Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by bones261 (2)
You braindead, idiot scammers in this thread have NEVER once explained how the price of Bitcoin can go to $500k or even $50k while cost of production is $3-6k. Nobody would ever buy a coin for $500k when they can simply mine one for $3-6k instead. And mining CAN'T expand by an order of magnitude to drag cost of production up or it would use more power than the entire United States. The crypto pump and dump scam seriously is butting up against the limits of the natural world now but that sure doesn't stop you scammers from posting complete bullshit 24 hours a day.
You are forgetting the reward halving, this alone can make the price double without any extra power needed.
Also, miners can get more efficient in future and use wasted energy., Energy is largely wasted nowadays, because of using peaks (think about nuclear and hydroelectric i.e.)
As today a fast-growing price will only push miners to build more facilities and even turn on older machines until they are not profitable again, we have already seen it. Industry can still grow very fast, and energy is (for now and for the foreseeable future) not an issue at all.
I have roach on ignore but would be happy to counter his misinformation in this instance. Bitcoin (per coin on average) costs anywhere between $1,300 and $37,400 to mine depending on where you are in the world. As you can see, mining is prohibitively expensive in much of the world (this is based on today's prices):
https://coinrate.com/cryptocurrency-mining-prices-and-profitability-by-country-in-realtime
And yes, not anybody can just start up their own mining operation to get "cheap coins." Most mining farms operate in the red for months or years before turning a profit -- they are invested in the long haul and weather unprofitable periods on the bet that the price of BTC will continue to increase in the future.
Besides, roach should know as well as anybody that the market dictates prices. This is what gives BTC - like any traded good in the world - its premium.