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

[desirable_dialogue@ni.hil.ist]

@w_b @campuscodi
Never. At least not all together. Profits through wash trading and money laundering are to strong of an incentive and shitcoins serve that market to well.

[floe@hci.social]

@Robsonde @campuscodi I don't think you'll get far with that approach today, the hashrate of any normal machine is minuscule compared to the dedicated hardware that professional miners use. Maybe if you have a whole botnet of hacked servers...

[lritter@mastodon.gamedev.place]

@campuscodi so many uninformed takes ITT.

1) mining runs on specialised ASICs. memory/hdd shortages do not phase them.

2) the plan was always that minting income would transition to transaction fees. that this is happening now was to be expected: too much energy is spent, because too many players compete. we all knew that.

3) this correction drives down energy expenditure, and favors renewable energy infrastructure (one third is already hydro, better than world industry average)

[bws@social.linux.pizza]

@makja @fabrice @campuscodi that's the joke

[bent0_b0x@norden.social]

@aceade
* stored for later use *

@campuscodi

[bent0_b0x@norden.social]

@rudy_paul200 @aizuchi I guess that tulip version is called "Triffid" 🤭

@campuscodi

[shivjm@mastodon.social]

@campuscodi Something something this is good for Bitcoin.

[chebra@mstdn.io]

@campuscodi I think this nicely shows that the estimated cost of mining a bitcoin is totally wrongly estimated. Nobody would let a machine run at a loss. They have no obligation to continue running it. Those who are currently running it are clearly able to produce a bitcoin for less than 69k.

[chebra@mstdn.io]

@tekhedd how would that even work? How can someone launder money by mining bitcoin?

[makja@mastodon.social]

@bws @fabrice @campuscodi I just got *whooshed*

[d3tm4r@infosec.exchange]

@briankrebs @campuscodi indeed, cost doesn't matter if someone else is paying