Bitcoin Falls Below $20k for the First Time Since 2020

Re:Bitcoin Falls Below $20k for the First Time Since 2020 by timmg on Saturday June 18, 2022 @07:59AM (#31789088)

Does anyone know what price it needs to drop to to no longer pay for mining? Like with the most efficient rigs? (Particularly with energy prices going up.)

[ Parent | on HN ]

Re:Bitcoin Falls Below $20k for the First Time Since 2020 by physicsguy on Saturday June 18, 2022 @08:38AM (#31789286)

I read in the FT this morning that it’s about $16000 in electricity costs to mine a bitcoin at the moment

[ Parent | on HN ]

Re:Bitcoin Falls Below $20k for the First Time Since 2020 by petertodd on Saturday June 18, 2022 @08:35AM (#31789271)

Mining difficulty adjusts automatically.

There is a price at which Bitcoin is no longer secure from the entity willing to spend the most money to 51% attack it. But there's no good way to know how big that threat is. Most likely Bitcoin has a significant safety margin there (I'd take a rough guess at >100x).

[ Parent | on HN ]