Well, it looks like the whole crypto world has gone off the boil. I never become involved, but today I was musing.
The bitminers are an integral and essential part of the whole scam or scheme. They process all the transactions. No bitminers and there will be no more transactions. Mining consumes a huge amount of power, and is steadily becoming more expensive by design.
Here’s the cost of mining across the globe.
The current price of a bitcoin is USD 3,420.
This means that there are only a handful of countries where it is still possible to make a profit. Singapore cost of mining a coins is about USD 6,000. So I would guess that all the mining rigs have been turned off.
The cheapest is Venezuala at USD 531 per bitcoin.
The cost in China, which I believe is still the largest miner, runs at USD 3,172 per mined bitcoin. This is borderline profitable,
So the big question is what happens once the price of bitcoin slips below USD 3,000?
Will the Chinese miners turn off the machines, and result in transaction times increasing dramatically, making it difficult to buy and sell?
At which price will the whole crypto edifice collapse suddenly to zero?