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Could we see a 100% rise tomorrow? Looking forward to that bell already.
Weathergeek, if that is the cost for mining 1 BTC then your numbers are now much more relevant.
Credit to you for looking at your numbers again.
I still think the miners would choose speed over efficiency :-)
My bad, I get what you're saying. I'm working on the wrong numbers.
If you took the average cost of $9000 as a cost to produce 1 BTC.
The saving on 900 mined daily at 7% would be $206,955,000 PA
Glamorous numbers but not quite the $1.3bn originally worked.
I am not questioning the 7% as that it very relevant in this area. It is just 7% of what that I wanted further information on. IMHO your numbers do not relate to and increase in speed or efficiency. Taking 7% of the national debt would have been just as relevant (although much bigger). All you have done is take the number of bitcoins mined per day, multiplied it by a value and then by 365 to give you a yearly value which you have taken 7% of. That is just 7% of the bitcoin s mined in a year at a value of $60000.
Anyway, thanks for replying.
Just showing the size of the numbers. If people don't think 7% is much, just look at the market.
Many would take speed i think. Once the competition has it, you need it to keep up. 7% is huge when it comes to BTC mining and it will be taken up.
Personally i think there will be more break throughs giving an even greater reduction. Happy to hold when the market cap is £25m.
Weathergeek, could you please explain your numbers a bit more as I am not understanding how the number of bitcoins mined per day/year and the bitcoin value have any bearing on the cost of electricity required to mine them. Surely, any saving due to efficiency would be related to the electricity cost of mining the bitcoins and not the value of the mined bitcoins. Your numbers also assume that all bitcoin miners are using the improvements patented by QBT.
As per FG's statement in the RNS then 'A nearly 7% efficiency in running the Bitcoin mining algorithm can be used to increase mining speed or save energy'.
Question: if you are a miner are you going to choose efficiency over speed? I would take a guess that most would go for speed over efficiency. The result of this would be that the mining difficulty would be adjusted so as to keep the blockchain generation to the required 10 minutes and the same amount of bitcoins mined per day. Therefore, if all miners use this QBT patented technology then any benefits are negated.
Yes for sure, as many have stated, this could surpass ARB with regards to their sp rise, so £3 +, even then no doubt the trolls and deramp crew members will be posting "I'm going to wait for the inevitable dump and I will buy back in then" and then if the sp dips to £2.70 they will post saying "see, told ya, there's the sell off" LOL!! They are so funny and pathetic!!
Given the forward thinking nature of QBT , and the meteoric rise of ARB this is a definite hold for me. If this goes there is no catching it.!!!!
Cheers. I'm happy to hold for the ride. I've not got a massive holding here but you won't need one if it comes good. Don't like going too big on volatile ones. ARB type rise very possible should they be successful. I mostly bought in the low to mid 1p range so happy days already. Not selling too early like I did with ARB though, 4-6p there and I thought I'd done well! Was buying it back a few months later at 30p. GLA.
Good analysis, helps us keep our eyes on the ball here!
Hoping for a drop to top up, but may have missed my chance for a last load around 2!
QBT is full of life again! Bulls and bears very present. Why the big jump? What's the patent worth?
Worked out on $60,000 BTC.
900 BTC per day are currently mined.
60,000 X 900 = $54,000,000 Per day
365 x $54,000,000 = $19,710,000,000 per anum
A 7% improvement in efficiency of $19.710 Billion = $1,379,700,000 in annual savings to be had.
How much is that worth to QBT should their patent prove successful. What percentage could be gained in revenue to QBT? These are not small numbers. $1.379 Billion in savings to be had per year.
Going forward, work those numbers on $100k, $200k BTC etc etc..
Huge! All speculation right now so expect volatility, take profits on the way up, buy on dips, enjoy the ride.