Author: Rob Golding 2015-05-10 21:56:30
Published on: 2015-05-10T21:56:30+00:00
The conversation revolves around the cost of mining Bitcoin and the impact it has on transaction fees. The network is currently hashing at 310PetaHash/sec, which takes 600 seconds to find a block and 186,000PH per block. To find out how much 70 extra PH would cost in terms of finding a block worth 25.13 BTC, the calculation is carried out as (25.13 BTC/block / 186,000 PH/block) * 70 PH = 0.00945 BTC or $2.27 at $240/BTC. This means that the average transaction fee will have to be around ten cents ($2.27 spread across 23 average-sized transactions) for miners to decide to stay at 600K blocks. It is noted that this amount is an extra cost as .13BTC ($31.20) in fees is already included in the calculation.
Updated on: 2023-06-09T20:12:52.765471+00:00