It now costs more to make one BTC than to power an average American home for 88 years. This doesn’t seem sustainable. It seems to me that the price of BTC has to stay sky high or miners back out, the network goes down and the blockchain falls apart. For standard electricity rates, it noe costs over $400,000 to nine one BTC. So when you guys talk about BTC being 1,000,000 in ten years, what you mean is that it HAS to be a million. If it weren’t for dirt cheap rates in Kazakhstan and some hydro plants with space capacity, BTC may have already died. BTC now consumes more energy that over 160 countries. It is ranked #30 in total energy consumption of it were a nation. BTC consumes more power than Belgium. Some of the stats in this article are astounding. https://www.compareforexbrokers.com/us/bitcoin-mining/So tell me, where am I wrong? It doesn’t take near that much to mine an ounce of gold or anything to keep it viable. BTC is about to run out of time unless it somehow stays sky high forever. This is why I don’t buy BTC back when I considered it.
>>61031412
>>61031412Proof of work is the only way to ensure that a digital currency can be distributed naturally to everyone. As for the price? People will chuck into it without understanding.Why else would society be primed to accept it for 15 years? It was a revolutionary concept that saved the American economy. And it creates deflationary pressure removing liquidity until the laws change.You cant put a price on fairly distributed digital currencies
>>61031412You are wrong because you are thinking like some green/commie/socialists faggot.
>>61031412That sounds like a lot of energy, but consider that Bitcoin does the same thing as the US military, protects an entire currency, and it uses a hell of a lot less energy than the military does.>It doesn’t take near that much to mine an ounce of gold or anything to keep it viable. The environmental impact of mining gold is a lot worse than you think.
When I first heard bitcoin was destroying the environment, that’s when i went all in because i knew it would be huge. Maybe you’re just supposed to be poor
>>61031412Bitcoin chain security budget = (block reward + tx fees) * BTC priceBlock reward is programmed to drop exponentially. This guarantees the 21M supply cap, but affects the other variables in the equation.Total tx fees were supposed to rise as more users entered Bitcoin, balancing the decreasing block reward. This didn't happen because Satoshi couldn't predict that blockchains can't scale while staying decentralized. So the share of tx fees in total block reward have historically been very low, excluding few temporary spikes. On average miner income is 1% tx fees and 99% block reward.BTC price has increased so massively that it has negated the halvings and beyond. But at trillions of marketcap it can't continue the same insane upwards pace. To balance out the halvings BTC price would have to double every 4 years... forever... In two decades the marketcap of Bitcoin would have to be higher than world GDP, and 4 years after that it would have to be double that.So if the right side of the equation becomes smaller, so does the left side: Bitcoin chain security drops as miners quit because they can't make enough profit to pay for running costs like electricity.It's not about muh environment of muh energy consumption. It's about economic sustainability of the mechanism that keeps the chain working.
>>61031412uhhhhh hit duh buy buhhton stoopid
>>61031412>It now costs more to make one BTC than to power an average American home for 88 years. This doesn’t seem sustainable.Why? If Bitcoin is worth that much, whatever.>It seems to me that the price of BTC has to stay sky high or miners back outYes>the network goes down and the blockchain falls apartNo. If miners drop out the network difficulty adjusts at a new equilibrium. People with the highest power per hash will drop off first.>It doesn’t take near that much to mine an ounce of gold or anything to keep it viableWhat about 30 ounces of gold? Include transport costs to refineries and the final destination. Now include a transport network. How much energy does the financial sector itself consume? Include materials for the mint, power consumption and air conditioning of banks, server rooms, constantly on ATMs, credit card readers etc etc.
>>61031412articles like this pop up every year. its funnier in current year because ai is threatening to use all the energy and water while bitcoin never needed a new power plant to be commissioned.
>>61031544I’m the furthest thing. I do love nature, but the environment is not my angle here. It’s practicality. It appears to me that BTC is not built to last, that the seeds of its own destruction are found in its fruits. Like, all the work it takes to verify, etc., will in the end doom it to both irrelevance and encumber it with too much of a power consumption burden to make it viable. What happens when the incentive to mine is suddenly not there? That time is coming far sooner than you think. And then there’s the increasing transaction time (and fee). There’s simply no way BTC lasts even ten more years. You guys need to GTFO out of that “asset” before others figure this out as well. It may only have 5 years. That time and enters consumption graph is going parabolic…quick.
