (higher priced hours) x 17,887din. (higher price of el.cost in the red zone) = 1.756,6464 din.
…………In total: 5.528,3657 dinars( basic amount for tax calculation)…………….
Tax calculation
Note: Some tax I can't translate literary or it is to long for translation, so I have named them Fixed Tax
-Basic amount: ……………………………………......... 5.528,3657 din.
-Fixed Tax : 11,04 KW x 48,552 din.: …………...+ 536,01 din.
-Fixed Tax: …………………………………………........... + 132,76 din.
-Total: …………………………………………..........….…… 6.197,1357 din.
-5% discount on regularity of payment: .....… - 309,8567 din.
-Total: ……………………………………………….........…. 5.887,279 din.
-Tax for green energy: …………………….....……… + 187,48 din.
-Total: ……………………………………………........……. 6.074,767 din.
-Excise (7,5%): ……………………………….....……… +455,6075 din.
-Total: …………………………………………….........…… 6.530,3745 din.
-VAT (20%): ………………………………….....……… +1.306,0749 din.
-Total: …………………………………………….........…… 7.836,4494 din.
-Nacional Television Tax: ………….......…………….. 150,00 din.
……… Grand total: 7.986,4494 din. ≈79,45 $ …………………………….
The exact price KWh for a given period is only 3,9615 din. ≈ 0,039 $
Official National Bank of Serbia exchange rate for Nov. 28th, 2017.
7.986,4494 din : 2.016KWh (total el. power consumption for 30 days) = 3,9615 din. ≈$0,039 per kilowatt/hour. In this way, it is actually cheaper than the average price in China, India or UAE. I'll never complain again about el.price in my country. Worldwide electricity price by region, source: statista.com
The profitability of mining bitcoin ( and other altcoins) is calculated with the power consumption calculator. Simply, chose the coin ( in this case bitcoin) enter the hash power of processor ( in this case 14 TH) and el. coast ( in this case 0,039 USD). When you put all this data, you are making just with 1 Antminer s9 $8,986 in Serbia. Power consumption calculator. Source: cryptocompare.com
Now we can do a little investment brainstorming.
Let's say you rent 10 apartments and in each, you will put two S9s. Rent in Serbia (not in Belgrade) for a flat on less attractive location, is $ 110 (can be even less), x 10 apartments that will cost you $1.100 a month.
The Internet per month is $12 x 10 flats = $120
Electricity per month is $79,45 x 10 flats = $794,5
Since this is a serious investment and business, you need 3 people (8 hours shift) for monitoring the processors pay the bills preventing possible stilling, just to make sure everything goes smoothly. The salary per person is $300, so monthly is $900. For these three persons, you can rent an apartment from where they will monitor the processors, which is an additional $ 200 per month (maybe even less).
Monthly expenses are 3.114,5 $
2 Antminers s9 are making (with current bitcoin mining difficulty, block size and price rate) $1.477,3 x 10 flats = $14.773 per month
Month Net Profit: $11.658,5 x 12 months = $139.902 Annual Net Profit
The variable cost is purchasing price of Antminer s9. From $ 1.500 to $ 3.500 (customs, delivery charges, where do you bay). We need 20 Antminers x $3.500 = $70.000
In a year (at the current bitcoin price) the gross profit is $139.902 - $70.000 ( purchasing price for 20 Antminer s9) = Net profit: $ 69.902 in the first year.
The costs could be further reduced:
~~ If you pay in advance ( 6 months or 1 year ) rant
~~ The price of an Antminer s9 is cheaper in a larger quantity order,
~~ I am not sure but, I spouse you can have better price from internet provider for large internet packet
Why two Antminers s9? Under the law, EPS ( Serbian state electrical company) is required to provide up to 30.000KWh annually to each household. The two Antminers S9 spend 24.192KWh yearly.
…..and there is more to talk about this subject.
So, if you have someone in Serbia I wish you all the best. Call me for dinner ( at least you owe me that :)) .
Or, if you are interested in this and you don’t have contacts in Serbia, you can contact me about this project. [email protected]
Stay happy,
Lazar
submitted by _TETRISMANIA to BitcoinMining [link] [comments]

With $10k Make $20k Net Profit a year. Invest in Bitcoin Mining in Serbia.

