The Bitcoin Thread

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One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week

Bitcoin's incredible price run to break over $6,000 this year has sent its overall electricity consumption soaring, as people worldwide bring more energy-hungry computers online to mine the digital currency.

An index from cryptocurrency analyst Alex de Vries, aka Digiconomist, estimates that with prices the way they are now, it would be profitable for Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more Bitcoins. That's about as much as Nigeria, a country of 186 million people, uses in a year.


This averages out to a shocking 215 kilowatt-hours (KWh) of juice used by miners for each Bitcoin transaction (there are currently about 300,000 transactions per day). Since the average American household consumes 901 KWh per month, each Bitcoin transfer represents enough energy to run a comfortable house, and everything in it, for nearly a week.
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https://motherboard.vice.com/en_us/...ty-consumption-ethereum-energy-climate-change
 
RT @cryptomanran: Bitcoin DIstribution today. Thanks @TuurDemeester https://twitter.com/cryptomanran/status/926169652539125760/photo/1
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Anyone think another dip is coming? Wondering if I should cash out for now
 
ice_cubes said:
the dips I spot are usually around 5;30pm and around 9;30pm
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Thanks! Yeah, Also seen similar, Think it is when the US boys wake up, like the massive one we had yesterday, which was most likely due to profit takers.
 
I predict $7800 by 1pm and then a dip around 2pm. I think it will hover around $7400 to $7500 for the night. Patterns appear to be emerging.
 
Datura said:
I predict $7800 by 1pm and then a dip around 2pm. I think it will hover around $7400 to $7500 for the night. Patterns appear to be emerging.
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I am also contemplating if I should hold my stake or sell it around 117K.

I kind if also feel like it could go up more as it opened with 115 and has already had a high of 119 today.
 
I think we will see one last push to 8k before the fork. Then it’s time to TP! Ride out the storm.
 
PAYBACK said:
I think we will see one last push to 8k before the fork. Then it’s time to TP! Ride out the storm.
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I think people will buy and hold until after the fork so that they can get free coins like the last fork. The price will probably jump up just before the fork, 8 - 9k probably and then there will be a huge sell off.
 
Norrad said:
I think people will buy and hold until after the fork so that they can get free coins like the last fork. The price will probably jump up just before the fork, 8 - 9k probably and then there will be a huge sell off.
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It took a month before the selloff after the Bitcoin Cash fork. It climbed right after the fork.
 
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