>>61031614You sound like a douchebag. I’m certain you’re a douchebag. Why would you literally want to thrash the environment? There’s no way you’re white. I’m not a hippy or a tree hugger, but I do love nature. This has nothing to do with that. It’s merely a question of durability and long term feasibility. It’s not there. The cost alone is prohibitive; and the energy consumption has become obscene. Face it, BTC simply isn’t built to last. Nor is your wealth.
>>61031689>It's not about muh environment of muh energy consumption. It's about economic sustainability of the mechanism that keeps the chain workingYeah, that’s what I’m saying. Why do all you fags tbink I’m droning on about the fucking environment? My point is that it will soon not be feasible as it will simply be impractical unless monstrous gains are maintained in perpetuity. Which is impossible. But I do thank you for your eloquent answer. That was a good way of affirming my suspicions. BTC is cooked. It’s done. Cash in my friends and buy something real.
>>61031412Btc mining will be made popular when btc defi picks up. It’ll all be about the fees and nkt mining new btc
>>61031412It takes roughly 46 years. Bitcoin will be proof of stake soon
>>61032053>My point is that it will soon not be feasible as it will simply be impractical unless monstrous gains are maintained in perpetuity.When miners leave it becomes slightly more profitable for the other miners, so there's a small balancing force. Also Bitcoin is extremely oversecured at the moment (IMO) and hashrate can drop quite a lot before security problems have a chance to start showing up. Most estimates (incl. mine) are at 10-20 years so it won't be happening tomorrow. Also there's a possibility of a fork becoming the new de facto Bitcoin and holding BTC is guaranteed 1:1 allocation for all future forks (as long as the supply is 1:1 snapshot). Or all Bitcoin moving to some other chain, maybe something like WBTC but without custodials. I digress. The current Bitcoin chain is doomed long term.
>>61031412>If it weren’t for dirt cheap rates in Kazakhstan and some hydro plants with space capacity, BTC may have already died.I have no idea what you are talking about or what your argument is. If only expensive electricity is available, less people mine, the difficulty goes down, and everything runs like normal. Sincerely, do you know how this works?
>>61032181>the difficulty goes down, and everything runs like normalEverything runs normal but the chain is less secure. All ASICs that aren't mining can be rented for an attack. Difficulty adjustment isn't a solution to low hashrate.
>>61031412>It is ranked #30 in total energy consumption of it were a nation. BTC consumes more power than Belgium.Seems like a problem. Bitcoin should be #1.
Are you still loading ze mining fud
>>61031412>the price of BTC has to stay sky high or miners back out, the network goes down and the blockchain falls apartAaand you know nothing about BTC>muh environmentAI in everything wants a word with you lol
>>61031412>sustainablehow is it not sustainable?you talk about sustainable, but it's sustainable right nowand energy is endlessalso, do you not understand that hashrate is variable? it can go down
>>61032181>do you know how this works?no concern troll ever doeshe doesn't understand the difficulty target
>BTC>big brainsChoose one
>>61031412Based BTC big energy chad
>>61032023>It's going to fail because I am a 105 IQ midwit that has it all figured out even though I am saying nothing substantive Go back to buttcoin.
>>61031412Powering data centers so you can watch cat videos is sustainable?
>>61032023>There’s simply no way BTC lasts even ten more years.You are either trolling or literally don't understand the protocol. Literally, take your OP, paste it into any AI, and ask it to critique. You are making the literal exact same argument that has been made since 2013 and it just fundamentally misses everything about the way 1)the protocol incentives work and 2)how market dynamics, power generation, efficiency of the markets compensate.
>>61034276>data centers are about giving out data to the public
>>61031412gigaretarded take to be desuit's not a "cost" it's how much electricity is used by miners to secure the networkalso BTC is just king shitcoin
>>61034405
>BTC is about to run out of timeI wonder if in another two decades we’ll still be hearing this. It’s like I’m reading a Slate or DailyBeast article.
