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An illustrated guide to bitcoin mining, blockchains, and the “minting” process of cryptocurrency’s most popular coin.
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<h2 style="font-size: 30px; font-weight: bold; line-height: 120%; margin-bottom: 6px; margin-top: 25px;">
<strong>
How are bitcoin created?
</strong>
</h2>
<p style="color: #737373; font-family: Helvetica, sans-serif; font-size: 18px; font-style: italic; line-height: 120%; margin: 0; padding-bottom: 10px;">
An illustrated guide to bitcoin mining, blockchains, and the “minting” process of cryptocurrency’s most popular coin.
</p>
<p style="font-family: Helvetica, sans-serif; font-size: 13px; line-height: 120%; margin: 0; padding-bottom: 24px;">
<strong>
BY
<a style="color: #D62829; text-decoration: none; text-transform: uppercase;">
Zachary Crockett
</a>
</strong>
</p>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults" style="padding: 0px 10px;">
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Bitcoin has had a banner start to the year.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Less than 2 months after breaking the $20k barrier for the first time, the digital currency more than doubled in price, hitting a high of
<strong>
$48,297
</strong>
this week.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Every time bitcoin is proclaimed to be
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
dead
</u>
</a>
, it seems to surge back, buoyed by bullish investors, favorable legislation, and tech titans’
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
tweets
</u>
</a>
.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
At this point, nearly everyone has heard of bitcoin. But many folks still don’t
<em>
quite
</em>
understand how the currency is created.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
It’s not printed like cash. It’s not a physical object like a gold bar. It’s not stored on a piece of plastic like a debit card. It just
<em>
exists
</em>
somewhere in a vast digital expanse until it’s excavated into circulation by a so-called bitcoin miner.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
In this illustrated guide, we’ll cover the following:
</p>
<ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
How bitcoin is created (a process called
<strong>
mining
</strong>
)
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
How the
<strong>
economics
</strong>
of mining have changed over time
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
The effects this process has on
<strong>
power consumption
</strong>
</li>
</ul>
<h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
<strong>
The digital miner
</strong>
</h4>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
To help explain all of this, we’d like to introduce you to a man named
<strong>
Willy “Wild Eyes” Tibbs
</strong>
.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Wild Eyes made a fortune in the
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
California Gold Rush
</u>
</a>
in 1849. Now — 170 years later — he’s back from the grave for his next prospecting adventure.
</p>
</td>
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<td>
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<p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
Zachary Crockett / The Hustle
</p>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults" style="padding: 0px 10px;">
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Wild Eyes has heard that there are riches to be made in mining a newfangled digital resource called bitcoin.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
As he sees it, bitcoin shares a few similarities with gold:
</p>
<ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
There’s a finite supply
</strong>
: As dictated by bitcoin’s creator, there can only ever be
<strong>
21m
</strong>
total coins.
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
They must be mined
</strong>
: The only way to release new bitcoin into circulation is through the efforts of digital excavators.
</li>
</ul>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Wild Eyes digs a little deeper and finds out that bitcoin was
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
created
</u>
</a>
in the wake of the
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
financial crisis
</u>
</a>
in 2008 by an elusive pioneer (or group of pioneers) under the alias of Satoshi Nakamoto.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Nakamoto’s mission was to create a
<strong>
decentralized
</strong>
currency system that wasn’t beholden to middlemen. Among it’s touted benefits:
</p>
<ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
It’s democratic
</strong>
: Unlike paper money, where a single
<strong>
central authority
</strong>
like a bank manages a record of all transactions, bitcoin is minted, circulated, and audited by thousands of users.
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
It’s harder to manipulate
</strong>
: Government agencies can’t intercede by doing things like increasing volume or fiddling with interest rates.
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
It’s global
</strong>
: Someone in Tennessee can instantaneously trade bitcoin with someone across the globe in Tokyo at a low cost.
</li>
</ul>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
The backbone of this concept is a
<em>
distributed
</em>
network called the
<strong>
blockchain
</strong>
, where a record of all bitcoin transactions is stored.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Now, for an old-school argonaut like Wild Eyes, this is a
<em>
tad
</em>
complicated.
</p>
</td>
</tr>
<tr>
<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fconfused.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1lBFrC:2lZOKuaGJVDZUCGRS7CxdbmyuwD65eeGmyMJ6VNTclk" style="height: auto; max-width: 600px; padding-top: 10px; width: 100%;" width="600"/>
<p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
Zachary Crockett / The Hustle
</p>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults" style="padding: 0px 10px;">
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
To help him out, let’s step back a bit and briefly explain the blockchain using something he can understand: a choo-choo train.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Imagine that the blockchain is a loooong train — a
<strong>
block
</strong>
<em>
<strong>
train
</strong>
</em>
, if you will.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
This train contains a public record of
<em>
all
</em>
bitcoin transactions. Each time a trade is made through a cryptocurrency platform like Coinbase, the details of the transaction are
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
coded
</u>
</a>
and broadcast, along with other transactions, to a vast network of users called bitcoin miners.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
From there, the following process unfolds:
</p>
<ol style="font-size: 16px;">
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
Miners compete to add the next car to the train by bundling up a bunch of transactions into “blocks.”
