What I love about cryptocurrencies is the fact that they are transparent, and with some of them you can see how much the owner has in his virtual wallet. I know you don’t like someone finding out how much money you have in your wallet, but that sometimes means cryptocurrencies, transparency. Of course, not all cryptocurrencies are the same, but with Bitcoin Cash you can scan an address and see how much money the owner has in that address and see how they received and sent the money.
The miner here succeeded in approx. 7 days to mine approx. 130 BCH, which is over $31,000 at the time of writing. The amount may seem impressive, but after some rough calculations, this miner has a processing power of approx. 350 PH/s, which could translate into approx. 1750 units of Bitmain Antminer S21 200T Bitcoin Mining Equipment.
To put 1750 units Antminer S21 200T equipment into operation, you need an installed power of „only” 6300 KwH, i.e. how much they need approx. 1500 apartments when they reach the permitted consumption peak, i.e. when they use a maximum consumption at a given time. For example, someone turns on a radiator, washing machine and dishwasher.
So, it is not cheap to produce 31,000 USD in Bicoin Cash, and the power consumption for a single day of 1750 equipment described above can reach 24,000 USD, so we can see a profit of approx. 7000 USD, not counting the amortization of investment in Bitmain Antminer S21 200T miners, which exceeds 7 million USD.
In conclusion, the generation of cryptocurrencies is done at an impressive cost and I want to draw your attention, that cryptocurrencies even if we only see them as virtual, they have a huge impact in the real world. But let’s not take into account the fact that the transfer of some cryptocurrencies is almost instantaneous and with minimal costs, which the banking system cannot provide at the moment. Plus some cryptocurrencies allow completely anonymous transactions!
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