Currently (Nov. 28th 2017.) annual net earnings just with one Antminer s9 in Serbia is 8.986 USD.
As an investor or small/middle size miner you should consider: the price of bitcoin, investment for mining equipment and the price of electricity.
Superb mining equipment are ASIC processors specially made for bitcoin and alternative (all other) coins mining.
Currently (Nov. 2017.) for mining the bitcoin the best ASIK processor in the world is Antminer s9. It cost from $1.500 up to $3.500. The price varies depending on the series (each subsequent series has better performance), where it is bought (it's a big difference if you buy it directly from the manufacturer or via eBay or Amazon), shipping costs (can be from $0-200) and power supply unit cost from $105 to $200.
The cheapest electricity in Europe is in Serbia. 0,065 € (≈0,077 USD)
Source: Eurostat._YB16.png) (Eurostat is a statistical office of the European Union located in Luxembourg).
One of the essential heritage of communism that has remained in Serbia is that the price of electricity is a social category. So, in Serbia, unlike the rest of the world (perhaps in the communist countries), it is a cheaper electrical cost for domestic households than for the industry.
I decided to pinpoint exactly how much it would electricity cost if 2 Antminers s9 were mining 24/7 365 days a year. The calculation is based on Serbian Dinars. The final value is in US Dollars.
In Serbia, there are 3 zones of electricity categories depending how much of power do you consume per 30 days accounting period: green (0-350 KWh) blue (351 KWh-1.600 KWh) and red zone (more than 1.600KWh). Each zone has own price range. Each zone has night ( lower) and day ( higher) price. Night prices are calculated from 11pm-6am for each zone. Meaning, 16 hours (66,66%) during a day processor will consume higher priced el.energy and 8 hours ( 33,33%) lower priced el.energy.
One Antminer s9 processor consumes 1.400W = 1,4 KW x 24h = 33,6KW / h consumed in one day.
So two processors consume 67,2 KW / h / day
Green zone is up to 350 KWh. So, 350 KWh: 67,2 KWh / per day = 5,2083 days
5,2083 days x 24h = 124,9992 h.
33,33% of 124,9992 h = 41,6622h (lower price hours) x 1,419din. (lower price of el. in the green zone) = 59,1187 din.
66,66% of 124,9992 h = 83,3244 h (higher price hours) x 5,962din. (higher price of el. in green zone) = 496,7804 din.
The blue zone is from 350 KW to 1.600KW
1.600 KW-350 KW = 1.250 KW (the amount of electricity that can be spent in the blue zone price range)
1250KW: 67,2 KWh / per day = 18,6011 days
18,6011 days x 24h = 446,4264 h.
33,33% of 446,4264 h = 148,7939 h (lower price hours) x 2,236din. (lower price of el.price in blue zone) = 332,7032 din.
66,66% of 446,4264 h = 297,5878 h (higher price hours) x 8,943din.(higher price of el.price in blue zone) = 2.661,3280 din.
Red Zone
It remains 6,2 days in the red zone
The number of days spent in the green zone is 5,2
+
The number of days spent in the blue zone is 18,6
23,8 days spent
Calculation period 30 days -23,8 = 6,2 days in the red zone
6,2 x 24h = 148,8h
33,33% of 148,8h = 49,5950h (lower price hours) x 4,472din. (lower price of el. coast in the red zone) = 221,7890 din.
66,66% of 148,8h = 98,208h (higher priced hours) x 17,887din. (higher price of el.cost in the red zone) = 1.756,6464 din.
…………In total: 5.528,3657 dinars( basic amount for tax calculation)…………….
Tax calculation
Note: Some tax I can't translate literary or it is to long for translation, so I have named them Fixed Tax
-Basic amount: ……………………………………......... 5.528,3657 din.
-Fixed Tax : 11,04 KW x 48,552 din.: …………...+ 536,01 din.
-Fixed Tax: …………………………………………........... + 132,76 din.
-Total: …………………………………………..........….…… 6.197,1357 din.
-5% discount on regularity of payment: .....… - 309,8567 din.
-Total: ……………………………………………….........…. 5.887,279 din.
-Tax for green energy: …………………….....……… + 187,48 din.
-Total: ……………………………………………........……. 6.074,767 din.
-Excise (7,5%): ……………………………….....……… +455,6075 din.
-Total: …………………………………………….........…… 6.530,3745 din.
-VAT (20%): ………………………………….....……… +1.306,0749 din.
-Total: …………………………………………….........…… 7.836,4494 din.
-Nacional Television Tax: ………….......…………….. 150,00 din.
……… Grand total: 7.986,4494 din. ≈79,45 $ …………………………….
The exact price KWh for a given period is only 3,9615 din. ≈ 0,039 $
Official National Bank of Serbia exchange rate for Nov. 28th, 2017.
7.986,4494 din : 2.016KWh (total el. power consumption for 30 days) = 3,9615 din. ≈$0,039 per kilowatt/hour. In this way, it is actually cheaper than the average price in China, India or UAE. I'll never complain again about el.price in my country. Worldwide electricity price by region, source: statista.com
The profitability of mining bitcoin ( and other altcoins) is calculated with the power consumption calculator. Simply, chose the coin ( in this case bitcoin) enter the hash power of processor ( in this case 14 TH) and el. coast ( in this case 0,039 USD). When you put all this data, you are making just with 1 Antminer s9 $8,986 in Serbia. Power consumption calculator. Source: cryptocompare.com
Now we can do a little investment brainstorming.
Let's say you rent 10 apartments and in each, you will put two S9s. Rent in Serbia (not in Belgrade) for a flat on less attractive location, is $ 110 (can be even less), x 10 apartments that will cost you $1.100 a month.
The Internet per month is $12 x 10 flats = $120
Electricity per month is $79,45 x 10 flats = $794,5
Since this is a serious investment and business, you need 3 people (8 hours shift) for monitoring the processors pay the bills preventing possible stilling, just to make sure everything goes smoothly. The salary per person is $300, so monthly is $900. For these three persons, you can rent an apartment from where they will monitor the processors, which is an additional $ 200 per month (maybe even less).
Monthly expenses are 3.114,5 $
2 Antminers s9 are making (with current bitcoin mining difficulty, block size and price rate) $1.477,3 x 10 flats = $14.773 per month
Month Net Profit: $11.658,5 x 12 months = $139.902 Annual Net Profit
The variable cost is purchasing price of Antminer s9. From $ 1.500 to $ 3.500 (customs, delivery charges, where do you bay). We need 20 Antminers x $3.500 = $70.000
In a year (at the current bitcoin price) the gross profit is $139.902 - $70.000 ( purchasing price for 20 Antminer s9) = Net profit: $ 69.902 in the first year.
The costs could be further reduced:
~~ If you pay in advance ( 6 months or 1 year ) rant
~~ The price of an Antminer s9 is cheaper in a larger quantity order,
~~ I am not sure but, I spouse you can have better price from internet provider for large internet packet
Why two Antminers s9? Under the law, EPS ( Serbian state electrical company) is required to provide up to 30.000KWh annually to each household. The two Antminers S9 spend 24.192KWh yearly.
…..and there is more to talk about this subject.
So, if you have someone in Serbia I wish you all the best. Call me for dinner ( at least you owe me that :)) .
Or, if you are interested in this and you don’t have contacts in Serbia, you can contact me about this project.
Stay happy,
Lazar
submitted by _TETRISMANIA to InvestInIdeas [link] [comments]