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
Miners solve a computational problem (called “
<strong>
proof of work
</strong>
”) that assigns the block an identifying code (a
<strong>
hash
</strong>
).
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
The “winning” block is distributed to, and verified by, all the other miners in the network and is added to the blockchain.
</li>
</ol>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Only one car can be added to the train at any given time, and each one takes
<strong>
~10 minutes
</strong>
on average to verify and attach.
</p>
</td>
</tr>
<tr>
<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fblocktraingif.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1lBFrC:2lZOKuaGJVDZUCGRS7CxdbmyuwD65eeGmyMJ6VNTclk" style="height: auto; max-width: 600px; padding-top: 10px; width: 100%;" width="600"/>
<p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
Zachary Crockett / The Hustle
</p>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults" style="padding: 0px 10px;">
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
These bitcoin miners serve 2 major functions:
</p>
<ol style="font-size: 16px;">
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
They are the printing press of bitcoin
</strong>
: Adding new blocks to the blockchain is the only way to release new bitcoin into circulation.
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
They are the auditors of bitcoin:
</strong>
Through the process of mining, they verify the legitimacy of all transactions on the blockchain.
</li>
</ol>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
By solving the equation first and adding the next block to the chain, a miner is
<strong>
rewarded
</strong>
with a set amount of bitcoin.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
When bitcoin mining first started, the reward was 50 bitcoin (BTC). But as dictated by the coin’s creator, the reward is cut in half every time 210k new blocks are added to the chain — or roughly every
<strong>
4 years
</strong>
.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
As of February 2021, miners receive
<strong>
6.25 bitcoin
</strong>
for every new block they mine — or ~
<strong>
$294k
</strong>
based on the current market value. They also get to keep the transaction fees from the trades in that block, which are currently around
<strong>
$20/trade
</strong>
.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Today, it’s
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
estimated
</u>
</a>
that there are more than
<strong>
1m bitcoin miners
</strong>
in operation — and they’re all competing to add the next block to the chain.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Combined, the rewards these miners earn
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
top
</u>
</a>
<strong>
$1T per month
</strong>
.
</p>
</td>
</tr>
<tr>
<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fchart_3.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1lBFrC:2lZOKuaGJVDZUCGRS7CxdbmyuwD65eeGmyMJ6VNTclk" style="height: auto; max-width: 600px; padding-top: 10px; width: 100%;" width="600"/>
<p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
Zachary Crockett / The Hustle
</p>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults" style="padding: 0px 10px;">
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
On paper, these numbers make mining an extremely appealing pursuit for folks like Wild Eyes.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
But as it turns out, the money’s not so easy to come by.
</p>
<h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
<strong>
The bitcoin mining arms race
</strong>
</h4>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
As mentioned above, a bitcoin miner has to solve a computational problem in order to successfully add a new block to the blockchain and receive his reward.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
We won’t get into the nitty-gritty of that problem here (
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
check out this post
</u>
</a>
for a full breakdown on the math).
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
But in simple terms, a miner basically has to employ a computer to run through
<strong>
trillions
</strong>
of
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
hexadecimal
</u>
</a>
number combinations until it spits out an acceptable 64-character code. This coding keeps the blockchain secure.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
The difficulty of this problem
<strong>
adjusts in proportion
</strong>
to the network’s total mining power: As more bitcoin miners join the network to compete, the problem becomes harder to solve, thus requiring even
<em>
more
</em>
computing power.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
This led to something of a bitcoin mining arms race.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
A decade ago, it was possible to mine bitcoin using a simple computer processor. But as mining began to spread, people utilized more powerful hardware like
<strong>
GPUs
</strong>
(graphics processing units),
<strong>
FPGAs
</strong>
(field-programmable gate arrays), and dedicated
<strong>
ASIC
</strong>
mining machines.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
The volume of miners on the network — and the random nature of number generation — has made winning a block reward into a
<strong>
lottery
</strong>
.
</p>
</td>
</tr>
<tr>
<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fcomps.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1lBFrC:2lZOKuaGJVDZUCGRS7CxdbmyuwD65eeGmyMJ6VNTclk" style="height: auto; max-width: 600px; padding-top: 10px; width: 100%;" width="600"/>
<p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
Zachary Crockett / The Hustle
</p>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults" style="padding: 0px 10px;">
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Bitcoin miners have to weigh the cost of hardware (and more importantly, the cost of the
<strong>
electricity
</strong>
required to run it) against the slim odds of winning on a regular basis.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
In most cases, operating alone is no longer financially viable.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Let’s say Wild Eyes bought an old ASIC machine — say an Antminer s9 (
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
~$400 on eBay
</u>
</a>
) — and rigged it up in his basement. According to bitcoin mining
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
calculators
</u>
</a>
, it would likely take him
<strong>
225 years
</strong>
to generate a block.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
And while sitting around waiting for that to happen, he’d spend ~$3.50 per day (~$1.3k per year) on electricity just for the one machine.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
For this reason, today’s bitcoin mining scene is dominated by 2 factions:
</p>
<ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
Mining pools
</strong>
: Groups of individual miners who combine their computing power, then divide any rewards up proportionally, based on how much computing power each person contributed
</li>
<li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
<strong>
Massive mining “farms”
</strong>
that have thousands of machines running 24/7
</li>
</ul>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Around
<strong>
66%
</strong>
of the world’s bitcoin mining now happens in China, where cheap hardware makes large operations more economically feasible.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
In Dalian — China’s bitcoin mining capital — one factory alone mines
<strong>
750 bitcoin
</strong>
per month, or $35.6m in value at the current market rate. To do so, it utilizes 3k+ ASIC machines and spends $1m+ per month on electricity.
