Though am not fully doubtful of the fact that Bitcoin isn't gonna crash....I support the motion of Bitcoin rising to a peak of 80k...any way thank you for sharing your thoughts concerning the topic I created...I go it from an online crypto blog so I decided to share it here

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country’s position as one of the leading crypto markets in the world, Emefiele however insists his organization is still conducting its investigation and will “make our data available.”

Governor Says Many Nigerians Have Embraced Cryptos
Meanwhile, a report quotes the governor expressing his displeasure at the fact that many Nigerians have embraced cryptocurrencies. He said:

We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate.

As several reports have shown, the CBN’s February 6 directive to banks appears to have failed in its objective. Nigerian interest in cryptocurrencies and other emerging fintech continues to grow. For instance, Bitcoin.com News recently reported that peer-to-peer cryptocurrency trade volumes in the country had surged while interest in bitcoin (BTC) remains one of the highest in Africa.

Crypto Market Volatility
In the meantime, Emefiele, who seems to follow events in the global crypto industry, attempts to use Elon Musk’s changing views on BTC to highlight the crypto market’s vulnerabilities.

In the past few weeks, Musk has made a series of comments about BTC as well the crypto market in general and this has caused crypto prices to fall. Emefiele explained:

We saw the market collapse. Initially, when Elon Musk tweeted around the time when we said our banking and payment facilities are no longer available for cryptocurrency transactions and he tweeted that he will invest $1.5 billion and the price (bitcoin) went up. He now tweeted and raised a few concerns and the thing (cryptocurrency) plunge.

Meanwhile, despite revealing the CBN’s commitment to creating a digital currency, Emefiele, however, fails to offer a time framework within which this is expected to come to life.

hearing on the digital dollar two weeks ago was not only a public exploration and introduction to the concept a central bank-backed digital currency, the hearing was also used as a platform to publicly assassinate the viability of the private (“bogus” in the words of Senator Warren) cryptocurrency market (bitcoin, stablecoins, etc.).


With this in mind, the Chinese government has continually tightened control over the crypto market in China, most recently cracking down on cryptocurrency mining in the country. The U.S. Justice Department announced a few weeks ago that it “recovered” $2.3 million in cryptocurrency of the ransom collected from the Colonial Pipeline hack. And today, it was reported that South Korea seized almost $50 million of crypto assets from citizens accused of tax evasion.



So the benefits of the private cryptocurrency market are being deconstructed by governments. Add to that, even after gaining traction, the private crypto market continues to be used primarily as a tool of corruption and speculation. With that, this chart set up argues for a typical bubble outcome (crash).

bitcoin
bitcoin BILLIONAIRESPORTFOLIO.COM

What I think.
Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the block chain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions. This also prevents any individual from replacing parts of the block chain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.

Bitcoin has been characterized as a speculative bubble by eight laureates of the Nobel Memorial Prize in Economic Sciences: Paul Krugman, Robert J. Shiller, Joseph Stiglitz, Richard Thaler, James Heckman, Thomas Sargent, Angus Deaton, and Oliver Hart; and by central bank officials including Alan Greenspan, Ben Bernanke, Janet Yellen, Agustín Carstens, Vítor Constâncio, and Nout Wellink.

The investors Warren Buffett and George Soros have respectively characterized it as a "mirage"[60] and a "bubble";[61] while the business executive Jack Ma has called it a "bubble".[62]

Views of economists   Edit
In 2014, Nobel laureate Robert J. Shiller stated that bitcoin "exhibited many of the characteristics of a speculative bubble";[63] in 2017, Shiller wrote that bitcoin was the best current example of a speculative bubble.[64]

Economist John Quiggin in 2013 said "bitcoins are the most demonstrably valueless financial asset ever created".[65]

Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman claimed that in late 2013, price manipulation by one person likely caused a price spike from US$150 to more than US$1000.[66]

Nobel laureate Joseph Stiglitz in 2017 said "It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down." He emphasized its use by criminals, its lack of a socially useful purpose, and said that it should be outlawed.[67]

Nobel laureate Paul Krugman wrote in 2018 that bitcoin is "a bubble wrapped in techno-mysticism inside a cocoon of libertarian ideology". He criticized it as a very slow and expensive means of payment, used mostly to buy blackmarket goods, without a "tether to reality".[68]

Nobel laureate Richard Thaler emphasizes the irrationality in the bitcoin market that has led to the bubble, demonstrating the irrationality with the example of firms that have added the word blockchain to their names which have then had large increases in their stock price. The extremely high volatility in bitcoin's price also is due to irrationality according to Thaler.[69]

Four Nobel laureates, James Heckman, Thomas Sargent, Angus Deaton, and Oliver Hart, characterized bitcoin as a bubble at a joint press conference in 2018. Hart cited Christopher Sims's work showing no intrinsic value to bitcoin. Heckman compared bitcoin to the tulip bubble. Deaton pointed to bitcoin's use by criminals.[70]