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curve,.,bitcoin,.,miners,.,gh/s,.,bitcoin,.,th/s,.,bitcoin,.,th/s,.,bitcoin,.,miner,.,mh/s,.,bitcoin,.,1th/s,.,bitcoin,.,miner,.,10th/s,.,bitcoin,.,miner,.,20th/s,.,bitcoin,.,miner,.,bitcoin,.,trading,.,bitcoin,.,to dollar,.,bitcoin,.,transaction,.,bitcoin,.,to £,.,bitcoin,.,ticker,.,bitcointalk,.,bitcoin,.,transaction fee,.,bitcoin,.,t shirt,.,bitcoin,.,t shirt uk,.,bitcoin,.,t shirt india,.,bitcoin,.,t shirt store,.,alpha-t,.,bitcointalk,.,bb&t,.,bitcoin,.,t-110,.,bitcoin,.,mining system,.,bitcoin,.,miner t720,.,bitcoin,.,usd,.,bitcoin,.,uk,.,bitcoin,.,unlimited,.,bitcoin,.,unconfirmed transaction,.,bitcoin,.,usd price,.,bitcoin,.,uk price,.,bitcoin,.,uasf,.,bitcoin,.,uk tax,.,bitcoin,.,update,.,bitcoin,.,uk exchange,.,why u,.,bitcoin,.,billionaire,.,bitcoin,.,u bosni,.,bitcoin,.,miner.u,.,bitcoin,.,u crnoj gori,.,bitcoin,.,youtube,.,bitcoin,.,u dinarima,.,wii u,.,bitcoin,.,utorrent,.,bitcoin,.,u.s.,.,bitcoin,.,exchange,.,bitcoin,.,u kune,.,bitcoin,.,value,.,,.,bitcoin,.,value chart,.,bitcoin,.,value history,.,bitcoin,.,value gbp,.,bitcoin,.,vs ethereum,.,bitcoin,.,vs usd,.,bitcoin,.,volatility,.,bitcoin,.,vs litecoin,.,bitcoin,.,value 2010,.,bitcoin,.,vs gold,.,bitcoin,.,v litecoin,.,bitcoin,.,v dollar,.,bitcoin,.,v euro,.,bitcoin,.,v gold,.,bitcoin,.,v blockchain,.,bitcoin,.,v onecoin,.,bitcoin,.,hack v.2,.,bitcoin,.,worth,.,bitcoin,.,wiki,.,bitcoin,.,wallet uk,.,bitcoin,.,what is it,.,bitcoinwisdom,.,bitcoin,.,whitepaper,.,bitcoin,.,wallet online,.,bitcoin,.,wallet address,.,bitcoin,.,wallet download,.,bitcoin,.,miner.w,.,bitcoin,.,w polsce,.,bitcoiny w polsce,.,bitcoin,.,w niemczech,.,bitcoin,.,w chmurze,.,bitcoin,.,w żabce,.,bitcoin,.,w polsce legalny,.,bitcoin,.,w chinach,.,bitcoin,.,w prawie polskim,.,bitcoin,.,w górę,.,bitcoin,.,xe,.,bitcoin,.,xbt,.,bitcoin,.,xt,.,bitcoin,.,xbte,.,bitcoin,.,xapo,.,bitcoin,.,xrp,.,bitcoin,.,xt price,.,bitcoin,.,xpub,.,x,.,bitcoin,.,generator,.,bitcoin,.,yahoo finance,.,bitcoin,.,year chart,.,bitcoin,.,year,.,bitcoin,.,yield,.,bitcoin,.,ytd,.,bitcoin,.,yubikey,.,bitcoin,.,yoda,.,bitcoin,.,yahoo finance chart,.,ybitcoin,.,magazine,.,bitcoin,.,y control de cambio,.,y combinator,.,bitcoin,.,ecuador y,.,bitcoin,.,bitcoin,.,by paypal,.,bitcoin,.,y el lavado de dinero,.,bitcoin,.,y deep web,.,bitcoin,.,y lavado de dinero,.,bitcoin,.,y litecoin,.,bitcoin,.,and blockchain,.,bitcoin,.,zebra,.,bitcoin,.,zerohedge,.,bitcoin,.,zimbabwe,.,bitcoin,.,zar,.,bitcoin,.,zcash,.,bitcoin,.,zapwallettxes,.,bitcoin,.,zarabianie,.,bitcoin,.,zug,.,bitcoin,.,zero,.,bitcoin,.,zero confirmations,.,bitcoin,.,z value,.,titan z,.,bitcoin,.,mining,.,titan z,.,bitcoin,.,z cash,.,bitcoin,.,nvidia titan z,.,bitcoin,.,mining,.,nvidia titan z,.,bitcoin,.,nakup zlata z,.,bitcoini,.,sklep