Why do people mine Bitcoin!? #energy #money #educationalvideo #learn #academy

Video Transcript

Why on Earth the people mine Bitcoin I’ll show you the first key piece to understand is this Bitcoin itself is a global monetary Network and that is people sending and receiving Bitcoin to one another all of those Bitcoin transactions pay fees and the Bitcoin miners are the ones who earn those fees

They are the decentral bankers of the Bitcoin Network let me show you how it breaks down in terms of electricity cost and how much profit per kilowatt hour that they earn a typical minor May pay 5 cents per kilowatt running that electricity through his machine to earn

12 cents of Bitcoin per kilowatt that’s his cost and that’s his revenue and the gap between is his profit so a Bitcoin miner wants to get the cheapest price for electricity because that widens the Gap so he’s earning more Bitcoin Bitcoin mining is an economic incentive to use energy