1GB blocks would be able to confirm more than 5000tx/s. That would be VISA-level scale
(which handles, on average, 1736tx/s). We often hear that we shouldn't raise the blocksize because then nodes would become too expensive to run. But how expensive exactly?
We have the following costs to take into account:
For now, I'm going to assume a non-pruned
full node (i.e. a node that stores all transactions
of the blockchain) for personal use, i.e. for a computer built at home. I'll add in the calculations for a pruned node at the end, which would likely be the prefered option for people who merely want to verify the blockchain for themselves. If you don't care about the assumptions and calculations, you can just jump right to the end of this post. If you spotted any error, please inform me and I'll update my calculation.
There's, on average, one block every 10 minutes, that is 144 every day and 4320 blocks every thirty days. I was able to find a 3TB HDD for $47,50 on Amazon
, that is $0.018/GB. Storing all blocks with all transactions of a month (4320GB) would be $78.96/mo
. Prices for storage halved from 2014 to 2017
, so we can assume that to half in 2022, thus we can reasonably assume it'd cost around $40/mo.
But would such an inexpensive hard disk be able to keep up with writing all the data? I found a comparable cheap HDD which can write 127MB/s sequentially
(which would be the writing mode of Bitcoin). That would be enough even for 76GB blocks!
Edit: For the UTXO set, we need very fast storage for both reading and writing. Peter__R
, in his comment below,
estimates this to be 1TB for 4 billion users (which would make ~46,000tx/s if everyone would make 1tx/day, so id'd require about 10GB blocks). jtoomim
seems more pessimistic
on that front, he says that much of that has to be in RAM. I'll add the $315 I've calculated below to account for that (which would be rather optimistic, keep in mind).
Bandwidth is more complicated, because that can't just be shipped around like HDDs. I'll just take prices for my country, Germany, using the provider T-online, because I don't know how it works in the US. You can plug in your own numbers based on the calculations below.
1GB blocks/10 minute mean 1.7MB/s
. However, this is an average, and we need some wiggle room for transaction spikes, for example at Christmas or Black Friday. VISA handles 150 million transactions per day, that is 1736tx/s, but can handle up to 24,000tx/s (source
). So we should be able to handle 13.8x
the average throughput, which would be 1.7MB/s x 13.8 = 23.46M/s
, or 187.68Mbit/s. The plan on T-online for 250Mbit/s
) would be 54.95€/mo (plus setup minus a discount for the first 6 months which seems to cancel out so we'll ignore it), which would be $61.78/mo
. This plan is an actual flatrate
, so we don't have to worry about hitting any download limit.
Note, however, that we don't order bandwidth for only our Bitcoin node, but also for personal use. If we only needed 2MB/s for personal use, the plan would be 34.95€, thus our node would actually only cost the difference of 20€ per month, or $22.50/mo
. Nielsen's Law of Internet Bandwidth
claims that a high-end user's connection speed grows by 50% per year
. If we assume this is true for pricing too, the bandwidth cost for ~200Mbit/s/mo. would go down to
12.5% (forgot how exponential growth works) 29.6%
of its today's cost by 2022, which decreases our number to $
point out that the node would have a much higher bandwidth for announcing transactions and uploading historical blocks. In theory, it would not be necessary to do any of those things and still be able to verify one's own transactions, by never broadcasting any transactions. That would be quite leechy behaviour, though. If we were to pick a higher data plan to get 1000MBit/s downstream and 500MBit/s upstream, it would cost 119.95€/mo.
, however this plan isn't widely available
yet (both links in German). 500MBit/s of upstream would give us max. 21 connected nodes at transaction spikes, or max. 294 connected nodes at average load. That would cost $39.85
in 2022 (with correct exponential growth).