z,.,bitcoinami,.,trgovanje z,.,bitcoini,.,co z,.,bitcoinem,.,bitcoin,.,0 confirmations,.,bitcoin,.,0.1,.,bitcoin,.,0.1.0,.,bitcoin,.,0 active connections,.,bitcoin,.,0 transaction fee,.,bitcoin,.,0 fee,.,0.15,.,bitcoins,.,0 25,.,bitcoins,.,0.05,.,bitcoin,.,in euro,.,bitcoin,.,2.0,.,0.1,.,bitcoins,.,0.21,.,bitcoins,.,bitcoin,.,1st august,.,bitcoin,.,1 million,.,bitcoin,.,101,.,bitcoin,.,10 year chart,.,bitcoin,.,10000,.,bitcoin,.,148,.,,.,bitcoin,.,10 year prediction,.,bitcoin,.,100k,.,bitcoin,.,100 dollars,.,bitcoin,.,10 years ago,.,1,.,bitcoin,.,in gbp,.,1,.,bitcoin,.,in pounds,.,1,.,bitcoin,.,in £,.,1,.,bitcoin,.,to dollar,.,1,.,bitcoin,.,in inr,.,1,.,bitcoin,.,to euro,.,1,.,bitcoin,.,in gdp,.,1,.,bitcoin,.,in eur,.,1,.,bitcoin,.,to myr,.,1,.,bitcoin,.,in sterling,.,bitcoin,.,2010,.,bitcoin,.,2017,.,bitcoin,.,2020,.,bitcoin,.,2018,.,bitcoin,.,2009,.,bitcoin,.,2013,.,bitcoin,.,21 million,.,bitcoin,.,2012,.,bitcoin,.,2014,.,2,.,bitcoin,.,to usd,.,2,.,bitcoin,.,price,.,2,.,bitcoin,.,to inr,.,2,.,bitcoin,.,wallets,.,2,.,bitcoins to dollars,.,2,.,bitcoins free,.,2,.,bitcoins a month,.,2,.,bitcoin,.,qt,.,bitcoin,.,2 year chart,.,bitcoin,.,2 paypal,.,bitcoin,.,3000,.,bitcoin,.,31st july,.,bitcoin,.,3 confirmations,.,bitcoin,.,3.0,.,bitcoin,.,3 year chart,.,bitcoin,.,3 month chart,.,bitcoin,.,300,.,bitcoin,.,365 club,.,bitcoin,.,3000 usd,.,bitcoin,.,30 confirmations,.,3,.,bitcoins in gbp,.,3,.,bitcoins,.,3,.,bitcoins to usd,.,3,.,bitcoin,.,in euro,.,3,.,bitcoin,.,to eur,.,bitcoin,.,3 unlimited,.,bitcoin,.,3 day chart,.,bitcoin,.,3 address,.,bitcoin,.,4000,.,bitcoin,.,4chan,.,bitcoin,.,4 billion,.,bitcoin,.,401k,.,bitcoin,.,4 backpage,.,bitcoin,.,43,.,bitcoin,.,40000,.,bitcoin,.,4k,.,bitcoin,.,4 year chart,.,bitcoin,.,48,.,4,.,bitcoins,.,4,.,bitcoins to usd,.,4,.,bitcoins in gbp,.,4,.,bitcoin,.,to eur,.,bitcoins 4 backpage,.,bitcoin,.,4 igaming,.,bitcoin,.,4 u,.,bitcoin,.,4 november,.,bitcoin,.,4 cash,.,bitcoin,.,5 year chart,.,bitcoin,.,51 attack,.,bitcoin,.,500,.,bitcoin,.,5 year,.,bitcoin,.,500 000,.,bitcoin,.,5000,.,bitcoin,.,50000,.,bitcoin,.,5 year price,.,bitcoin,.,5 years ago,.,bitcoin,.,5 year forecast,.,5,.,bitcoins in pounds,.,5,.,bitcoins,.,5,.,bitcoins to usd,.,5,.,bitcoin,.,free,.,5,.,bitcoin,.,in euro,.,bitcoin,.,5 years,.,bitcoin,.,5 minutes,.,bitcoin,.,5 min,.,bitcoin,.,5 unlimited generator,.,bitcoin,.,666,.,bitcoin,.,6 months,.,bitcoin,.,6 confirmations,.,bitcoin,.,6 month chart,.,bitcoin,.,6000,.,bitcoin,.,60 minutes,.,bitcoin,.,6 confirmations time,.,bitcoin,.,6 month price,.,bitcoin,.,6 years ago,.,bitcoin,.,60 day chart,.,6,.,bitcoin,.,network confirmations,.,,.,
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Immutability and Proof-of-Work - the planetary scale digital monument by Andreas Antonopoulos