Professor Nouriel Roubini of New York University has called bitcoin the "mother of all bubbles",[71][72] writing that the underlying blockchain technology has "massive obstacles standing in its way", including a lack of "common and universal protocols" of the kind that enabled the early Internet.[72] According to Roubini, bitcoin has failed as a unit of account, a means of payment, and as a store of value; he calls the claim that bitcoin cannot be debased "fraudulent".[72] "Scammers, swindlers, charlatans, and carnival barkers (all conflicted insiders) have tapped into clueless retail investors' FOMO ('fear of missing out'), and taken them for a ride," he writes.[72]

Views of central bank officials   Edit
Early claims that bitcoin was a bubble focused on the lack of any intrinsic value of bitcoin. These claims include that of former Federal Reserve Chairman Alan Greenspan in 2013. He stated "You really have to stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it."[73]

In 2017 Greenspan compared bitcoin to the Continental dollar, which ultimately collapsed. He said "Humans buy all sorts of things that aren't worth anything. People gamble in casinos when the odds are against them. It has never stopped anybody."[74]

Former Fed Chair Ben Bernanke (in 2015) and outgoing Fed Chair Janet Yellen (in 2017) have both expressed concerns about the stability of bitcoin's price and its lack of use as a medium of transactions.[75][76]

Agustín Carstens, head of the Bank of International Settlements, has called bitcoin "a combination of a bubble, a Ponzi scheme and an environmental disaster", and warned of cryptocurrencies undermining public trust in the financial system.[77]

David Andolfatto, a vice president at the Federal Reserve Bank of St. Louis, stated, "Is bitcoin a bubble? Yes, if bubble is defined as a liquidity premium." According to Andolfatto, the price of bitcoin "consists purely of a bubble".[78]:21

Comparisons of bitcoin to the tulip mania of seventeenth-century Holland have been made by the vice-president of the European Central Bank, Vítor Constâncio[79] and by former president of the Dutch Central Bank, Nout Wellink.[80] In 2013, Wellink remarked, "This is worse than the tulip mania [...] At least then you got a tulip [at the end], now you get nothing."[80]
Read more at
https://en.m.wikipedia.org/wiki/Cryptocurrency_bubble

Please tell me what you think to help me!

I think they will still mine eth classic etc. even others that will start depending on what’s the next best mineable coin in terms of power/hash/profit/roi ratio when everything flows over to eth 2.0 PoS. New machines will come out and they will be able to mine algos like ravencoin etc. I think. There is going to be an gpu shortage for quite some time now I am guessing few years.

Louisiana is the best state for bitcoin mining while Hawaii is the worst place to mine the digital gold.😄😄

Hey guys! I'm a newbie considering starting my crypto mining operation. I don't feel like chasing the maximum short term profits by mining shitcoins with GPUs, I just want a stable long term operation so I think the best is to stick with BTC.

My budget is 60k$. Im comparing some SHA-256 devices (10x Antminer S19 Pro seems like a good fit at the moment) and by my very rough estimates, based on current prices, I should be breaking even within 18 - 24 months. Electricity cost from where I'm based is around 0.03$ - 0.06$ kWh.

So now we get to the question. I haven't followed mining profitability over time, so I'm curious how much does the profitability change over time? And how long until miners such as the S19 Pro become obsolete?

If you don't mind, please tell me how you would set up mining operation with 60k$ budget and 0.03-0.06$ kWh costs.

Thank you!

Based on my researchs:
A major key factor that makes Bitcoin’s energy consumption different from that of most other industries is that Bitcoin can be mined  anywhere. Almost all of the energy used worldwide must be produced relatively close to its end users — but Bitcoin has no such limitation, enabling miners to utilize power sources that are inaccessible for most other applications.

Hydro is the most well-known example of this. In the wet season in Sichuan and Yunnan, enormous quantities of renewable hydro energy are wasted every year. In these areas, production capacity massively outpaces local demand, and battery technology is far from advanced enough to make it worthwhile to store and transport energy from these rural regions into the urban centers that need it. These regions most likely represent the single largest stranded energy resource on the planet, and as such it’s no coincidence that these provinces are the heartlands of mining in China, responsible for almost 10% of global Bitcoin mining in the dry season and 50% in the wet season.

Another promising avenue for carbon neutral mining is flared natural gas. The process of oil extraction today releases significant amount of natural gas as a byproduct — energy that pollutes the environment without ever making it to the grid. Since it’s constrained to the location of remote oil mines, most traditional applications have historically been unable to effectively leverage that energy. But Bitcoin miners from North Dakota to Siberia have seized the opportunity to monetize this otherwise-wasted resource, and some companies are even exploring ways to further reduce emissions by combusting the gas in a more controlled manner. Of course, this is still a minor player in today’s Bitcoin mining arena, but back of the envelope calculations suggest that there’s enough flared natural gas in the U.S. and Canada alone to run the entire Bitcoin network.

