Reminder that if bitcoin hits 4,000 the market is finished. That is the cost in electricity to mine a single bitcoin...

Reminder that if bitcoin hits 4,000 the market is finished. That is the cost in electricity to mine a single bitcoin, using global averages.

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blog.bitmex.com/mining-incentives-part-3-long-term-incentives-vs-short-term-profit-maximisation/
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Yep, that's why the market disappeared when bitcoin dipped below $500, the average cost in electricity to mine one btc at the time, after the last halving. we're ded

Miners don't pay global averages, the game is to get as cheap electricity as possible. Some mines run on small private hydroelectric dams so in effect the electricity is free.

source?

I heard it costs $1k in electricity to mine 1 bitcoin. Anyway if the market once fell below the point where it was no longer profitable to mine bitcoins then why did bitcoin hit 20k?

>neglects hydroelectric dam miners in china
>neglects every kid mining on their parents' dime
>neglects every kid in uni/college mining in the dorms
>neglects botnets who don't pay for electricity
haha good try OP, any other theories?

Furthermore, even without the factors I listed, the difficulty would adjust until the amount of electricity expended would end up roughly equaling 1 btc. this requires basic math knowledge so I won't bother explaining it to you.

Reminder that BTC will hit 40K by May. That is the statistically proven prognosis for a single bitcoin.

If only the difficulty would adjust ...

>being this much of a brainlet

what the fuck did i just read

And what percent of miners is that bud

being this retarded

>Reminder that if bitcoin hits 4,000 the market is finished.
yes everyone will just turn off their mines because they have no more incentive to secure the network!

blog.bitmex.com/mining-incentives-part-3-long-term-incentives-vs-short-term-profit-maximisation/

OP you fuckin retard

probably 99%

chinese miners?oh, like 0.5% you thick dunce

No wories - i cashed out any my money has safely reached my bank account.

>what is difficulty adjustment

A small dose of reality instead of your social media circlejerking. Large scale miners have contracts directly with hydroelectric companies and some smaller scale guys run their own small hydroelectric power plants, global average price of electricity is completely irrelevant. If mining becomes unprofitable for most miners the ones that do it efficiently can grab the free money.

There are so many ways this argument is retarded and you'd realise op if you thought about it for ten seconds.

>> 1. Bitcoin existed when it was 1$ and worked fine. It also existed at 100$ and 1000$
>> 2. Difficulty adjusts, PoW is relative

Crypto and bitcoin is crap and unworkable for many reasons, but not this.

Here comes the "bch = btc ??" thing

Curious. Where?

Another way bit coin scams the little guy and rewards those that are well connected. Not arguing one way or another that this is good/bad just shows Bitcoin will be co opted and the rich win again. What a fucking waste of electricity btw.

Hillary has a 98% chance of winning.

kek

NO KING RULES FOREVER

I'm mining at work right now.

Iceland but same applies anywhere there are hydroelectric plants. Making your own small one is not hard, people do it to run their summerhomes.

Hydro produces constant electricity and we don't have good ways of storing large amounts, usually they try to build more plants than is needed right now to meet future demand so there's always a bunch in excess. Companies that can promise to use a lot of electricity are given discounts. It's not about connections but practicality, you can get a discount if you promise to consume a lot in predictable amounts. So Alcoa smelts their aluminum for US warplanes here and we have huge warehouses mining bitcoin. The miners don't seem pessimistic btw they are building more mines.

>what is mining difficulty adjustment
>what are PoS alternatives

i know that brainlets just can't help it but man some posts really make me angry

probably closer to half than you think