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Mining for gold is even more inefficient. You've got dig earth several kilometers down, build massive infrastructure, use harmful chemicals to purify it, lose l
by jkuria 6y ago
Mining for gold is even more inefficient. You've got dig earth several kilometers down, build massive infrastructure, use harmful chemicals to purify it, lose lives etc etc
- wonnage 6y agoAt least gold is useful for something though
- kosievdmerwe 6y agoGold also doesn't require constant electricity expenditure to keep it's value and "utility"z A kilo of gold once mined is perpetual. A bitcoin needs the whole network to keep running (and be large enough so that miners can't collude) to keep it's value.
- minsc__and__boo 6y agoThat's falsely equating fixed and variable costs. A mined bitcoin is useless if the network isn't burning electricity, whereas mined gold is continually useful after mining.