Bitcoin miners have entered the red as it now costs $88,000 to mint a $69,000 bitcoin

[campuscodi@mastodon.social]

Bitcoin miners have entered the red as it now costs $88,000 to mint a $69,000 bitcoin

Bitcoin miners are losing $19,000 on every BTC produced as difficulty drops 7.8%

The average production cost was sitting at $88,000 per bitcoin in mid-March, according to Checkonchain's difficulty regression model.

(www.coindesk.com)

[michaelgemar@cosocial.ca]

@campuscodi Thoughts and prayers.

[fabrice@infosec.exchange]

@campuscodi they’ll make it up in volume…

[briankrebs@infosec.exchange]

@campuscodi as if a million souls just cried out for a new profession. no wait, a new use for their giant botnets.

[stumpythemutt@social.linux.pizza]

@campuscodi I say this in all sincerity: Boo Effin' Hoo!

[aceade@mastodon.ie]

@campuscodi I seem to be getting a lot of mileage out of this picture of Joseph Ducreux as a reaction lately. I can't imagine why...

[ohir@social.vivaldi.net]

@campuscodi
> miners have entered the red
This is a trait called "scarcity", and it is fundamental to the bitcoin having any real value. At least to the Quantum Lapse day, still likely a decade ahead.

[aizuchi@hachyderm.io]

@campuscodi what if the Dutch Tulip bubble destroyed the planet’s ecology on its way to the history books

[ggmcbg@mstdn.plus]

@campuscodi

The candy-handed canaries are gonna start dropping in their silicon cages soon. And that's just fantastic.

[nazokiyoubinbou@urusai.social]

@campuscodi Someone else post a "world's smallest violin" because I can't even be bothered to do that much for them.

[huntingdon@mstdn.social]

@campuscodi

Bitcoin miners spend $88,000 to create a virtual bitcoin, whose value is $69,000?

As a well-known Detroit automaker once said, they'll "make it up on volume,"

[jsteven@wandering.shop]

@campuscodi
Wouldn't it be funny if the ACTUAL plan of AI was to drive up the cost and limit supply of computer components (happening), just to manipulate the bitcoin markets and make their actual money there riding the market up and down, and short-term AI profits as a bonus, then bailing just before BOTH markets come crashing down? Like the movie "Trading Places," except asshole trillionaires instead of lovable underdogs.

[thestrangelet@beige.party]

@campuscodi Awww, boo hoo. So sad it's not profitable to use ridiculous amounts of energy anymore to compute paranoia coins.

[robsonde@mastodon.social]

@campuscodi I do wonder how much bitcoin is mined on someone else’s power.
The classic model of hacking a server, install a bitcoin miner, get coin without paying for power.

It might make bitcoin mining malware more attractive?

[maccruiskeen@social.linux.pizza]

@campuscodi And to think they killed the penny because it cost four cents to make one.

[bontchev@infosec.exchange]

@campuscodi But only if they pay for the mining with there own money, see? Plus, they get additional income from the transaction fees.

[beth_reflected@mastodon.social]

@campuscodi Web3 s going great!

[tekhedd@byteheaven.net]

@campuscodi As it turns out, 92% still a *very* good rate for money laundering.

[alandvalonline@mastodon.social]

@campuscodi THe Smegahash tripulated into sloping droidian peaks while simultanously intergraterating threefold less than formerly hashifiication twittledums had forecasterated. Someone owes me 2 trapeziodal globunorgs worth of blisterbucks.

[pier@infosec.exchange]

@campuscodi Just wait until they realize that the inefficiently solved math problems are actually worth nothing at all!