[Music]
welcome back to the world of cryptos
welcome back to the crypto corner
today i have got a different treat for
you and this is something that you can
use
with your friends in the library or on
the bar and to impress them
with some special knowledge that you
have around the bitcoin blockchain
and the big question always is how safe
is bitcoin and for that i prepared a
little
uh presentation so let's dive into it
so how safe is bitcoin and let's take a
look at the components of the
bitcoin blockchain and these are the
components you've got the blockchain
with the genesis block so the first
block
and then this is the current block and
then you've got miners
that are competing to add your
transactional
all the transactions to the blockchain
and for that
they have a calculation uh it's like a
very simple one it's just finding like
like a very simple
puzzle so it's not a big deal um
in what the the work they have to do but
there has been an evolution and type of
machines that are doing this type of
work
and so back in the early days in 2009
when bitcoin was started
we were using normal laptops very simple
thing
computer was doing the job perfectly
well
and as you know every 10 minutes a block
is created
that's that's part of the consensus and
therefore
the more computer we're attaching to the
system
the difficulty had to be increased and
so in 2011 graphic cards
were the it so you couldn't use a
computer anymore you had to use a
graphic card
and that continued until about 2013
when so-called ac computers were
invented and these computers the only
thing they do
is they do these
crypto transactions they don't do
anything else you can't run windows on
them
just the simple hash calculations that
they do and nothing else
so um as you can see it's already fairly
large number and this is 2015 it's a
fairly large number
so just to highlight those numbers
at the moment the hash rate of bitcoin
is in this area here yeah so it's a
number one
with 18 zeros behind it
those are the calculations that these
computers in
all together do per second so it's a
huge number
and uh to look at those machines so this
is for example the latest the best of
the best at the moment
it's the micro bt watts minor m30s that
can do
a 112 tera hashes per second and
consumes
3 000 what
so quite significant and this is how the
machine looks like
yeah so it costs four thousand dollars
and these machines look like this here
they make a hell of a noise because
they run at 100 percent all the time and
they consume as you can see 3 000 watts
a lot of electricity so a miner has to
really calculate
whether it's worse using these machines
at a specific electricity rate or not
okay so far so good let's look at
what that really means so i've done here
a little
credit a little table so back in 2009
you saw
a human would probably do one
calculation per second that's very
generous i would say more
0.1 because it's not that easy to for a
human brain to do that puzzle
a cpu is doing between 600 000 or 150
million
per per second in average i took two
million the gpo goes up to 20 million
and here we've got the ac computers yeah
so 60
uh terahash per second that's what they
do
yeah next step is the current hash rate
is 150 exahash
and that's equivalent to two and a half
million ac computers
yeah so in average if you take the
average number if you take the average
number you have got two and a half
million computers
that are specialized on this subject
here securing the bitcoin net
network and if you take a look at the
cost so
you saw the latest of the best is three
thousand or four thousand dollars
so i take an average of thousand five
hundred dollars
uh multiplied with 2.5 million
uh computers uh or asic machines
that is a bill just hardware bill of
3.75 billion
uh us dollars to to just
take over 50 of the network
so who will do that yeah so that in
itself
is a very difficult thing to achieve
assuming that you're able to get those
machines because they're constantly sold
out
so getting two and a half million
computers that
are asic machines that are able to do
these calculations
for a price of around four billion us
dollars i don't think that anybody is
capable
of finding that and that's the beauty of
the proof-of-work of
bitcoin yeah so um
in other words the big question is
if you've got your wealth whatever that
is yeah if it's hundred dollars if it's
10 million dollars whatever if you want
to do a transfer from
your account to a foreign account what
would you prefer to use
would you prefer to use the banking and
the government systems
where you can be sure that they'll
charge you a high fee
and in many cases the money doesn't even
arrive on the other end
because the bank will have some sort of
problems with the transfer or you're
doing something
where you have got over 2 million
computers
securing the network that nothing
happens where no humans are involved
where the software is open source and
where other computers which other nodes
are constantly checking that everything
is correct i think the answer is very
simple
yeah so this just to put you in persp
perspective what it means
uh if somebody says hey but bitcoin
consumes a lot of electricity
yeah but the reason is it's the most
secure network in the world
you will not find anything that is more
secure than the bitcoin network
and that's why also all the software is
open source
so that everybody can check what's
running on those machines
and yeah that's the future you're part
of the future
so that's it from you today today
so i thank you very much for watching
and i hope you enjoyed this little
excurse
into bitcoin safety and bitcoin security
and i'm really looking forward to see
you next week
so thank you very much for watching have
a great one bye-bye
robert thank you so much just a reminder
that we are not providing financial
advice but only sharing what's happening
in the cryptocurrency marketplace always
remember
that the cryptocurrency markets are ever
changing and they're always volatile
they never close you should only spend
what you can afford to lose
you