Bitcoin miners have entered the red as it now costs $88,000 to mint a $69,000 bitcoin
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@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?
@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...
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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 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)
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@fabrice @campuscodi how does one make it up in volume when *every* coin loses 19k?
@makja @fabrice @campuscodi that's the joke
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@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...
@aceade
* stored for later use * -
@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 @aizuchi I guess that tulip version is called "Triffid" 🤭
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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 Something something this is good for Bitcoin.
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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 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.
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@campuscodi As it turns out, 92% still a *very* good rate for money laundering.
@tekhedd how would that even work? How can someone launder money by mining bitcoin?
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@makja @fabrice @campuscodi that's the joke
@bws @fabrice @campuscodi I just got *whooshed*
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@campuscodi as if a million souls just cried out for a new profession. no wait, a new use for their giant botnets.
@briankrebs @campuscodi indeed, cost doesn't matter if someone else is paying
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