Steem being delisted. Who would have thought that?
Steem did very well. I thought it will die in months. For me it was always a mistery how can something have value from nothing. The whole idea is flawed. How can be someone paid for content creation without anybody paying for that content? Crypro market will be healthy when steem market cap will be 0.
In summer 2016, Steemit was a nice little goldmine though, even for newcomers.
for some strange reason people still made content and for some even stranger reason there was actually a market for the steem dollars that didn’t crash to zero Really on the SAFE network there will be “money from nothing” the difference being it actually has a place to go recycle in the economy.
If safenet were like steem, than best parallel would be miners are paid by network, users can upload and download for free and the whole network hopes to survive thanks to neverending market buy support from new investors. Simply pyramid scheme.
Summary of some Bitcoins predictions.
Looks like bitcoin jack was pretty close there.
An analyst with the nickname Bitcoin Jack believes that BTC could fall to $7400, but the weakening will be short-lived. As soon as the largest digital currency touches the new “bottom”, a breakthrough will begin almost immediately.
Allegedly is the keyword but there seems to be many rumors surfacing. Wishful thinking or… where there is smoke there is fire?
Fed prints billions… who can buy out who? Another clueless action from the cryptospace.
Huge supply cap, they needed to trim it a bit. Burned coins = more scarcity which I am always a fan of .
Does anyone know what the approximate power consumption needed to mine 1 bitcoin, and so maybe we could calculate the financial cost of generating a bitcoin?
I’d like to compare daily bitcoin price against the price of production, and use that as one signal to help me decide when to buy crypto.
With the halvening coming up, I guess production price will go up - maybe that’s priced in already.
I’d like to buy bitcoin when it’s cheap relative to production, maybe hold for a bit and see if I can get more maid.
It is priced in from day one, but than after halvening price rise again The teory says, that as risky asset the price rise wait for half daily supply of new Bitcoins.
If the whole Bitcoin network now was made by the most efficient hardware (56TH / 2,8kW), the running network would have a consumption of 4 750 MWh. You need to mine on average for 48 seconds with all the hardware to mine one bitcoin. To mine one bitcoin now you need to burn 63,5 MWh. One kW cost in cheap countries around $0.07 which makes one Bitcoin cost $4445 (energy wise).
At the same time, you need all this new hardware which can be bought for around 4 billion USD and you probably need to amortize it during the next 18 months which makes the price of 48 seconds of amortization cost another $4059.
There are some other costs like administration, security, tax on profit, etc. but those are really little IMO.
TLDR.: According to my calculation, the cost of mining Bitcoin now is around $8600.
PS.: You can assume old, already amortized hardware but you will probably get a similar or higher cost. Also, please forgive me for the arbitrary number of 18 months which is only exactly when I want my hardware to amortize.
So the current price is fair, and if it drops to $4000 then its a buy.
If the hashrate, hardware efficiency and hardaware price stays the same, than its a sure buy.