Post
Topic
Board Speculation
Re: What would happen if Bitcoin did hit $1m by mid-2020?
by
Samarkand
on 24/05/2018, 17:02:48 UTC
let me put the question into context for all you dreamers: in order to mine 1 bitcoin in average in the world you need to spend about 5000$ in electricity. In China it's 4000$, Ukraine 1000$, ...

Do you think any kind of "thing" produced for 5000$ can be sold for 1 million $? Even in a short term bubble? Who is the idiot that will spend 1 million dollars instead of just 5000 for 1 btc?

You are welcome. You can stop daydreaming now

Electricity is not the only cost in mining a Bitcoin. If it were that easy everyone would
just mine their own BTC.

You forgot that the difficulty of mining BTC increases all the time. E.g. years ago you
could successfully mine a block using your own CPU. These days you won´t mine a single block
if you don´t have a data center full of the newest ASICs.

Even if you have a data center full of ASICs (that also cost money) you will run them 24/7 and
not mine a block for days, because the mining market is so competitive.

In a year the average cost of mining a single Bitcoin will probably be 8000 $ or more, because
of the rising difficulty.