This newsletter was originally published in HASHR8. I recently ran into an article by Yo-Der Song and Tomaso Aste named “The cost of Bitcoin mining has never really increased. In the article they compare the daily transaction volume with the spot price of Brent oil as the basis for worldwide electricity prices. They came up with a ratio of the “cost of mining” based on this oil price and compared it to on-chain transaction volumes.
The Evolution of Bitcoin Network Costs
The Evolution of Bitcoin Network Costs
The Evolution of Bitcoin Network Costs
This newsletter was originally published in HASHR8. I recently ran into an article by Yo-Der Song and Tomaso Aste named “The cost of Bitcoin mining has never really increased. In the article they compare the daily transaction volume with the spot price of Brent oil as the basis for worldwide electricity prices. They came up with a ratio of the “cost of mining” based on this oil price and compared it to on-chain transaction volumes.