Bitcoin

<p>Here is a small quiz by TheMinerMag to keep bitcoin miners busy during the quiet holiday season.</p> 
<h2 id="how-to-calculate-the-hashprice">How to calculate the hashprice&nbsp;?</h2> 
<p>Measured in $/PH/s, hashprice represents the daily US dollar earnings from producing one PH/s.</p>
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<p>Hashprice = (Amount of bitcoins mined each day + transaction fees) x (Price of a bitcoin in dollars) / (Total Hashrate in PH/s)</p> 
<p>Which gives us dollars divided by PH/s ($/PH/s).</p> 
<p>Its counterpart is the hashcost which indicates the dollar amount it costs to produce one PH/s. It is expressed in relation to the efficiency of a company’s ASIC fleet and the cost of electricity.</p> 
<p>Hashcost = (Average efficiency of mining fleet in J/TH) x (electricity cost in $/MWh) x (24 hours)</p> 
<p>This also gives us dollars divided by PH/s ($/PH/s) by dimensional analysis.</p> 
<p>In sum, hashcost must be lower than hashprice to be profitable.</p> 
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     <p lang="en" dir="ltr">At current Hashprice, the S21’s making $23 a day in <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a><br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3a5.png" alt="🎥" class="wp-smiley" style="height: 1em; max-height: 1em;"> S21 Review: <a href="https://t.co/Ay92RzyWSp">https://t.co/Ay92RzyWSp</a><a href="https://t.co/bJxNIB7T2G">pic.twitter.com/bJxNIB7T2G</a></p>— Hashrate Index 
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;">
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26cf.png" alt="⛏" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@hashrateindex) <a href="https://twitter.com/hashrateindex/status/1738179208680006076?ref_src=twsrc%5Etfw">December 22, 2023</a>
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<h2 id="the-hashrate">The Hashrate&nbsp;?</h2> 
<p class="has-text-align-left">Hashrate = (2³² hash) x (mining difficulty) / (Block interval in seconds)</p> 
<p class="has-text-align-left">Mining difficulty is a number derived from the probability of finding a valid hash. It is adjusted every 2016 blocks (approximately every 2 weeks) to maintain an average interval of 10 minutes between blocks.</p>
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<p class="has-text-align-left">Dimensional analysis of hashrate shows us hashes divided by seconds. Hence the expression of hashrate in EH/s, or PH/s, etc.</p> 
<p class="has-text-align-left">EH = 1 Exahash = 1 000 000 000 000 000 000 H<br>PH = 1 Petahash = 1 000 000 000 000 000 H<br>TH = 1 Terahash = 1 000 000 000 000<br>GH = 1 Gigahash = 1 000 000 000 H<br>MH = 1 Megahash = 1 000 000 H</p> 
<p>1 EH/s = 1 000 PH/s = 1 000 000 TH/s = 10¹⁸ H/s</p> 
<p class="has-text-align-left">A state-of-the-art ASIC like the Bitmain S21 boasts 200 TH/s. Therefore, it takes 5,000 S21 miners to produce one EH/s. And thus, 2.5 million miners to produce the 500 EH/s that the Bitcoin network has just reached.</p> 
<p class="has-text-align-left">We cannot know exactly how many hashes are generated at any given moment. Hashrate is calculated retrospectively based on how quickly blocks have been found.</p> 
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     <p lang="en" dir="ltr">At current Hashprice, the S21’s making $23 a day in <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a><br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3a5.png" alt="🎥" class="wp-smiley" style="height: 1em; max-height: 1em;"> S21 Review: <a href="https://t.co/Ay92RzyWSp">https://t.co/Ay92RzyWSp</a><a href="https://t.co/bJxNIB7T2G">pic.twitter.com/bJxNIB7T2G</a></p>— Hashrate Index 
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;">
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26cf.png" alt="⛏" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@hashrateindex) <a href="https://twitter.com/hashrateindex/status/1738179208680006076?ref_src=twsrc%5Etfw">December 22, 2023</a>
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<h2 id="the-efficiency-of-an-asic">The Efficiency of an ASIC&nbsp;?</h2> 
<p class="has-text-align-left">ASIC stands for application-specific integrated circuit. It is a chip designed to do one thing only. In the case of miners, it is to hash a block header using the SHA-256 algorithm, resulting in a hash.</p> 
