Quote from: Samarkand on May 24, 2018, 05:02:48 PM

Quote from: djpitagora on May 24, 2018, 04:15:44 PM

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.

I have 2 words for you: mining pool

Even it it costs 8k to mine 1 BTC my point stands. It's never going to be worth much more simply because you have a choice: mine or buy. It's stupid to buy at 1 million when you can mine at 8k.