>>61032033>you’re a douchebagSometimes>Why would you literally want to thrash the environment?It’s getting fucked up whether i hold btc or not>There’s no way you’re whiteDude c’mon not cool> BTC simply isn’t built to last.What is? Nothing about our way of life is sustainable. One day, the new hitler will take over and we’ll have a new currency based on white man work hours. In the meantime, I’m holding btc while civilization crumbles around me. If you have any better ideas, lmk
>>61031412This was Satoshis's unstated goal. To push humanity towards nuclear energy and thus the stars.
>>61031412none of these people care about the energy impact, only that they can make money from nothing.
>>61036785>only that they can make money from nothing.this is the kind of stuff dumb people say to sound smart
>>61031480>Proof of work is the only way to ensure that a digital currency can be distributed naturally to everyone.What is "natural" about a tiny group of people with rare knowledge of creating specialized ASICs selling machines to people who have the huge amounts of capital and logistic prowess necessary to profitably mine BTC?How is that better than mathematically simulating the process? The average person works a job for money and that is how he would acquire crypto whether it is PoS or PoW...it makes no difference to the average person.This is kind of the frustrating thing about crypto...so much of it is just marketing and platitudes.
>>61031919Look nigga if Mr fuck your mother if you want some fuck and his retarded fren almost put btc on a death spiral bed, with the current difficulty and energy required its more viable than ever as you just need 2 mining pools to say fuck it and its gg wo
>>61036990He didn't even come close.
>>61031412Maybe you should look up Bitcoin 101 first and learn about difficulty adjustments before posting stupid
>>61036785>Noooo you can't use energy to make valuable things!!!LMAO ok
>>61031689So the cabal will find ways to get more people doing transactions for the tax fees. When ordinals came up and were hit tx fee rewards were more than mining rewards. Otherwise the billion dollar mining companies will have to shut down and btc will collapse and I doubt that’ll happen
>>61031412>So when you guys talk about BTC being 1,000,000 in ten years, what you mean is that it HAS to be a million. If it weren’t for dirt cheap rates in Kazakhstan and some hydro plants with space capacity, BTC may have already died.Nah. What you and other Bobos don't understand is that if the BTC price were lower, mining companies wouldn't add so much capacity, so it would cost less to mine BTC.The only reason mining companies throw more and more hardware at BTC is because it's just so insanely profitable.There's been some stupidity on the part of Bitcoin maxis who run around screaming that hashrate leads price; it's just the opposite. Higher price means more incentive to mine means more purchases of mining rigs means more hashrate. There is never a reverse connection from hashrate to price.In fact, we've seen hashrate collapses like the one a few years ago due to China banning Bitcoin mining. Roughly one third of global hashrate dropped offline as Chinese mining farms were forced at gunpoint to shut off their equipment. There was no sudden collapse in price because the price has no dependency on hashrate.You could secure the entire network with a dozen guys mining on CPUs if nothing else was available -- just as long as they didn't collaborate/collude/conspire to fuck users over. That's how Bitcoin worked back in 2009. Now that it's big business, obviously, that level of trust isn't available to us -- as we saw in 2014-2017 with Jihan Wu and Bitmain trying to take over the entire network (good news, everyone, they failed). The only reason all this hashpower being thrown at Bitcoin by hundreds of private companies and thousands of "lottery miner" home users is a good thing is that it prevents nation-states from mounting attacks.
>>61036785But enough about the e-thots on OnlyFans, this is a Bitcoin discussion.
>>61031561>The environmental impact of mining gold is a lot worse than you think.in many cases, mining gold also extracts a pile of other useful minerals that are also processed and creates profits too. Indie gold miners are different however.
>>61032137>Btc mining will be made popular when btc defi picks up. It’ll all be about the fees and nkt mining new btcHoudiniswap is the where to farm defi rewards
>>61031412But a guy mined a whole block with a single chip miner the other day. Kinda fucks the average projections
