Estimating the resource consumption of a hodler

2021.10.22 05:41 Gloomy_Caramel8143 Estimating the resource consumption of a hodler

My biggest concern with bitcoin is the wastage associated with “hodling”.
There’s all kinds of nonsense reasoning how the energy use from mining is actually a good thing. My favourite is the “bitcoin is digital energy” meme :,)
There are also plenty of studies estimating the total energy wastage of bitcoin. We know that bitcoin as a whole uses more energy (and causes more emissions) than many countries. But how much wastage is the average hodler responsible for?
Here’s where I’m landing:
Bitcoin currently inflates at around 1.8%. This is the bitcoin given to miners to “secure the network”. At a market cap of $1T, $18 billion is spent on mining every year. Miners are incentivised to spend almost as much money on equipment and energy as they receive revenue, so as a rough approximation, $18 billion is expended annually (some might say “wasted”) on computer equipment and energy.
This logic can be scaled down to the average hodler. However much bitcoin someone owns, 1.8% of that value is wasted every year.
Own $100 of bitcoin? You’re wasting $1.80 of resources (computer equipment and energy) every year. Not a big deal, right?
How about of you own $100k of bitcoin? Now you’re wasting $1.8k of resources every year. More than the average annual household electricity bill in America.
On the far end, Satoshi himself owns an estimated $60 Billion in bitcoin. Which equates to a billion dollars of resource wastage a year, for one persons bitcoin’s, which they may never touch again.
Satoshi may be even be dead, but his lost bitcoin will go on requiring more energy than a small country.
Any hodler can calculate their own yearly environmental burden, just by multiplying the value of their bitcoin by 1.8%.
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2021.10.22 05:41 kisbalazs Szerintetek ez mi? Ki ellen van vagy kiért?

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2021.10.22 05:41 Twiins_iink Celebrating everyone's favorite spooky month with a review of my favorite Starkid show, The Guy Who Didn't Like Musicals

Celebrating everyone's favorite spooky month with a review of my favorite Starkid show, The Guy Who Didn't Like Musicals submitted by Twiins_iink to StarKid [link] [comments]


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2021.10.22 05:41 oilcantommy Ohhh, that volume though!

I freed up 130k to buy my favorite stock yesterday. Should I blow my load all at once, or slow and steady? I'd love to DRS, but apparently the brokerage my 401k is held in doesn't allow it. After today, ill be in the 2500 range depending on their fuckery...
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2021.10.22 05:41 Lovely_Blossom54 H:9k caps W: High Radiation Fluids

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2021.10.22 05:41 uh_yeah_gracen Woke up to 69 notifications why, why so many

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2021.10.22 05:41 leshaze Wallet seems to be on Testnet

