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 |
No, I don’t think that is what would cause a crash.
I’m assuming the price of electricity has been fairly stable the last 5 years.
The price of Bitcoin had been well under 10k (even 5k) for much of that time, and mining continued.
I’m not saying I think it won’t crash in price (I think it will, as it has many times in the past 10 years), just that it won’t be caused by mining costs. It’s simpler than that. It crashes (and rises) for the same reason Beanie Baby prices rose and crashed.