</p>
</td>
</tr>
<tr>
<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fmanycomps.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1lBFrC:2lZOKuaGJVDZUCGRS7CxdbmyuwD65eeGmyMJ6VNTclk" style="height: auto; max-width: 600px; padding-top: 10px; width: 100%;" width="600"/>
<p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
Zachary Crockett / The Hustle
</p>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults" style="padding: 0px 10px;">
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Averaging across all types of operations, one bitcoin
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
costs
</u>
</a>
<strong>
between $5k and $8.5k
</strong>
to mine. Power makes up the vast majority of the overhead.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
The key for many mine operators is to plunk down where electricity costs are especially cheap — places like
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
Iceland
</u>
</a>
, upstate
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
New York
</u>
</a>
, small towns in
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
Washington State
</u>
</a>
, and
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
rural Texas
</u>
</a>
.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
But power consumption isn’t just an economic consideration, it’s one of the biggest controversies in the practice of bitcoin mining.
</p>
<h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
<strong>
The power problem
</strong>
</h4>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Collectively, bitcoin miners
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
use
</u>
</a>
<strong>
121.4 terawatt-hours
</strong>
(tWh) of electricity per year to sustain their operations.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
To give that number some additional context, that’s enough to power the
<strong>
entire population of Argentina
</strong>
(45m) for an entire year.
</p>
</td>
</tr>
<tr>
<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fenergy.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1lBFrC:2lZOKuaGJVDZUCGRS7CxdbmyuwD65eeGmyMJ6VNTclk" style="height: auto; max-width: 600px; padding-top: 10px; width: 100%;" width="600"/>
<p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
Zachary Crockett / The Hustle
</p>
</td>
</tr>
<tr>
<td class="h2020 ignore-defaults" style="padding: 0px 10px;">
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Of course, traditional financial institutions aren’t much better.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
It has been
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
estimated
</u>
</a>
that the world’s banks collectively consume at
<em>
least
</em>
<strong>
100 tWh
</strong>
of power per year, when factoring in branches, servers, ATM machines, and paperwork.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Eventually, though, the power used by miners will be a moot point.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Roughly 18.6m (
<strong>
88.5%
</strong>
) of the possible 21m bitcoin have already been mined. At the current rate, the final bitcoin is projected to be mined in the year 2140.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
Most of the gold, so to speak, has been snatched from the streams. So ol’ Wild Eyes may be better off just buying bitcoin on the open market.
</p>
<p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
<br/>
<em>
Story and illustrations by
</em>
<em>
<strong>
Zachary Crockett (
</strong>
</em>
<a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
<u style="color: #d62829; text-decoration: none; underline: none;">
<em>
<strong>
@zzcrockett
</strong>
</em>
</u>
</a>
<em>
<strong>
)
</strong>
</em>
</p>
</td>
</tr>
<tr>
<td style="border-bottom-color: #dddddd; border-bottom-style: solid; border-bottom-width: 1px; padding-top: 15px;">
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</tr>
<tr>
<td align="center" style="font-family: 'Helvetica', sans-serif; font-size: 26px; line-height: 120%; padding: 10px 0; text-align: center;">
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<h2 style="font-size: 20px; font-weight: 800; letter-spacing: 0px; line-height: 24px; margin: 20px 0 0px;">
<strong>
SimpliSafe is offering free cameras to keep your home protected in 2021
</strong>
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Get a free security camera with any new system here.
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<strong>
What SimpliSafe does:
</strong>
<em>
Everything.
</em>
We’re talkin’...
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Professionally monitored security
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24/7 HD video monitoring
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Protection against everything from intruders to fire, water, and natural disasters
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Recognize people, not pets
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<strong>
What SimpliSafe doesn’t do:
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Cost more, since SimpliSafe cuts out the middleman and traditional markups
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Take up space, thanks to
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discreet sensors
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Lock you into a contract
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Require timely setup (it’s all wireless)
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<strong>
Why we trust SimpliSafe:
</strong>
They were just named
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Best Overall Home Security of 2020
</a>
by U.S. News & World Report… and Oct. 20 Editor’s Choice by PCMag and CNET… need we continue?
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Get your free camera →
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Today's email was brought to you by Zachary Crockett and Brad Wolverton.
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3 years, 2 months ago - news@thehustle.co
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