Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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.
I checked the web page. They need to update their statistics. It appears that they are using figures for the S9, which uses 100 J/TH. The S15 uses 57J/TH and the S17 uses 56 J/TH. So it appears the costs need to be adjusted down by almost half. Still expensive to mine a BTC in most places though. From what I can tell, it also does not factor in additional costs, like cooling costs and depreciation of mining equipment. 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.
Good observations, Bones, especially regarding the overall processing efficiencies of some of the newer mining equipment.
Regarding your points about cooling and depreciation of equipment, there is a geographical (and within country borders component to the efficiency depiction of the map), so I can see how cooling of equipment might by somewhat geographical, but even some countries are going to have variation in the climate range within their borders. The depreciation of mining equipment might also have some geographical differences based on available markets, but I have a harder time considering the depreciation of machines to have much of a geographical / national border component that would be easy to capture in such a map.