CPU/Memory will be bought once and can then run for tens of years
, so we'll count these as setup costs. The specs needed, of course, depend on the optimization of the node software, but we'll assume the current bottlenecks will have been removed once running a node actually becomes demanding hardware-wise. This paper
establishes that a 2.4GHz Intel Westmere (Xeon E5620) CPU can verify 71000 signatures per second... which can be bought for $32.88 a pair
on Ebay (note: this CPU is from Q1'10
). We'd need to verify 76659tx/s at spikes (taking the 13.8x number), so that pair of CPUs (handle 142,000tx/s) seem to just fit right in (given one signature per tx). We'd also have to account for multiple signatures per transaction and all the other parts of verification of transactions, but it seems like the CPU costs are neglegible anyway if we don't buy the freshest hardware available. ~$100
at current prices seem reasonable. Given Moore's Law, we can assume that prices for CPUs half every two years (transistor count x1.4162
), so in three years, the CPU(s) should cost around $35.22
For memory, we again have to take into account the transaction spikes. If we're very unlucky, and transactions spike and
there won't be a block for ~1h, the mempool can become very large. If we take the factor of 13.8x from above, and 1h of unconfirmed transactions (20,000,000tx usually, 276,000,000tx on spikes), we'd need 82.8GB (for 300B per transaction).
I found 32GB of RAM (with ECC) for $106
, so three of those give us 96GB of RAM for $318
and plenty remaining space for building hash trees, connection management and the operating system. Buying used hardware doesn't seem to decrease the cost significantly (we actually do need a lot of RAM, compared to CPU power).
Price of RAM seems to decrease by a factor of x100 every 10 years
), so we can expect 96GB to cost around $79.89
) in 2022.
Of course, CPU and memory need to be compatible, which I haven't taken into account. Chug a mainboard (~$150) and a power supply (~$50) into the mix, and the total would be just over $600
for today's prices. Even if mainboard and power supply prices remain the same, we'd still only have to pay around $315
for the whole setup in 2022.
I found the following power consumptions:
So we'd have
129W 147.6W + N*6W
. Electricity cost average at 12ct/kWh
in the US, in Germany this is higher at 30.22ct/kWh
. In the US, it would cost
$11.14 $12.75 + N*$0.52
(P*12ct/kWh / 1000 * 24h/day *30days / 100ct/$), in Germany
28.06€ 32.11€ + N*1.30€
At the end of the first year, it would cost
in the US and
At the end of the second year, it would cost
. for the US and
for Germany. It increases by $8.98/mo. per year in the US and by 22.46€/mo. per year in Germany.
Electricity prices in Germany have increased over time due to increased taxation; in the US the price increase has been below inflation rate
the last two decades. As it's difficult to predict price changes here, I'm going to assume prices will remain the same.
In summary, we get:
- Storage: $78.96/mo., $40/mo in 2022, (E:) +$315 initially for NVMe SSDs
- Bandwidth: $22.50/mo.,
$2.81/mo. $6.66/mo. in 2022, Edit: or $95.37/mo. for additional broadcasting, or $28.25/mo. in 2022 prices.
$20.12/mo. (1st year, US), $29.11/mo (2nd year, US); 50.52€/mo. (1st year, DE), 72.98€/mo (2nd year; DE) $21.73/mo. (1st year, US), $30.72/mo. (2nd year, US); 54.57€/mo. (1st year, DE), 77.03€/mo. (2nd year, DE).
- CPU: Initially $600, $315 in 2022
If we add everything up, for today's prices, we get (E: updated all following numbers, but only changed slightly
) $132/mo. (US)
, $187/mo. (DE)
for the second year and
. $78/mo. (US)
$115.79/mo. $124/mo. (DE)
It definitely is quite a bit of money, but consider what that machine would actually do; it would basically do the equivalent of VISA's payment verification multiple times over
, which is an amazing feat. Also, piano lessons cost around $50-$100 each, so if we consider a Bitcoin hobbyist, he would still pay much less for his hobby than a piano player, who'd pay about $400 per month. So it's entirely reasonable to assume that even if we had 1GB blocks, there would still be lots of people running full-nodes just so.
How about pruned nodes? Here, we only have to store the Unspent Transaction Output Set
(UTXO set), which currently clocks in at 2.8GB
. If blocks get 1000 times bigger, we can assume the UTXO set to become 2.8TB. I'll assume ordinary HDD's aren't goint to cut it for reading/writing the UTXO set at that scale, so we'll take some NVMe SSDs
for that, currently priced at $105/TB.
Three of them would increase our setup by $315 to $915 , but decrease our monthly costs.
E: However this UTXO set is also required for the non-pruned node, therefore the setup costs stay at $915
. Even in the highest power state, the 3 SSDs will need only 18.6W
in total, so we'll get a constant 147.6W
for the whole system.
