Bitcoin

[rocky_warrior]

if anybody has a theory I'd definitely read it with interest.

@Hards Alumni and I disagree   I did (completely unrelated) read an opinion piece that roughly supports my position (or, non-position in crypto).

https://electrek.co/2025/11/21/electricity-is-about-to-become-the-new-base-currency-and-china-figured-it-out/

"Proof of Work" cryptocurrencies like Bitcoin face a fatal contradiction within this paradigm. They aim to serve as a store of value by burning the base currency (electricity) to secure the network. If the kilowatt-hour is the 21st-century equivalent of gold, then Bitcoin mining is akin to melting down gold bars to print a paper receipt. It destroys the productive asset to create a derivative token.

[MUBurrow]

@Hards Alumni and I disagree   I did (completely unrelated) read an opinion piece that roughly supports my position (or, non-position in crypto).

https://electrek.co/2025/11/21/electricity-is-about-to-become-the-new-base-currency-and-china-figured-it-out/

Yeah, this good dive into where I'm basically at too. Until we shift to renewables with few externalities, crypto is an environmental Rube Goldberg. Though I do have a bit of tangential exposure to crypto, mostly because I think we love get rich schemes and tech bro promises more than clean water and air. 

[MU82]

@Hards Alumni and I disagree   I did (completely unrelated) read an opinion piece that roughly supports my position (or, non-position in crypto).

https://electrek.co/2025/11/21/electricity-is-about-to-become-the-new-base-currency-and-china-figured-it-out/

Interesting article. Not sure if it makes me more or less likely to dabble in Bitcoin, though.

[Uncle Rico]

Interesting article. Not sure if it makes me more or less likely to dabble in Bitcoin, though.

I'm 100% invested in fossil fuels

[Hards Alumni]

@Hards Alumni and I disagree   I did (completely unrelated) read an opinion piece that roughly supports my position (or, non-position in crypto).

https://electrek.co/2025/11/21/electricity-is-about-to-become-the-new-base-currency-and-china-figured-it-out/

Power gets cleaner, cheaper, and more plentify every year.  If we want to cry about the energy use of Bitcoin and its Proof of Work, that's fine, but there are a lot of things we waste energy on.

BTC miners figure out the price the work is worth doing at and where the energy is cheapest and migrate their operations there.

[rocky_warrior]

BTC miners figure out the price the work is worth doing at and where the energy is cheapest and migrate their operations there.

https://www.moomoo.com/news/post/61800633/computing-power-as-anchor-a-production-cost-analysis-of-bitcoin

In practice, Bitcoin mining costs exhibit a distinct structural hierarchy. According to data from MacroMicro, the current global average mining cost is approximately $109,857, a figure that represents the survival threshold for most miners.

However, actual costs vary significantly due to differences in mining machine efficiency and electricity expenses. Leading publicly listed mining companies, leveraging economies of scale and advanced equipment, can compress their costs to levels noticeably below the global average.

$Riot Platforms (RIOT.US)$ 's all-in cost is approximately $93,000, while $Cipher Mining (CIFR.US)$ , $Hut 8 (HUT.US)$ , and $MARA Holdings (MARA.US)$ operate at costs ranging between $76,000 and $80,000. $CleanSpark (CLSK.US)$ , the most efficient in cost control, manages to keep its costs as low as $69,500.

[Hards Alumni]

Right, but the difficulty of the solve is adjusted for this.  If more expensive mining operations (more electricity costs) turn off, the competition for the reward is smaller. 

Mining difficulty and adjustments

Since computing power on the network is always changing, more miners may join with powerful machines or switch off rigs when costs rise.

Bitcoin employs a unique feature known as the difficulty adjustment. Approximately every 2,016 blocks, or about every two weeks, the Bitcoin protocol self-reviews how quickly blocks were found.

If the average time was faster than the ten-minute target, difficulty is raised and if slower, difficulty is lowered. This self-correcting mechanism gives Bitcoin an almost living like quality, constantly adapting to total hashrate to keep block production steady at ten minutes, every two weeks.

https://coinshares.com/us/insights/knowledge/bitcoin-mining-explained-process-benefits-and-challenges/

[rocky_warrior]

Right, but the difficulty of the solve is adjusted for this.  If more expensive mining operations (more electricity costs) turn off, the competition for the reward is smaller. 

That really just reinforces that the only thing that *could* keep bitcoin alive is it's cost to mine.  Not some magical value or technology.

[Hards Alumni]

That really just reinforces that the only thing that *could* keep bitcoin alive is it's cost to mine.  Not some magical value or technology.

Oh, it'll be fine.  The fundamentals haven't changed since the white paper has released.  I have zero belief in any sort of total collapse.

The only thing that keeps any sort of currency valuable is faith.  The paper money we carry around in our wallet has little intrinsic value outside of the faith we put into it.

[rocky_warrior]

Hah, "fundamentals".  Anyhow, just wanted to poke you, know I won't change your mind

[Hards Alumni]

Hah, "fundamentals".  Anyhow, just wanted to poke you, know I won't change your mind

Ha, I know.  I've been through this cycle before.  Even if I lose it all, I acknowledge that I can't control nor predict the price.  Just playing with a bunch of house money since 2017.

I also know that when I poke you that the market will inevitably slap me back to reality sooner rather than later.

[rocky_warrior]

Ok, this is not even directed at hards.  It's starting to look like every country (other than US rubes) are dumping crypto during our after market hours (see: Owen Gunden)

[rocky_warrior]

Ah, this makes some sense.  US took "China's money", they will exact some revenge:

https://finance.yahoo.com/news/china-says-u-stole-13-112644081.html