Wow, in Lebanon, it only costs $266 to produce 1 BTC. \ stacker news ~bitcoin

Wow, in Lebanon, it only costs $266 to produce 1 BTC.

381 sats \ 12 comments \ @Believe 19 Aug 2023 bitcoin

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221 sats \ 3 replies \ @0fje0 19 Aug 2023

Very interesting - if true.

But it sounds unbelievable, so I tried to *DTV this, because if true, it is something I'd like to dig deeper into.

What I found, was the original article here:

https://en.bitcoinsistemi.com/coingecko-published-the-costs-needed-to-produce-1-bitcoin-how-much-in-the-us/

Despite saying "according to CoinGecko data" (and using CoinGecko's name in their link), they never reveal where CoinGecko supposedly published this report they're mentioning repeatedly in their article.

If the data is in fact from a CoinGecko report, then I would expect it to be on CoinGecko.com somewhere, but couldn't find it. If anyone can help, I'd appreciate it. Thanks!

*Don't Trust, Verify

10 sats \ 2 replies \ @drlh 19 Aug 2023

https://www.coingecko.com/research/publications/bitcoin-mining-cost

In Lebanon indeed is $0.26k according to coingecko

0 sats \ 0 replies \ @0fje0 19 Aug 2023

A few spot-checks on globalpetrolprices.com show that the price of 1 kWh of electricity typically is around 10% that of 1 litre of fuel in other countries. In Lebanon, it amounts to 0.13% the price of 1 litre of fuel. Which explains the $0.26k/BTC, but not how Lebanon can have such seemingly dirt cheap electricity.

Still need to investigate further, but I'm thinking there could be a problem with the exchange rate calculations on globalpetrolprices.com.

0 sats \ 0 replies \ @0fje0 19 Aug 2023

Thank you for the link!

From the link:

The cost of electricity for 147 countries in the format of USD per kWh was obtained from globalpetrolprices.com, and is accurate as of December 2022.

I still wonder how Lebanon's electricity cost can be so low, but haven't yet done a check on globalpetrolprices.com.

100 sats \ 1 reply \ @2bithits 19 Aug 2023

How is that possible?

121 sats \ 0 replies \ @0fje0 19 Aug 2023

Probably not possible.

0 sats \ 0 replies \ @kenn_b 19 Aug 2023

not true

0 sats \ 3 replies \ @AR0w 19 Aug 2023

Wow How much watts to produce 1 btc ?

0 sats \ 2 replies \ @0fje0 19 Aug 2023

You can theoretically produce 1 btc with 1 watt. Or even less. But it's going to take a very, very, VERY long time. :)

I think what you meant to ask, was how many Wh?

Watts is a measure of power; Wh (or kWh, or MWh) is a measure of energy. Energy is what you need to produce BTC.