"And let's not forget that Bitcoin is terrible for the environment."
Yes, but what's the cost to the environment of the alternatives? With out knowing that I don't see that the above statement tells us much.
Topic: Mining a bitcoin costs about as much as buying one these days - page 2. (Read 257 times)
Bitcoin's profitability wasn’t a problem when the cryptocurrency was heading “to the Moon,” as enthusiasts were fond of putting it, but since late last year, Bitcoin has largely been heading in the other direction.
Calculating mining costs is not so hard, the cost of the computers themselves, as the mathematical problems get progressively harder over time, miners need to keep upgrading their rigs, another issue is energy, making loads of incorrect guesses uses a lot of it. And then there’s cooling ... all that energy use throws off a lot of heat.
The current break-even point for Bitcoin mining is $8,038.
That said, whether or not mining still makes sense, depends a lot on where you are.
And let's not forget that Bitcoin is terrible for the environment.
Calculating mining costs is not so hard, the cost of the computers themselves, as the mathematical problems get progressively harder over time, miners need to keep upgrading their rigs, another issue is energy, making loads of incorrect guesses uses a lot of it. And then there’s cooling ... all that energy use throws off a lot of heat.
The current break-even point for Bitcoin mining is $8,038.
That said, whether or not mining still makes sense, depends a lot on where you are.
And let's not forget that Bitcoin is terrible for the environment.
Mining is huge business and if it's not profitable or if miners thought they couldn't earn for the long run they wouldn't be mining. We can conclude then that no matter if it is profitable at this moment people are gonna mine it. Even before you couldn't pay off the power bill from mining and selling your coins right away, mostly what miners do is hold because that's how they can accumulate and get more value if market plays right for them.
Your statement "Bitcoin is terrible for the environmen." is true but not many people care about it as long as they can earn money, and since btc is using Proof of Work to sustain it's network there is nothing much you can do about it and simply telling it is bad, well you can't stop it. It might consume a lot of electricity but that's how it is and there are many other businesses around the world that may consume even more.
Bitcoin's profitability wasn’t a problem when the cryptocurrency was heading “to the Moon,” as enthusiasts were fond of putting it, but since late last year, Bitcoin has largely been heading in the other direction.
Calculating mining costs is not so hard, the cost of the computers themselves, as the mathematical problems get progressively harder over time, miners need to keep upgrading their rigs, another issue is energy, making loads of incorrect guesses uses a lot of it. And then there’s cooling ... all that energy use throws off a lot of heat.
The current break-even point for Bitcoin mining is $8,038.
That said, whether or not mining still makes sense, depends a lot on where you are.
And let's not forget that Bitcoin is terrible for the environment.
Calculating mining costs is not so hard, the cost of the computers themselves, as the mathematical problems get progressively harder over time, miners need to keep upgrading their rigs, another issue is energy, making loads of incorrect guesses uses a lot of it. And then there’s cooling ... all that energy use throws off a lot of heat.
The current break-even point for Bitcoin mining is $8,038.
That said, whether or not mining still makes sense, depends a lot on where you are.
And let's not forget that Bitcoin is terrible for the environment.
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