SOURCE: Immutability and Proof-of-Work - the planetary scale digital monument TRANSCRIBER DONATION ADDRESS: BTC: 1Pd9FRd5orehCLi41sVjd2oY7R5PN78fpD
 
00:00:00
 
Good evening everyone. Thank you for coming. Welcome.
 
It's really a pleasure to be back here at plug-and-play Silicon Valley. I believe this is my fourth or fifth presentation for this particular meetup, which keeps getting bigger and bigger every time.
 
Every time I come, more members. How many of you RSVP'd for this meetup? Ok, a few people just showed up. I have some good news and some bad news.
 
The good news is if you just showed up, you're welcome, stay. The bad news is that I drew names from the RSVP list, to give out ten copies of my new book "The Internet of Money". I'm going to have to ask for that one back.
 
Oh you brought it?! Ok. I thought it was from my stack.
 
** laughter **
 
Refunds and returns. So at the end of the show, I'll give out 10 copies. If you're not particularly interested or you already have a copy, just let me know and I'll just call the next name in the lot. If you're not here, you can't get the book so please stay until the end, even if it's very boring.
 
Ok so how many people here have Bitcoin? Fantastic. And how many people do not yet have Bitcoin? And the difference is the people too shy to raise their hand.
 
Okay great, the 4 or 5 people who raised your hands who said they do not yet have Bitcoin — remember the faces of the people who do have Bitcoin. And do not leave here tonight without getting them to give you some free Bitcoin. And if they won't, I will. The whole point of this is to help you install a wallet, receive a small amount of Bitcoin so you can do some transactions and try it out for yourselves, and it's always fun, the first time you experience a Bitcoin transaction will be memorable.
 
Alright. The topic of today's talk is proof-of-work and the monument of immutability. I want to talk specifically about immutability and what that means in this young era of digital currencies, what it means to have a digital system that is unchanging.
 
Immutability is a tricky concept. First of all because it doesn't really exist. Right? Everything changes. There is no thing in nature that is forever unchangeable — the universe itself, the vacuum, particles, everything changes, nothing is immutable.
 
So mutability is really more of a philosophical idea, but we use it in practical terms. So what do we mean when we say immutable in practical terms? The way I like to think of it is, if you have a scale of something that's very easy to change – all the way to the hardest thing you can possibly find to change – the most unchangeable thing, the thing that is most difficult to change. Immutability is that side of the scale.
 
Right, so for practical purposes we'll define the immutability in any sense to be the maximum of that scale, of how hard it is to change something. And on January 3rd 2009, that scale expanded significantly and a new maximum was defined. A new maximum in terms of what it means to be immutable for a digital system.
 
Nothing is as immutable as Bitcoin. So, Bitcoin defines the end of that scale at the moment. And so it redefines the term immutable. Now that has some interesting implications, including that you can't call the things to the left of that immutable. You can't call them immutable-ish. You can't call them kinda immutable. Right? Immutable-ish is like pregnant-ish.
 
Right?
 
It only makes sense as the maximum value. Not the maximum minus one. So immutable, once it's redefined, the things below it can't be called immutable anymore.
 
And so why is Bitcoin immutable? What gives Bitcoin blockchain the characteristics of immutability? What is it that makes it unchangeable? And the first answer that most people go for is the blockchain. The blockchain makes Bitcoin immutable because every block depends on its predecessor creating an unbreakable chain back to the Genesis block and therefore if you change something it would be noticed, therefore it's unchangeable.
 
00:05:26
 
And that is the wrong answer. Because it's not really the blockchain that gives Bitcoin its immutability, and that's a really important nuance to understand.
 
The block chain makes sure that you can't change something without anyone noticing, and in security we call that tamper evident. Meaning that if you change it, it is evident. You can not tamper it, without evidence of your tampering. Tamper evident.
 
But there's a higher standard security, what we call tamper-proof. And tamper-proof is something that cannot be tampered with. Not just fully visible if it's tampered with, but cannot be tempered with, immutable. And the characteristic that give Bitcoin it's tamperproof capability is not the blockchain. It's proof-of-work.
 
Proof-of-work is what makes Bitcoin fundamentally immutable and that is a really important concept to understand because a lot of people throwing around words like blockchain and claiming that these things are immutable, even though they don't have a proof-of-work consensus algorithm or any kind of consensus algorithm that gives them immutability.
 
At best, they offer tamper evidence. Meaning someone will notice, but they are not unchangeable. This distinction is going to become historically important.
 
