Bitcoin miners have entered the red as it now costs $88,000 to mint a $69,000 bitcoin
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@campuscodi they’ll make it up in volume…
@fabrice @campuscodi how does one make it up in volume when *every* coin loses 19k?
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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)
@campuscodi the blockchain does not have much profitability in only resolving itself without any applicable mirroring beneficial to others why share processing of it.
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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)
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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)
@campuscodi finally
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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)
@campuscodi We love that for them.
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@notyourfanboy @campuscodi No, the miners aren't, the stooges are.
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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)
@campuscodi they are still doing this stupid nonsense...
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@campuscodi they’ll make it up in volume…
@fabrice @campuscodi I wonder if you have to remember that old SNL commercial about the bank that just made change to get that joke?
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@campuscodi Out of curiosity, is this still the case? This article is about three weeks old… doesn't the Bitcoin hash difficulty adjust itself every two weeks? My understanding is the hash difficulty mechanism is *supposed* to serve as a check on mining going cash negative, so it's interesting if the mechanism fails. (Also, the BTC price itself has gone up a chunk since Mar 22.)
@mcc the cost of electricity factors in heavily - can’t really make a general statement. I went down a rabbit hole on this a couple months ago. Disclaimer - I’m not a miner or crypto investor, was just curious as the price was falling what the implications would be.
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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)
Yayyyy 🥳
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@mcc the cost of electricity factors in heavily - can’t really make a general statement. I went down a rabbit hole on this a couple months ago. Disclaimer - I’m not a miner or crypto investor, was just curious as the price was falling what the implications would be.
@BurritoSommelier It does, yeah. What I mean is the difficulty-adjustment mechanism is supposed to be a check whereby the Bitcoin mechanism can correct for things like a sudden increase in the cost of energy. (But of course the fact it's *intended* to have this effect does not mean it *will* have the effect.)
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@campuscodi what if the Dutch Tulip bubble destroyed the planet’s ecology on its way to the history books
@aizuchi @campuscodi Now that is a history lesson I would actually pay attention to!
'The Flower That Ate The World.' It gives a whole new meaning to 'market crash.' If the ecology went with the economy, I guess we’d all be living in a very colorful wasteland right now! -
@aizuchi @campuscodi Now that is a history lesson I would actually pay attention to!
'The Flower That Ate The World.' It gives a whole new meaning to 'market crash.' If the ecology went with the economy, I guess we’d all be living in a very colorful wasteland right now!@rudy_paul200 @campuscodi careful
World leaders are saying “hold my beer” even now -
@fabrice @campuscodi I wonder if you have to remember that old SNL commercial about the bank that just made change to get that joke?
@alexlubertozzi @fabrice @campuscodi "The answer is simple: Volume."
https://youtu.be/KodqIPMbyUg?si=Z54922Cb3kXpjozp -
@rudy_paul200 @campuscodi careful
World leaders are saying “hold my beer” even now@aizuchi @campuscodi Exactly. It feels like we’re living through the 'sequel' that no one asked for. History repeats itself, but this time it feels like it’s on fast-forward with the volume turned all the way up!
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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)
@campuscodi only if you aren't mining with renewable energy sources. Miners who took the hit a few years ago to invest in renewable energy are still in the green.
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@notyourfanboy @RegGuy @campuscodi
Sounds almost like they don't believe in the hype...
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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)
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@BurritoSommelier It does, yeah. What I mean is the difficulty-adjustment mechanism is supposed to be a check whereby the Bitcoin mechanism can correct for things like a sudden increase in the cost of energy. (But of course the fact it's *intended* to have this effect does not mean it *will* have the effect.)
@mcc well that’s a whole mechanism I wasn’t aware of, thanks for the info about that!
I was mostly looking into price points and when is it no longer cost effective, but I never saw that mentioned or taken into account
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@mcc well that’s a whole mechanism I wasn’t aware of, thanks for the info about that!
I was mostly looking into price points and when is it no longer cost effective, but I never saw that mentioned or taken into account
@BurritoSommelier bitcoin has so many mechanisms, just an absurd convoluted number of mechanisms