<p class="has-text-align-left">The miner’s goal is to try different headers (by varying the nonce) until finding a hash smaller than a target number, meaning a hash that starts with a certain number of zeros. The more zeroes, the harder the hash is to generate.</p> 
<p class="has-text-align-left">The efficiency of an ASIC represents the amount of energy (in joules) needed to produce one terahash.</p> 
<p class="has-text-align-left">Efficiency = Watt/TH/s = (Watts x seconds) / TH = J/TH</p> 
<p class="has-text-align-left">The lower the efficiency figure, the better.</p> 
<p class="has-text-align-left">Examples of ASIC efficiencies by year of launch:</p> 
<p class="has-text-align-left">2023 / S21&nbsp;: 17.5 J/TH<br>2021 / S19 XP&nbsp;: 21.5 J/TH<br>2020 / S19&nbsp;: 29.5 J/TH<br>2019 / S17&nbsp;: 39.5 J/TH<br>2018 / S15&nbsp;: 59 J/TH<br>2017 / R4&nbsp;: 97 J/TH</p> 
<p class="has-text-align-left">Efficiency and hashrate of a miner allow us to know its power capacity. This metric is measured in megawatts and is often used to discuss the significance of an installation.</p> 
<p class="has-text-align-left">Power capacity = (Installed Hashrate in EH/s) x (Average efficiency of mining fleet in J/TH)</p> 
<p class="has-text-align-left">If a miner has 4 EH/s installed and the average efficiency of his fleet is 25 J/TH, then the power is 100 MW.</p> 
<p class="has-text-align-left">Large mining installations can reach up to 1000 megawatts (1 Gigawatts), such as Riot’s in Corsicana, Texas. Such complexes are rare. They usually do not exceed 300 MW.</p> 
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     <p lang="en" dir="ltr">At current Hashprice, the S21’s making $23 a day in <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a><br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3a5.png" alt="🎥" class="wp-smiley" style="height: 1em; max-height: 1em;"> S21 Review: <a href="https://t.co/Ay92RzyWSp">https://t.co/Ay92RzyWSp</a><a href="https://t.co/bJxNIB7T2G">pic.twitter.com/bJxNIB7T2G</a></p>— Hashrate Index 
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;">
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26cf.png" alt="⛏" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@hashrateindex) <a href="https://twitter.com/hashrateindex/status/1738179208680006076?ref_src=twsrc%5Etfw">December 22, 2023</a>
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<h2 id="h-the-realized-hashrate">The “Realized Hashrate”&nbsp;?</h2> 
<p class="has-text-align-left">This metric evaluates a miner’s performance, often over a month. If a company mines X bitcoins during the month, its performance will be calculated this way:</p> 
<p class="has-text-align-left">Realized hashrate = (X bitcoins) x (the global hashrate for the month studied) / (bitcoin reward per block)</p> 
<p class="has-text-align-left">This allows for further calculation of the hashrate conversion rate, measured in %. That is, the proportion of one’s miners that effectively earned bitcoins.</p> 
<p class="has-text-align-left">Conversion rate = Realized hashrate / Installed Hashrate</p> 
<p class="has-text-align-left">A rate above 100% indicates that the miner is performing above average, and vice versa.</p> 
<p class="has-text-align-left">Here is the thread from <em><a href="https://theminermag.com/" target="_blank" rel="noreferrer noopener">TheMinerMag</a></em> on which this article is based&nbsp;:</p> 
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     <p lang="en" dir="ltr">At current Hashprice, the S21’s making $23 a day in <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a><br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3a5.png" alt="🎥" class="wp-smiley" style="height: 1em; max-height: 1em;"> S21 Review: <a href="https://t.co/Ay92RzyWSp">https://t.co/Ay92RzyWSp</a><a href="https://t.co/bJxNIB7T2G">pic.twitter.com/bJxNIB7T2G</a></p>— Hashrate Index 
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;">
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26cf.png" alt="⛏" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@hashrateindex) <a href="https://twitter.com/hashrateindex/status/1738179208680006076?ref_src=twsrc%5Etfw">December 22, 2023</a>
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Bitcoin Mining – End of Year Quiz

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