Now you may think — historically important, that's a pretty heavy term. Why is it going to become historically important?
 
Because if Bitcoin continues to work the way it's working today, we are introducing a new concept, which is a form of digital history that is forever.
 
And if that history last 10 years, that's impressive. If it lasts a hundred, that's astonishing. If it lasts a thousand years, it becomes an enduring monument of immutability, an edifice of immutability, a system of forever history. Unshakable history.
 
And that is truly a monument of our civilization. And we have to consider the possibility that will happen.
 
I use the word monument and I want to expand a tiny bit on that and talk about proof-of-work. Proof-of-work was not invented by Satoshi Nakamoto. You can see evidence of proof-of-work systems throughout human civilization. There is some big pointy proof-of-work in Cairo, the pyramids.
 
There is some big stone proof-of-work in Paris, the Cathedral of Notre Dame. In fact, proof-of-work is something that our civilization does quite often.
 
Let's think about that for a second, the pyramids serve two purposes — the minor purpose is as a religious artifact, and tomb for the king, but even more interesting purpose is a declaration to every civilization and every human that sees it — behold, this is the measure of the Egyptian civilization.
 
This is what we can build, this is proof of work, you cannot build this on the cheap. You cannot build this in a civilization that doesn't have abundance resources. You cannot build this unless you can feed 20,000 people to not do anything but this.
 
You cannot build this unless you can guard it with soldiers. You cannot build this unless you commit resources for decades or centuries. This cannot be built cheap, and the pyramid stand today as a testimate of proof-of-work for the Egyptian civilization.
 
And anyone, without even understanding what this thing is, riding up in the desert on a camel, going over that hill and seeing a stone monument that's a few hundred feet in the air — looks at that goes — wow!
 
And wow is an expression of believing the proof of work. Right? Because they immediately and intuitively understands something great built that, and there is no cheap way to do it.
 
The Cathedral of Notre Dame is the same thing. Marshalling thousands of stonemasons over hundreds of years to build a monument, to the church, a monument of religion. That made people stand in such awe, that they could only even give it divine origin, they could but believe only a religious order to do something like that.
 
It says behold the church, what we can do. That kind of open expenditure of resources to make a point, is proof-of-work. And we see this again and again in civilization.
 
00:11:05
 
But until now we've only seen it in local environments for a specific country, organization, or civilization.
 
Bitcoin is the first planetary scale, digital monuments of proof-of-work. And to those come later, we will be able to say behold this monument of immutability built over decades. Marvel at its function as well as its elegance.
 
Because it has function unlike the pyramids and the cathedrals, it serves a purpose, a practical purpose. And that practical purpose is to become a record of history, forever. To become the definitive and authoritative source that cannot be modified. The record of truth that can not lie.
 
And once a transaction is embedded into the blockchain, the Bitcoin blockchain, and secured by proof-of-work, it becomes incredibly difficult to change.
 
This is a thing that most people don't understand. So let's break it down a tiny bit, and look at some of the technicals behind it.
 
But Andreas, what if 51-percent of the miners decide to change it? What if there's a consensus attack? What if well-funded government invests heavily in hashing equipment, in order to go back and change the blockchain?
 
So one of the interesting things you have to understand is, the difference between changing the past and changing the future.
 
The consensus algorithm as is it is, determines the future of the blockchain. If you have a majority of the hashing power on the Bitcoin blockchain you can decide what gets recorded in the future.
 
But you can't so easily change the past. And the reason you can't change the past, is because every node out there is going to still validate every block and is going to demand proof of work. That block still has to carry proof of work and there is only one way that proof of work can be generated — you have to commit energy resources to a particular block.
 
When you read all these articles in the media and they say about how wasteful Bitcoin is, because Bitcoin is created by burning energy.
 
They are completely missing the point. Mining doesn't work to create Bitcoin. That is not the purpose of mining. Mining is not used to create Bitcoin. That is the side effect.
 
And the way I can prove to you it's a side effect is that one day there will be no Bitcoin. No new Bitcoin. Guess what?
 
There will still be mining, even after the last satoshi is mined, mining continues, it must continue. Because its purpose is not to create Bitcoin. Its purpose is to provide security. Its purpose is to provide validation of all of the transactions and blocks according to the consensus rules. That is the purpose of mining.
 
And generating Bitcoin is the side effect that serves as the mechanism of reward that creates game theory incentives to make sure that the validation is done right.
 
00:15:00
 
Once you understand that and you realize what we're paying for is security, it changes the perspective slightly. But it's much deeper than that, you see, a lot of different consensus algorithms have been proposed. Proof-of-stake is one of them, and many of these algorithms use the native asset to stake into the mining algorithm, into the consensus algorithm.
 
Meaning, I'm going to commit X amount of my currency in validating the next block, and if I fail to validate it correctly i lose that currency. Right? But if I validated correctly I gained a small feat. And here's the news, proof-of-work is also proof-of-stake, but proof-of-stake is not also proof-of-work. Let me explain that to you for a second because this is a really important point.
 
When miners commit to a specific block, they're creating a candidate block, they're stuffing in all of your transactions into that block after carefully validating them and then they take that block and they commit to it. By hashing against it, by doing the proof-of-work mining algorithm.
 
