Natural gas is 1/3 the cost of electric heating:
http://homeguides.sfgate.com/comparing-cost-gas-furnace-vs-electric-heater-61395.htmlSo if someone is using electric heating, then it is because the cost is irrelevant to them. Thus mining a CC to recover a small fraction of that cost is ludicrous. Remember the mining farms near hydroelectric power (or free subsidized electricity alleged in China) will eliminate any possibility of getting much income from your residential mining rig.
Mining equipment has a capital cost also. If they are unwilling to pay the capital cost for natural gas, why would they be willing to pay capital cost for mining equipment to lower then electric bill by less than switching to gas will.
There is zero effective electricity cost.
Incorrect. Do the math. You entirely ignored the main point of my prior post.
I said in the 100% electric heat case not the natural gas case.
If 11.7 cents of electricity only nets 1 cent of income, it is pointless.
ArticMine you entirely didn't address my point that if marginal cost of mining one CC token is $600 (yet the mining farms such a 21 Inc. project a $8 cost for themselves), then if suddenly millions are mining to pay some portion of their electric bill, then the market price of the CC token is going to fall down closer to the actual cost of production $8 because those are millions of sellers (if they don't sell, they don't lower then electric bill).
What you are describing here is a new generation of ASIC that has a 75x efficiency advantage over the previous generation. Even in this case the old ASIC is still competitive in the 100% electric heating case since 1) The old ASIC has zero capital cost since it has already being depreciated
The bolded (my added emphasis) portion of the quote is incorrect because (if you were correct about your erroneous claim of it being economically worthwhile) then the demand for the obsolete mining equipment would rise and thus the selling price (and thus unused depreciation) would also rise. You seem to not factor into your thinking the concept of how when a good becomes newly substitutable then its supply/demand/price changes.