/biz/ - Business & Finance

WTF are we doing we all know its going to crash with no survivors short to mid term.

I believe in the ideology and blockchain tech but you're fucking kidding yourself if you don't realise we're currently in 1998 dot com bubble.

Long term I agree that a crypto currency will be de facto but is it really going to be bitcoin?

Network sucks, 15,935,559 T/hsh which we will pretend is made of the most efficient Antminer S9 13.5-14T h/s consuming 1.3kWhrs, per hour. @ 12 cents per kWhr. That's $177,567 USD every hour to run the network at MAX efficiently:.
(1.3kWhr*0.12$/kWhr) * (15,935,559Th/s/14Th/s) = $177,567 at very best case.

The bitcoin block reward is 12.5btc every 10min which pays $13,461 per btc or $1,009,575 minted every hour by the network.

Even though the total network hashrate can easily be calculated, it is impossible to tell what this means in terms of energy consumption, this blog (digiconimist) pegs it at 40TWhr per year which would put the hourly money spent at $547,945. At this conservative estimate bitcoin would only need to crash to $7K for mass miner switch off / over.

What's the point? Miners are just pumping this network to extreme to try and recuperate the huge sunk costs of setting up giant mines in the first place while dumping massive amounts of newly minted bitcoin while trying not to tank the price to pay for electricity.

To set up the bitcoin network most efficiently using Antminer S9 at $8K ea. thats:
$8000*(15,935,559/14) = $9.1B which would take 1.25 years to pay off.

$9106033714 / (($1,009,575-$177,567) *24hrs*365day)

Do you think this shits gonna last another year?

The lightning network is a fucking meme btw. Don't believe me check the website.