In total, this is:
- New Storage: $0/mo.
- Bandwidth: $22.50/mo., (E:) $6.66/mo. in 2022, Edit: or $95.37/mo. for additional broadcasting, or $28.25/mo. in 2022 prices. (same as above)
- Electricity: $12.75/mo. (US), 32.11€/mo. (DE)
- CPU: Initially $915
In total, this is $35.25/mo.
in the US and $58.57/mo.
in Germany for today's prices, or (E:
(US) and (E:
(DE) in 2022's prices. Which looks very affordable even for a non-hobbyist.
E: spelling E²: I've added the 3 NVEe SSDs for the UTXO set, as pointed out by others and fixed an error with exponentials, as I figured out.
As the specialists of The Block counted. Of that figure, $4.89 billion was in the form of block rewards and the rest – some $147 million – was made via transaction fees. The calculations were made based on bitcoin’s price at the time of mining. submitted by
For comparison, in 2018 miners got $5,26 billion in revenue, and in 2017 – $3,19 billion. The block reward will be 12,5 BTC until May 2020, and will drop to 6,25 BTC after halving.
FAQ #1 General Questions FAQ #2 The Wallet FAQ #3 Timeframes, Chille Dividends, Dividend Calculator: FAQ #4 The Marketplace, Trade Volumes, Market Cap, Partnerships/Publicity, Miscellaneous submitted by
Hi all, due to the large number of repeated questions here, on the slack, and on the forum, I thought I would try to compile a rough FAQ. Other topics to come. Please note that I am not in any way officially associated with Safex, apart from being a coin hodler. My answers here are as TL;DR and ELI15 as I could manage and may lack some detail. Please also note that I asked Dan to look over this FAQ before posting to ensure accuracy of information. General: 1. What is Safex, what is Chille?
In short they are two crypto-coins. Safex is currently available and effectively gives you “shares” in the company. Assuming no name changes, Chille will be the name for the new anonymous decentralised blockchain that is being developed. On top of this blockchain the team will build the Safex Marketplace where Chille coin (a new crypto currency) will be used to buy and sell. 2. What is the marketplace?
A new anonymous way to buy and sell things using crypto. Please see the marketplace subheading for more info. 3. What is the total number of Safex and Chille coins?
) -1 =2,147,483,647 (two billion, one hundred and fourty seven million…) 4. Who are the developers?
Please see https://safex.io/
“Our Crew” heading. edit 6th Oct 2017:
List of what people are currently working on: Dan:
Chille, Wallet updates, Website, Whitepaper Pavle:
Wallet updates, Website Marija:
Website, Wallet updates Milan:
Marketing and planning Ivana:
Whitepaper 5. What makes Safex/Chille different to other coins?
There is a lot to say here, but for starters, I suggest reading this post
Another big stand-out aspect of Safex is that they have employed a full time economist to help design the economics of the Chille blockchain and the marketplace. 6. Is there a whitepaper?
This is currently being written and combines Chille, Safex, and economics and how they intertwine. We will know much more about the economic model once this is released.
This is expected to be released in October.
EDIT: 18th Oct 2017
In order to maintain the integrity of the project and avoid "copy-cats", the decision has been made to delay the release of the whitepaper until Chille alpha is released. This is expected to be in Dec 2017 7. Where can I buy Safex? Any plans for new exchanges?
From exchanges Bittrex or Cryptopia, or directly from the https://safex.io
website (If you have some bitcoin already). There seem to be plans for Safex to trade on some more exchanges, and there is hope that the upcoming “upbit” Korean exchange will include Safex. 8. Where can I find information/news about what is going on?
Dan provides weekly updates on the forum https://safe.exchange
You can also find information on the slack https://safex.herokuapp.com/
Or Reddit page https://www.reddit.com/safex 9. Does Dan also work for Dascoin?
No, Dan worked for Dascoin Prior to Jan 2017 when he stepped back and begin work on Safex full time. 10. The Chille logo looks like Coca Cola. Will this be a problem? Why is the Safex webpage a pirate ship?
No, Dan has already stated that he has obtained a US trademark on the Chille logo. The ship is a “merchant ship and Safex is ushering in the Digital Merchant Economy”. 11. Will there be a phone app?
