Re:Bitcoin mining becomes unprofitable as BTC price falls to...
by bfung on Sunday June 19, 2022 @03:16AM
(#31797002)
That’s if, in 12 months, people forget about this crash and has faith that btc/crypto is worth something.
Once bitten, twice shy? We’ll see.
Re:Bitcoin mining becomes unprofitable as BTC price falls to...
by kayamon on Sunday June 19, 2022 @03:43AM
(#31797146)
No coins are ever 'worth' anything really. They're just coins. It's a question of who mints them, whether bad actors get to help themselves as the coins come fresh off the presses, and whether the economy that trades them will keep allowing fair future trade or not.
In the short term, sure. There'll probably be fireworks for the next month or two. But thread ancestor might well be talking medium-long term where the economics are really simple - the amount of resources the miners put in to hashing will drop until they are making a profit again.
The miners will be profitable again inside 12 months. Even if all that means in practice is that "miners" is some kid in a basement in Khazakstan with an old Pentium.