Quote:
Originally Posted by Wayne 962
Okay, so I mentioned this a long time ago (years ago). I think it may start happening now. The intersection of the cost of mining and the value of Bitcoin cannot cross, otherwise the system will collapse. I.E. if the miners earn $22K per Bitcoin, and it costs $22K per Bitcoin, they will unplug and go back to their jobs at the insurance company. Bitcoin as I write this is $27,300. According to this article, the cost of mining one Bitcoin is currently $22K: https://cointelegraph.com/news/30k-btc-price-has-severe-impact-on-bitcoin-miner-pr
The next Bitcoin halving is in two years from now, where the cost of mining will presumably double. If the cost is $44K and Bitcoin is worth less than that, then the system will inevitably collapse?
-Wayne |
Wayne, it should depend on your price of electricity. My power plant makes power at about 5 cents per kWh, including a 1.3 cent royalty to the landfill. What is the $/kWh assumption? The linked article is 404.