(wow) Words Of Wonders Level 1877 Answers – Mining one Bitcoin requires approximately 1,449 kilowatt hours (kWh) of energy. That's about 13 years of energy used by an average US household.
Bitcoin mining can be expensive because it requires a lot of energy. However, the exact price varies depending on the location and the price of electricity.
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Where are the cheapest and most expensive places to mine this popular digital currency? This chart from 911 Metallurgist shows a snapshot of estimated Bitcoin mining costs worldwide as of March 23, 2022, using relative prices and costs.
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Before diving in, it's worth briefly explaining the basics of Bitcoin mining and why it requires so much energy.
When someone mines bitcoins, what they are doing is adding and verifying records of new transactions to the blockchain, the decentralized ledger that trades and distributes bitcoins.
To create this new record, crypto miners have to crack the complex equations created by the blockchain system.
Tens of thousands of miners may be competing to crack the same code at any given time. Only the first person to solve the equation is rewarded (unless you are part of a mining pool, a group of miners who agree to pool their efforts to increase their chances of solving the equation).
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The faster your computing power, the more likely you are to win, so you'll need powerful hardware to solve the equation first.
Across the 198 countries included in the dataset, the average Bitcoin mining cost is $35,404.03 higher than the price of $20,863.69 on July 15, 2022. Although it is important to note that the price of energy fluctuates and miners need more or less energy for the Bitcoin network and the final cost is constantly changing.
Here is the estimated cost of mining one bitcoin in each country on March 23, 2022 and the potential profit after mining costs.
Venezuela is one of the most expensive countries to mine Bitcoin. Mining one Bitcoin in this South American country costs $246,530.74, which means the process is not profitable. Due to the very high cost of energy in the country, miners will earn $225,667.05 per Bitcoin.
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At the opposite end of the spectrum, the cheapest place to mine Bitcoin is Kuwait. Mining one Bitcoin in Kuwait costs $1,393.95, which means miners can earn $19,469.74.
This Middle Eastern country has the cheapest electricity in the world, costing an average of just 3 cents per kilowatt hour. For context, the average cost per kWh in North America is 21 cents.
One of the things that makes Bitcoin particularly attractive is its limited supply, with only 21 million coins available for mining, and as of this writing, over 19 million Bitcoins have been mined.
Although the price of Bitcoin (BTC) is known for its volatility, it has still seen a significant increase in value over the past decade. If cryptocurrencies become as mainstream as many believe, this could further increase the price of Bitcoin.
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This article is published as part of Visual Capitalist's creator program, which features data-driven visualizations from our favorite creators around the world.
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Tech Rankings: America's 20 Biggest Tech Cuts After 2020 How Bad Are Current Tech Cuts? This visualization shows the 20 biggest tech layoffs since the start of the pandemic.
No one could have predicted the events of the last few years. From the global pandemic, telecommuting to the next hiring frenzy, rising inflation and now, massive layoffs.
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Google's parent company, Alphabet, cut 12,000 jobs a few weeks ago, the size of a small town, in the company's biggest layoffs ever. In addition, Amazon and Microsoft have laid off 10,000 workers in recent months, and Meta has laid off 11,000.
This visualization frames current tech layoffs and ranks the 20 biggest tech layoffs of 2020 using data from the Layoffs.fyi tracker.
After 2020, layoffs in the technology sector will increase significantly, especially in 2022. Let's present the companies that laid off the most people in the last three years.
In 2020, layoffs were high as the Covid-19 pandemic brought the global economy to a standstill and forced layoffs around the world. After that, last year's economic uncertainty lingered, eventually leading to mass layoffs in the tech sector, the largest in three months.
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Much of the shrinking workforce is attributed to the impending recession. Companies say they have been forced to cut excess production by a post-pandemic hiring boom.
Besides, because of the frenzied competition in hiring, the wages of workers are increasing, which with the current economic conditions increases the need to trim the fat.
Of course, the factors behind these recent layoffs are more than just over-hiring and stagnation. Indeed, there appears to be a culture shift at work at many US tech companies. According to tech giants Rani Molla and Shirin Ghaffari of Recode
Twitter's mass layoffs at the end of 2022 are due to reasons other than macroeconomic factors. Elon Musk's goal to do more with a small team is resonating with other Silicon Valley founders and executives, opening up opportunities for others in the tech space to lower labor costs. For example, Mark Zuckerberg called 2023 a meta “year of progress”.
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Meanwhile, 12,000 jobs are on hold at Google as the company repositions itself to win the AI race. In the words of Google's own CEO:
In the last two years, we have seen a period of rapid growth. “To address this growth, we're hiring in a different economic reality than we face today… We have a huge opportunity with AI in our products, and we're ready to approach it boldly and responsibly.” – Sundar Pichai The big picture of the US labor market
Outside of the tech industry, career opportunities continue to grow. The latest data from the Bureau of Labor Statistics (BLS) shows that a total of 11 million jobs were created across the United States, an increase of nearly 7 percent month over month. That means there are currently 1.9 jobs for every unemployed person in America.
In addition, hiring increased significantly in January, with employers adding 517,000 jobs. Although the BLS reported a decline in openings in information-based industries, openings are growing rapidly, particularly in the food, retail, and construction industries.
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Datastream 6 days ago: Top Online Music Services by US Monthly Users Automotive 2 weeks ago Most Fuel-Efficient Cars Since 1975 Datastream 3 days ago Supersize Betting on Big Football Games (2013-2022) Technology 4 weeks ago Forecast Expert Consensus: 2023 VC+ 2 weeks ahead, get VC+ before prices go up. 2 days ago Tech: List of the 20 biggest US tech declines after 2020 Economy 2 weeks ago The EU's $16 trillion economy I asked a famous person to write an introduction to my book The NES Omnibus: The Nintendo Entertainment System and its Games, Volume 1 Write (A–L). I thought I'd reach out to The Angry Game Video Game Nerd, actor Sean Austin, who narrates a video game documentary about the games he's played and the most influential vintage gaming YouTubers.
But then Adam F. Goldberg, creator and producer of the TV series The Goldbergs, fell into my lap. (Thankfully he did so figuratively). My friend Shawn Tiedeman, who directed The King of Arcades (2014), recommended and contacted Mr. Goldberg. To my surprise, Adam was very excited to be part of the project and very supportive.
Capturing the 1980s mentality in a fun and over-the-top way, Goldberg is a tribute to Goldberg's truly wacky childhood. The show featured the Nintendo NES as well as arcade classics from the 80s. There was even a Tron themed episode. Best of all, Goldberg, who co-wrote Fanboys (2009) and produced several video game documentaries, is a die-hard NES fan.
A talented writer with a lot of street cred, Goldberg had a knack for writing forewords for vintage toy books. And as expected, he gave a killer account of his days growing up with the NES, which was obviously a lot of fun in his childhood.
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For details, see Mr. Goldberg's excellent foreword. This
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