Hi everybody,
A few days ago I started again with gridcoin after a long break. I compiled the wallet on my raspberryPi and configured boinc. So far everything seems ok. I got a new CPID, my wallet is in sync, I see my coins in the wallet and on gridcoinstats, I see my client on boincstats and the cpid. But when trying to send the advertise beacon I get an error and it only says take a look in debug.log. The only thing I see with getmininginfo, is my wallet seems to be on Testnet only. But I got my source files from the git repo and checked out the master. Do I need to add something in the config file?
This is my config:
addnode=addnode-us-central.cycy.me addnode=ec2-3-81-39-58.compute-1.amazonaws.com addnode=gridcoin.ddns.net addnode=seeds.gridcoin.ifoggz-network.xyz addnode=seed.gridcoin.pl addnode=www.grcpool.com rpcuser=gridcoinrpc rpcpassword=***** server=1 rpcallowip=127.0.0.1 boincdatadir=/valib/boinc-client email=*****
gridcoinresearchd getinfo { "version": "v5.3.2.2-g45d415983", "minor_version": 3, "protocolversion": 180326, "walletversion": 60000, "balance": 11200.36165911, "newmint": 0.00000000, "stake": 0.00000000, "blocks": 2394856, "in_sync": true, "timeoffset": 0, "uptime": 150, "moneysupply": 452451180.55028561, "connections": 8, "proxy": "", "ip": "85.22.18.145", "difficulty": { "current": 14.41883210361438, "target": 16.95327405012126 }, "testnet": false, "keypoololdest": 1446060174, "keypoolsize": 101, "paytxfee": 0.00100000, "mininput": 0.00000000, "unlocked_until": 0, "errors": "" }
gridcoinresearchd getmininginfo { "blocks": 2394992, "stakeweight": { "minimum": 0, "maximum": 0, "combined": 0, "valuesum": 0, "legacy": 11200.36165911 }, "netstakeweight": 19632419786.83197, "netstakingGRCvalue": 245405247.3353996, "staking": false, "mining-error": "Testnet-only version", "time-to-stake_days": 0, "expectedtime": 0, "mining-version": 0, "mining-created": 0, "mining-accepted": 0, "mining-kernels-found": 0, "masked_time_intervals_covered": 0, "masked_time_intervals_elapsed": 0, "staking_loop_efficiency": 0, "actual_cumulative_weight": 0, "ideal_cumulative_weight": 0, "staking_efficiency": 0, "stake-splitting": { "stake-splitting-enabled": false }, "side-staking": { "side-staking-enabled": false }, "difficulty": { "current": 19.23105403667401, "target": 22.61134195271783, "last-search-interval": 0 }, "errors": "", "pooledtx": 0, "testnet": false, "CPID": "ae5bff4ae974aa14094d75ccd6a95278", "current_magnitude": 0, "Magnitude Unit": 0.25, "BoincRewardPending": 0.00000000, "researcher_status": "Staking Only - No active beacon", "current_poll": "No current polls" }
Any help is welcome.
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2021.10.22 05:41 Colonel_Stogie 17 WSM Reviews?

Anyone had the chance to shoot the 17 WSM? Specs seem surreal. Would like thoughts on it. Not many rifle options, but might be on my near term list. Thank you!
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2021.10.22 05:41 wokeupdreadin Ended as soon as it started

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2021.10.22 05:41 Melodic_Fondant7253 Am I shadow banned??

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2021.10.22 05:41 surajdaas सतलोक में हर हंस आत्मा का अविनाशी शरीर होता है। जबकि पृथ्वी लोक / काल लोक में सब कुछ विनाश के अंदर आता है।अधिक जानकारी के लिए Sant Rampal Ji Maharaj YouTube Channel पर Visit करें।

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2021.10.22 05:41 ActualSailorCat [OC] Get yer spooky scary skeletons. Here, have 9 of the 60 cards in the Deck of Many Bones.

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2021.10.22 05:41 kfridayyy Twice 6th Anniversary (TikTok)

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2021.10.22 05:41 Faction_Chief /r/worldnews - https://www.altnews.in/media-misreports-afghan-womens-volleyball-player-beheaded-by-taliban/

/worldnews
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2021.10.22 05:41 odins_simulation Rebel Son - Mr. Confederate Man maybee this will make people think

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2021.10.22 05:41 RLCD-Bot [Orange Octane] [Orange Octane: Royal Tyrant] [Orange Bowler] [Joker] [Orange Nipper]

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2021.10.22 05:41 Kana_Lotus Special thanks to every “true” Shinobi out there. Never lose your ninja way!

Special thanks to every “true” Shinobi out there. Never lose your ninja way! submitted by Kana_Lotus to NarutoShinobiStriker [link] [comments]


2021.10.22 05:41 Faction_Chief /r/worldnews - https://news.sky.com/story/haiti-gang-leader-threatens-to-kill-kidnapped-american-and-canadian-missionaries-unless-ransom-is-paid-12440831?dcmp=snt-sf-twitter

/worldnews
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2021.10.22 05:41 Felix_AKA_Flox Press Start!'s MBTL Online Tournament #1 (PSN)

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2021.10.22 05:41 omegacluster Jute Gyte - Mitrealität (avant-garde black metal) [2021]

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2021.10.22 05:41 Faction_Chief /r/worldnews - https://www.yahoo.com/news/one-worlds-last-two-northern-134459761.html

/worldnews
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