To be fair, the monetization of excess natural gas with Bitcoin does still create emissions, and some have argued that the practice even acts as a subsidy to the fossil fuel industry, incentivizing energy companies to invest more in oil extraction than they otherwise might. But income from Bitcoin miners is a drop in the bucket compared to demand from other industries that rely on fossil fuels — and that external demand is unlikely to disappear anytime soon. Given the reality that oil is and will continue to be extracted for the foreseeable future, exploiting a natural byproduct of the process (and potentially even reducing its environmental impact) is a net positive.

Interestingly, the aluminum smelting industry offers a surprisingly relevant parallel. The process of transforming natural bauxite ore into useable aluminum is highly energy intensive, and the costs of transporting aluminum often aren’t prohibitive, so many nations with a surplus of energy have built smelters to take advantage of their excess resources. Regions with the capacity to produce more energy than could be consumed locally, such as Iceland, Sichuan, and Yunnan, became net energy exporters through aluminum — and today, the same conditions that incentivized their investment in smelting have made those locations prime options for mining Bitcoin. There are even a number of former aluminum smelters, such as the hydro Alcoa plant in Massena, NY, that have been directly repurposed as Bitcoin mines.

Mining Bitcoin Consumes a lot More Energy Than Using It
Please what do you think share your taughts

How much energy does an industry deserve to consume? Right now, organizations around the world are facing pressure to limit the consumption of non-renewable energy sources and the emission of carbon into the atmosphere. But figuring out how much consumption is too much is a complex question that’s intertwined with debates around our priorities as a society. The calculation of which goods and services are “worth” spending these resources on, after all, is really a question of values. As cryptocurrencies, and Bitcoin in particular, have grown in prominence, energy use has become the latest flashpoint in the larger conversation about what, and who, digital currencies are really good for.

On the face of it, the question about energy use is a fair one. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden. This certainly sounds like a lot of energy. But how much energy should a monetary system consume?

How you answer that likely depends on how you feel about Bitcoin. If you believe that Bitcoin offers no utility beyond serving as a ponzi scheme or a device for money laundering, then it would only be logical to conclude that consuming any amount of energy is wasteful. If you are one of the tens of millions of individuals worldwide using it as a tool to escape monetary repression, inflation, or capital controls, you most likely think that the energy is extremely well spent. Whether you feel Bitcoin has a valid claim on society’s resources boils down to how much value you think Bitcoin creates for society.

If we’re going to have this debate, however, we should be clear on how Bitcoin actually consumes energy. Understanding Bitcoin’s energy consumption may not settle questions about its usefulness, but it can help to contextualize how much of an environmental impact Bitcoin advocates are really talking about making. Specifically, there are a few key misconceptions worth addressing.
Some people feel 'isnt Bitcoin mining a waste of time?',No
But I write here to say the energy consumed by Bitcoin mining is not and in any way equivalent to the emmisions of carbons.

English. This system is implemented in the network for payment verification and executes this process without the need to download all the blockchain. For this reason, in this article we will analyze those wallets that implement this innovative system. We will study their concept, how they work, what their main characteristics are and how we can make use of them.

What are SPV Wallets?
The implementation of the SPV system, It allows verification of a particular transaction within the blockchain without having to download it completely. Rather, it is based on proof of merkle tree where the hash of a transaction and the hash of a specific block. This system only needs a small part of a block to confirm that the operation has been included.

Thus, SPV wallets are those purses that They do not own and do not need a complete copy of the blockchain. If not rather they connect users directly to the cryptocurrency network from the app. In order to carry out the verification process of your own transactions. In some cases, SPV wallets rely on full nodes connected to the network. Being part of the cryptographic verification process to avoid showing the user false information.

It is important to note that an SPV wallet is not based solely on the verification of other nodes in the network, but it also analyzes the best header hash. A valid block has the most cumulative proof of work. The implementation of the SPV ensures that this proof of work has the appropriate level of hashing difficulty. Likewise, SPV wallets have no impact on the security of your private keys.

As a curious fact, light wallets also implement the SPV system allowing a faster synchronization and configuration speed. They require less availability of disk storage

My taughts:
There is little danger to the economy from banks serving as custodians and transfer agents for cryptocurrencies. Nor do I think that investment firms that make investments in cryptocurrencies for their clients is a risk to the economy

Please share yours🙏🙏

Thank you sir

I think
The recent Sveriges Riksbank Prize in Economic Sciences or Nobel prize (as commonly known) was actually awarded to an economist (Fama) who claimed that markets are efficient and any prediction of it's movement is fruitless. Isn't the Bitcoin price random too?
Furthermore, we can even fit Robert Schiller's theory into it. There is clearly a long-term trend and crazy volatility. Also, Bitcoin tries modelling the ideal world scenario of no transaction fee as used when designing theory like CAPM.
With such similarities, why isn't research being done in the Bitcoins? There's so little to read. We pretty much end up with Satoshi's paper which is more cryptography and less economics.