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For all Bitcoin miners to be profitable, the global reward for mining Bitcoin must be less than the global cost. Since the reward has now halved, I think the el
by GhostVII 6y ago
For all Bitcoin miners to be profitable, the global reward for mining Bitcoin must be less than the global cost. Since the reward has now halved, I think the electricity spend should also drop by half, but this may already be accounted for since miners have known about the halvening for a while and should have reduced capacity accordingly already.
- jcranmer 6y ago> Since the reward has now halved, I think the electricity spend should also drop by half I doubt that. Look at the recent oil production issues: despite demand falling off a cliff, and the price of oil following it, production (supply) hasn't dropped anywhere near enough to match the fall in demand. It's basically a game of chicken--keep going at full force, eating your losses, in the hopes that your competitors are weaker and will be forced to fold before you will.