Essentially what they're doing is they're saying I'm going to stake a thousand dollars worth of electricity, or ten thousands of dollars worth of electricity behind the security work I have done. And if I haven't done it right, I lose my electricity stake.
 
So proof-of-work is proof-of-stake, because what you're staking is the energy investment committed behind the specific block that you're saying I have validated correctly, and to prove that I have validated correctly, I am staking an enormous amount of electricity behind that. Electricity that costs money.
 
But it's different from proof-of-stake algorithms in other currencies, other digital currencies. And the reason is, is what you're staking is not a native asset, is not something that is intrinsic to the chain, who's value and future is determined by the chain. What you're staking is something extrinsic to the system. You're staking energy, you're staking something that has universal value on this planet.
 
The value of the currency tomorrow maybe nothing, in which case the value of the stake you made is nothing. But the value of the electricity today, tomorrow, and into the foreseeable future is something. And that means that when you're staking electricity, you're staking something that has value throughout our planet.
 
Proof-of-work is a lot deeper than we initially realize.
 
Audience Member: I have a question here.
 
Let's take questions at the end.
 
So what if the miners decide to do a 51-percent attack to rewrite the past? Instead of starting from the current block and changing the rules into the future, they can start from a previous block and mine forward. And if they have 51-percent of the hashing power, they will eventually reach the current block, in the minority chain, and exceeded it. They will win the race, eventually.
 
So then the question is – how long do they have to sustain it?
 
Let's take a simple scenario. Let's say we want to go back and change history three weeks ago. Three weeks doesn't seem like a long time in Bitcoin. It's an eternity. Everyday, 500 megawatts of electricity are used continuously to feed the mining process.
 
It's just a ballpark figure, it might be more, it might be less right now. Just use that as a ballpark figure. 500 megawatts in 24 hours is 12 gigawatts of electricity. 1200 gigawatt hours of electricity, expended, per day.
 
12 gigawatt hours of electricity over 30 days, is 360 gigawatt hours of electricity. Over 12 months that’s 3.6 terawatt hours of electricity, in a year. 3.6 terawatt hours of electricity is a lot of electricity. But it's only a lot of electricity if you take it all at once. If you take it on a daily basis, on the 500 megawatt basis, running forward, it's enough to keep the Bitcoin network secure.
 
But here's the thing — if you try to go change Bitcoin, it starts adding up pretty fast. You go back three weeks, with 51-percent of the hashing power, how long will it take to re-mine the blocks of the last three weeks? Anyone?
 
Audience Member: Six weeks.
 
Six weeks. Yeah? Not quite.
 
Some interesting things happen inbetween, the first week of blocks will take you two weeks to mine, and then at two weeks you're going to have a difficulty change which is going to drop your difficulty, and then it's going to take another two weeks to mine the next two weeks of blocks. So you're going to end up approximately at four weeks total, to mine three weeks worth of blocks.
 
Here's the problem. The other side didn't stop mining. Right? At forty-nine percent, how long does it take them to mine? So by the time you get to where you were when you stopped mining the majority chain, and you try to rewrite history... they've also mined at least two weeks ahead. If they got the difficulty change too, they've mined even further.
 
So now you have to mine a bit more, to overtake them. Meanwhile, the miners who are doing this exercise are earning nothing. Presumably, they're part of the same hashing power that mined the first time around. Presumably they already had 51 percent of the power when they were mining the first time around, and now that they're trying to re-mine the last three weeks of blocks... well they've already banked the rewards. But they've banked them on the other chain.
 
00:22:05
 
Which they're making invalid. So now they're going to get rewards on the new chain, but only if they give up the rewards they banked on the other chain. Which means effectively they're going to spend three to four weeks, at 500 megawatts mining for free.
 
Meanwhile what happens in the other chain? On the minority chain? Your 49-percent minor, and you're now mining a minority chain. It's going to be hard. First two weeks is going to be slow, you're going to be doing blocks every 20 minutes. But, your share of the mining capacity just doubled, which means your profitability just doubled. So you're getting more reward, for the same amount of mining. And if that chain still has value, you're making quite a bit of money.
 
Because you now have a bigger market share. In fact, the more people abandon the chain, the more profitable it is for the minority. And all you have to do is peel off two percent. All you have to do is persuade two percent, of the people who are mining for nothing, to come mine on the chain where we're mining for double rewards.
 
How hard is that going to be? Which means that actually sustaining a 51-percent attack, for four weeks, is brutally hard. Now of course that means you probably only do it if you had 75%, 80%. Ethereum's starting with 90, at some point they went as low as 70% on the majority chain, when they did their fork. That's a pretty big drop.
 
So you have these economic incentives that make it very difficult. Now please notice, I've been talking about three weeks. Bitcoin is seven years old. What if you wanted to change a transaction that was last year, or a year and a half ago? Well, now the math is really against you — because it's going to take you almost a year to overtake that chain. During which time you have to sustain that attack and not lose anyone from your group. Otherwise, you never overtake it, and then you make even less money.
 