Yes, planned to be developed around Chille alpha time (see Roadmap for that time). 12. Where can I buy a Safex t-shirt?
We all want to know! To Be Advised…
I'm going to start with a classic disclaimer (this is not investment advice, these are my thoughts, opinions, and personal experience)
i recently got into bit petite after seeing it a few times and doing some research i didn't find much but that's to be expected. why i expect this, partially based on what information is available for most other HYIP, considering even the most popular one bit connect has very little information available on it, its not much of a surprise bit petite has slim to no information available.
open investments began may 20, 2017
instant payouts once withdrawal limit of 500,000 sat is reached Min. withdrawal amount is 0.005 BTC (10.00 USD), 0.01 ETH or 0.10 LTC (3.00 USD)
Twitter = https://twitter.com/Bitpetite_LTD
Reddit = basically empty Bitcoin talk= few posts nothing too special Steemit = few posts, only one so far that is helpful https://steemit.com/bitpetite/@rollycustodio1/what-is-bitpetite
I'm noticing people are creating fake profiles for bit petite and placing their referral code as the website link (of the 5 twitter accounts 4 have referral links in website area several of the Facebook ) there is great referral incentive especially if referrals spend more than 10k so be careful who you support with your referral.
referral description (taken from site 10/18/17) Extra partner reward
There is also an additional partner reward: we pay 3% of the money all your Level 1 referrals earn together. As soon as your Level 1 referrals invest $3000, your reward will increase to 5%; starting from the $5000 total investment, you'll be getting 7%; and if the total investment of all your 1 Level referrals reaches $10,000 or more, your additional reward will be 10% of their total earnings.
payment description(taken from site 10/18/17) Investors
Invest with us! Minimum daily earnings from 3.97% on weekdays and 1% on weekends. We offer higher interest and a broad choice of deposit terms. You may deposit as little as $10. All deposits and payments are made in Bitcoin. Freeze the current bitcoin exchange rate for the term of the deposit and receive your returns in dollars. Withdrawals are made immediately upon request. Make your deposit and start earning today.
How are my earnings accrued without conversion to USD? For instance, you invest BTC at 4.5% per day without conversion to USD. For each 1 BTC you invest for 6 weeks, you will receive 0.045 BTC a weekday. Your weekly earnings will be 0.245 BTC (5 weekdays at 4.5% and 2 weekend days at 1%).
How are my earnings accrued with conversion to USD? For instance, you invest BTC at 4.5% per day. BTC are converted to USD at the current exchange rate at the moment of deposit, let's say 1 BTC = 950 USD. For each 1 BTC you invest for 6 weeks, you will receive $42.75 a weekday. Your weekly earnings will be $232.75 (5 weekdays at 4.5% and 2 weekend days at 1%). The payback period will be 4 weeks. Your earnings will be calculated in USD at the same exchange rate as at the time of the deposit. At the time of withdrawal, your earnings will be converted to BTC at the exchange rate current for the moment of payout.
note deposit amount fluctuates with btc\eth\ltc prices part of the above statement is untrue btc .005 eth.035 ltc.25
Review: my personal opinion is that this is a VERY risky investment and you should only spend what you can afford to lose, if you follow my provided compounding method you can easily double your money within the 6 week term or potentially collect from bit petite daily for as long as the site lasts
instant payouts once withdrawal limit of 500,000 sat is reached
i say this is a risky investment because you are participating in a money tumbler ran by anonymous people what they do is most likely not legal and will eventually be taken down again my personal opinion, but with that said if it goes 30 days you make you initial investment back and if you complete a single 6 week term you get 147% if you complete the 9 week term you get 180% there is no capitol release at end of term, instead you are paid an hourly dividend 24 times per day. during the 6 week term you get 4.5% per week day 1% per weekend day timer is (00:00) @ 5pm PST during the 9 week term you get 3.8% per weekday and 1% per weekend day. these numbers work out the the 147% and 180% respectively
on average 2000 people have been joining bit petite per day and this number will continue to grow until it becomes unsustainable or some party gets greedy.
