Quote:
Originally Posted by cstreit
Generally agree. Once we went off the gold standard money only has value because we all agree it does.
Your premise though of profitability of mining is not as linear as you describe. I mined for a while, I sold every Bitcoin I made instantly when it was generated (well fractions as I mined into a pool).
My break even point when I did it was $6000 per btc. If the price went up it was more profitable, price went down? Less so.
3 years ago I had state of the art asic miners. 17 terahash per 1500W of power. Now it’s 10x that. Point being of you consider boyles law and the rising price, it could potentially remain profitable for some time yet... ...but I realized that mining was only slightly more profitable than buying BTC and hoping it goes up, because the cost of mining equipment also fluctuates with the value of BTc. It’s actually quite elegant.
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This was exactly my experience.