2 ms·

You're completely ignoring the capital cost of buying the miner.

• mrb 13y ago
  True, but this is not Altman's point. He clearly refers to operating costs, not capital costs. (This is why he later talks about free electricity, not free hardware.)
• LyndsySimon 13y ago
  That's a sunk cost. The question wasn't "is it profitable to begin mining Bitcoin?", it was "is it profitable to mine Bitcoin?" Miners already have the equipment - as long as proceeds don't drop below energy costs, mining will continue at current levels.
  • dragonwriter 13y ago
    > Miners already have the equipment - as long as proceeds don't drop below energy costs, mining will continue at current levels. Doesn't that assume that mining equipment has infinite useful life?