Cardano founder Charles Hoskinson has provided an estimate of the electricity cost incurred to mine 1 million Bitcoins by Satoshi Nakamoto.
Electricity Cost Estimate
Hoskinson suggests that the total cost of electricity required to mine 1 million BTC would have been less than $3,700.
Bitcoin Mining Scenarios
Hoskinson shared three different scenarios estimating how much electricity Satoshi would have needed for mining. Various assumptions about the number of mining machines, electricity consumption, and electricity price were considered. One of the most efficient setups involved a single machine using an average of 190 watts and operating 75% of the time over 485 days, resulting in a cost of $191. A more realistic scenario with a cluster of machines would raise the total to $575 in the U.S., and potentially up to $3,700 if more power was needed for competitive mining.
Current Status of Satoshi
Recently, it has been reported that Satoshi Nakamoto, whose true identity remains a mystery, has become one of the richest individuals in the world, with an estimated net worth approaching $120 billion.
Hoskinson's assessment of electricity costs, considering various scenarios, highlights how low mining difficulty in the early years could significantly lower expenses.