being a money tumbler bit petites main business is facilitating anonymous transactions by laundering the money through various accounts. this service is very similar to what dash offers for anonymous transactions, and after thinking about this i also wonder about the other "pseudo-anonymous transacting currencies "
money laundering is a very profitable business. it has proven uses and is extremely effective if done properly therefore it is a "valuable" service and several currencies offer similar features within the coin itself "Every year, more than $300 billion in concealed transactions is moved around the United States, according to a U.S. Department of the Treasury report on money laundering and terrorist financing threats."source(https://www.fbi.gov/stats-services/publications/financial-crimes-report-2010-2011
how to beat bit petite and WIN BIG its actually relatively simple COMPOUND, COMPOUND, COMPOUND i will be providing links to some spreadsheets I've constructed below
basically you deposit enough of whichever currency you can afford ONLY USE BTC->BTC ETH->ETH LTC->LTC USING THE USD->BTC/LTC/ETH IS ONLY GOOD IF YOU WANT TO BET THAT THE MARKET WILL GO DOWN.
so far btc -> btc has been very profitable for me especially since btc has gone up drastically in the past few days. making my payout go from ~25$ to ~30$
the goal is to deposit enough into your account so that you can make a daily withdrawal and redeposit it compounding the dividend you receive the next day, since you only get 1% on the weekends you will most likely only be able to compound on the weekdays unless you have 2500$ or more invested and in that case you are really "cooking with gas" as your investment will more or less double in 30 days . btc deposit amount to start 6week/.1119 9week/.14 eth deposit amount to start 6week/0.225 9 week/ 0.28 ltc deposit amount to start 6week/2.25 9week/2.8
there's a couple strategies i've devised from here depending on how risk averse you are
compound for 28days then withdraw daily and collect appx 200% by the end of a 42 day term
2.compound for a (set period) collect daily after set period with daily compounds and a 63 day term you can scale infinitely and collect once you have extremely large daily payouts(within the 6mo-1yr range )6mo = 25k+ 1yr=500k+ it climbs exponentially as you move further into the future
compound daily and withdraw every 8 days (can go as low as every 4days and last 150+days )if you compound daily then withdraw and keep one payout every 8 days you can sustain-ably pay yourself forever theoretically as your expiring contracts never catch up with you, this method would net you 2.5 million over 2 years source: www.youtube.com/watch?v=qcZzTW0gBOc
if you have any questions feel free to ask. i personally am planning to compound for 6 months, i may potentially break my investment up over several accounts and play the spread, have one cashout as soon as it breaks even on what i invest , have one go 3 mo, one go 6 mo and have 1 run indefinitely
remember guys in risky investments cash out early cash out often, don't get caught holding the bags. https://steemit.com/bitpetite/@abve-mining/how-to-win-big-on-bit-petite-review
New Bitcoin Unit (10/1/14): Satoshi. We've added the Satoshi to the Bitcoin calculator. The Satoshi is currently the smallest unit of Bitcoin available. There are 100 million of them in one full Bitcoin. All other units (mBTC, bits, USD) are still available, so there are tons of Bitcoin conversion pairs to choose from. Satoshi to BTC? We've got ... Bitcoin Calculator. The CoinDesk Bitcoin Calculator tool allows you to convert any amount to and from bitcoin (up to six decimal places) and your preferred world currencies, with conversion rates ... The CFTC submits a default judgment document yesterday against the director of a huge fraudulent Bitcoin scheme worth $147 million as we are reading more in the Bitcoin scam news.. The Commodity Futures Trading Commission submitted a document to the New York Southern District Court to look for a default judgment against Benjamin Reynolds who was a director of a fraudulent cryptocurrency scheme ... Back in November, the Bitcoin community was electrified when at 194,993 BTC transaction was identified on the blockchain, representing about $147 million at the time. Since that time, speculation about what the shift was and why it happened has been rampant, with theories ranging from Richard Branson consolidating his newly revealed wallet to a ... Your Bitcoin being at $10,000 today is a true gain of $8,000 but because you haven’t “realized” that gain by selling your Bitcoin, you have not triggered a taxable event. Therefore, you have an unrealized gain and nothing to report to the IRS so life is good. On paper, you are $8,000 richer, but the IRS can’t charge you for that. On the other hand, if you sold your Bitcoin for $10,000 ...
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