Cardano founder Charles Hoskinson estimates that Nakamoto’s electricity, the mystical co-founder of major cryptocurrencies, totally paid less than $3,700 in electricity to a million btc.
Hoskinson shared three different scenarios to estimate how much electricity Nakamoto will take to mine 1 million Bitcoin between 2009 and 2010.
Bitcoin creators mined coins in the age of very low mining difficulties, almost nonexistent competition, and CPU mining.
The table scenario shows the various reasonable ways Satoshi may have mined coins with different assumptions about the number of mining machines, wattages, duty cycles, and electricity prices.
Only one mining rig that uses 190 watts of power on average and runs 75% of the time in 485 days is the most efficient and minimal setup. This is what this would have looked like if Satoshi was one person mining a decent consumer PC or server. In this case, the cost would be $191.
However, based on the analysis of the non-random non-sed pattern of the early Bitcoin block, a single entity (probably Satoshi) was mined on a series of machines based on the patosi patterns discovered by researcher Sergio Larner. This is the most realistic setup that will increase the cost to $575 in the US and around $1,000 overseas.
If Satoshi needed more energy to stay competitive and keep up with the increasing difficulty of mining, the cost would have risen to the aforementioned $3,700.
As reported by U.Today, Nakamoto, whose true identity remains a mystery, is currently considered one of the richest people in the world, and has recently surpassed Bill Gates. His estimated net worth is approaching $120 billion.
In other news, Ripple CTO David Schwartz recently revealed that he held a total of 250 Bitcoin (BTC) when the cryptocurrency was trading for around $30.