Bitcoin is worth $277,055,041 dollars per ounce. Take THAT gold!

If only Einstein had put his patent office salary into bitcoin… he would be very rich by now. Also, don’t take this article too seriously.

Bitcoin’s meteoric rise has some claiming it will replace gold as the new store of value.

But detractors claim that bitcoin has no intrinsic value — after all, its just bits and bytes floating around the ether of the interwebs.

But I beg to differ — here I will show that, pound for pound, Bitcoin is one of the most valuable substances on earth.

Hear me out.

I recently overheard someone declare “Bitcoin is now worth more than gold!”

At greater than $7000 USD, the price of one bitcoin is certainly higher than the price of an ounce of gold — but the comparison is obviously meaningless.

After all, an ounce of gold is just an arbitrary unit — why not compare to a kilogram? At $41,000 a kilo gold is downright expensive compared to Bitcoin.

So can we even answer the question — how much does an ounce of bitcoin cost?

Yes we can.

Enter Einstein.

You see, Einstein showed that matter and energy are equivalent. His famous equation E = mc² allows us to calculate the amount of mass it would take to produce a certain amount of energy.

And, it takes an enormous amount of energy to run all those mining computers — about 24.7 TerraWatt-hours per year in fact.

So lets run the math: 24.7 TerraWatt hours is equivalent to 8.9×10¹⁶ Joules.

Dividing by the speed of light squared gives a total mass equivalent of 0.99 kg, or about 34 ounces.

Assuming one block mined on average every 10 minutes, we have 52,560 bitcoin blocks per year, with a block reward of 25 Bitcoins, that’s 1.31 million bitcoins mined per year. At the current price of $7300 per bitcoin, total value = $9.6 billion dollars. Divide by 34 oz and we get: $277,055,041 dollars per ounce.

Take that gold.

At this point, you probably realize this article is in jest. What’s not a joke is my free crypto traders facebook group — join here for weekly trading lessons and a chance to win you own trading robot.

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Thanks !

Thanks for sharing this, you are awesome !

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