| Absolutely! When miners are priced out they will be. If you can make a profit mining bitcoin, you’ll have already _arbitraged_ the pricing discrepancies in energy prices and made a boatload of money by now doing it. And once you get priced out, you are operating at a loss. Then you turn the miners off, sell ‘em to the next person willing to gamble vs. doing their homework. Re read that first paragraph real closely. I personally used to have a blog teaching people how to mine bitcoin on Ubuntu 10.04... until I didn’t anymore. Now, whether anyone likes it or not: Bitcoin has both value and utility until at least 2040, block rewards incentivize mining for 20 more years (19, whoops) if we read the white paper. Two thousand and forty. Every 10 mins, new block. Chain, new block. Huge billion dollar economy of SHA256 miners custom built for proof of work. That money to pay for all of that is coming from somewhere. Mark my words, proof of work doesn’t crash overnight. It wasn’t built built in a day either. AFTER that, there’s 100 years of “will bitcoin live” because of minimal to NO block rewards. These papers are so old and the subject matter is still misunderstood, it’s nice to see people learning and stuff but HN gah, just omagersh |