Well it does now.
Every sat counts! π«‘
Whenever I have a similar dilemma and choose nap, I feel like a lazy fuck afterwards
Iβm Bailey. π here to learn about bitcoin, talk about health, and troll nostr:npub18ukvmtrnk8e56g600r0vv8wvhvacgd452jajnws5gpttkglzttgqe0quqm
One thing about me is that I am perpetually curious β specifically obsessed with the brain, nervous system, and mental health.
I plan to disrupt the mental health system & help people remember that itβs our birth right to live in connection, freedom, and abundance. Small goals.
The more I learn about decentralization, the clearer it becomes that if our moneyβs broken, so is everything else. Especially our health.
So yeah, hi. Letβs fix this shit.
ππ
How do you actually price oil/energy in #Bitcoin?
We've heard many Bitcoiners talk about pricing oil/energy in BTC. But what does that actually mean?
One options just do a simple conversion of the USD price of to BTC using current exchange rate.
For example the current price per barrel of WTI oil is ~$75, converted to ~107,143 sats per barrel.
But this isn't pricing oil in BTC terms, just accepting #bitcoin for payment.
What happens if we use the opportunity cost of mining bitcoin instead? Warning, assumptions ahead - this is a thought experiment I found interesting and incorrect?
Assumptions:
- 1 Barrel of Oil contains ~1,700 kWH of usable electricity
- Using Bitmain S21. 200TH/s @ 3500 W
One day of running the S21 is 3.5kWh * 24 = 84kW. This lets us run the S21 for ~20.22 days (1,700/84), let's call it 20 days.
Using a mining income calculator our daily income is estimated at ~36,000 sats. (I know I know, assumptions bro)
20 days * 36,000 sats = 720,000sats.
My crude calculations (see the pun?) indicate one barrel of oil should be priced at 720,000 sats (~$500USD) at current block rewards/difficulty.
Energy producers are being screwed by selling oil for USD instead of using it to mine Bitcoin themselves.
Nothing better than snacking and getting a scratch 
so much better! π€
Sure does, they think you're apologising but really you're calling them a pussy.
"I'm sorry you feel that way" is the go to apology when you don't want to apologise.
If you're having money problems, I feel bad for your son. I got 99 problems, but fiat ain't one. #bitcoin
Good Morning, good afternoon, good evening. Where ever you may be nostr:npub137c5pd8gmhhe0njtsgwjgunc5xjr2vmzvglkgqs5sjeh972gqqxqjak37w