So now you've mined it twice, and got a zero reward on both times. Right? And this is the point that we really need to understand about blockchains — there is something inherently interesting, about the fact that you can show someone a number, and they can calculate from that number, how many joules of electricity you consumed to create that number. And it is absolutely unforgeable. That number is in itself proof that you have done the work.
 
That is an incredible artifact for a digital system. The fact that by presenting a number, to a system that has never seen the history of the blockchain, that may have joined later, that maybe seeing a false history of the blockchain, but you show it a block that has proof in it, and you show that node that number and they know it's real.
 
And they know it took that much work to produce that number. There is no way to fake it. For additional system, that's as close to real as it gets. This is a monument of immutability, built block-by-block, and these blocks about towering into the sky. 420,000 of them containing a cumulative amount of work that is absolutely gobsmacking.
 
And it cannot be changed or forged without... not only the other person knowing it has been changed, but without you actually expending the energy all over again. There is no shortcut. And that is the difference between tamper evident and tamper proof.
You could disconnect from the blockchain today, not look at it for three years, come back three years later... I can present you a single number and say do you believe this is the actual block from the block chain?
And you would be able to say with complete confidence — yes. The amount of work evidenced by this block, could not have been produced any other way than, if during the entire time I was gone, you were expending energy at the predicted rate, and you came up with this artifact. I only need to see the pinnacle to know that it's a real blockchain.
 
Only the last block, one number, and I know how much work has gone into it cumulatively. Because it tends to have ever increasing work. The longest difficulty chain wins. Bitcoin is not just simply in a system of accounting; it is the first digital artifact that provides forever history. That provides true digital immutability. There is no other system that provides digital immutability of that level.
 
It is a planetary scale, thermodynamically guaranteed, self-evident system of immutability.
 
Planetary scale, because in order to do it, you need to marshal resources that all the exist in a planetary scale effort.
 
Thermodynamically guaranteed, because you can calculate the exact amount of energy it took to create it, and there is no shortcut. Information theory tells us that to flip that many bits takes this many joules, and there is no way to do it otherwise.
 
Self-evident because the number that is produced as proof-of-work tells you exactly how much work has been done cumulatively. And it really is a monument. Now, then the interesting question arises – can we really afford this?
 
Is this a waste of energy? There is no thing on the planet that produces a digital record that is self-evidently immutable at this scale. Nothing. It is the only platform on which you can embed data, that will be guaranteed a immutable within a few blocks. Thousand blocks after you put data in, there is no going back. That data is not going to change.
 
Ok maybe if you put it in, and it's only three blocks old, maybe you can change. Six blocks old... eeeeeh. 144... I dunno. This is getting tough. And that's a day. A week old... done. Done. It's part of permanent history.
 
Our ancestors said "this is as good as written in stone". Our grandchildren will say "It is as good as written on the blockchain". Because it is the new standard of immutability and it is globally accessible.
 
00:30:10
 
Any application can leverage that capability. Other currencies, other chains, smart contracts. They can all check point against the Bitcoin blockchain. And as long as we continue to build the monument, their little inscription, like a piece of graffiti etched into the base stones of the pyramids – will be there. Potentially for centuries, and they can import immutability for the low low price of a transaction fee.
 
That if you consider it, immutability as a service is an astonishing application. It has enormous implications for software, it has enormous implications for the internet things, for information security, for other systems of currency, for systems of record... title, registration, birth records.
 
History can be written on the blockchain for the little price of a transaction fee, and it may well be there for a very long time. But as long as it is there, it cannot be changed and everyone can validate it. That is not a waste of electricity. That is the first practical application of digital immutability and it is expensive, but it's expensive because it's giving us something on a planetary scale. And we only need one, really, and it's probably too expensive to build two.
 
And that just means that the network effect is even more awesome. Because we already have one and it's doing quite well. That one can support all of the other applications. The other applications can do much more lightweight proof-of-stake. But if they really want immutability, not tamper evident... tamper proof. They need to subscribe to a service on the Bitcoin blockchain.
 
They need to record their data on the Bitcoin blockchain. If you're a banking consortium, and you are signing transactions in a distributed ledger technology by taking turns, what is the cost of fabricating the past? What is the cost of rewriting history? Of saying WikiLeaks never received any of your funds? Any of your donations? We reversed all of those transactions. What is the cost of that? Thermodynamically? Nothing.
 
In on-chain money? Doesn't matter. We created the on-chain money, we can create more of it. As long as there is no proof-of-work behind it, the cost of re-writing a ledger like that is zero.
 
And if you can, you will. And if you can, you'll be coerced to. And if you can, when you get a subpoena, you must. And so these blockchains are not immutable. These block chains are mutable as hell. They're fickle blockchains.
 
To go to the other side of the scale... they're transient, they're meaningless. They have no weight of history behind them. They are whatever the last signer says they are. They have no weight. This year, we're at war with Oceania. Next year, we will always have been at war with East Asia. History is written by the victors. Not the Bitcoin blockchain.
 
We don't do 1984 on the Bitcoin blockchain. History is written by the expenditure of real-world energy and there is no cheap way to forge that history.
 
Thank you.
 
Due to the character limitations on Reddit. I was unable to post the entire transcript which includes the Question and Answer portion. View the entire transcript here.
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