digital gold
- Thread starter Goldlover
- Start date
It has been entrenched in the collective consciousness as a thing of value, especially with the young. As of today it was $28,013.43. How could something with a high price be worthless? However, with a system crash (Mr. Robot) you could not access your Bitcoin but could carry gold in your pocket. The concept has traction but needs to be implemented in a less restrictive way. The whole thing about mining and $28,000 incremental units is too much. I would be interested on any information on who is trading Bit on a day to day basis. The fluctuation in value needs to be transparent. As an example - vol today 19,075,880,960. What does that really mean?
19,075,880,960 is dollar volume, so, using your bitcoin price, roughly $19,075,880,960/$28,013.43 = 680,955 bitcoins traded today.
Not sure about a moment, but as far as characteristics, both have very high stock-to-flow ratios, meaning it is difficult or expensive to mine new gold or bitcoin relative to their current existing supplies.
This feature makes gold and especially bitcoin (with an ever-increasing stock-to-flow ratio, given that halvings periodically reduce bitcoin mining output) relatively insusceptible to devaluation via dilution. By contrast, central banks can easily print fiat currency.
The implication is that prices expressed in units of gold or bitcoin would be far less susceptible to inflation compared to prices expressed in units of fiat currency.
It's fascinating how both gold and bitcoin leverage their limited supply to maintain value over time, making them attractive stores of wealth in an era of increasing monetary supply.
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Interesting the way fools gold looks like gold.
Gold also has lousy long term track record , not even close to SPY benchmark.
Looked into something with no storage fees or insurance fees GLD, nothing like SPY benchmark even in 2023or most any time frame.................................................................Shiny or non shiny brass looks good to sell if bought right + i seldom do that also
[Edit same way with high grade or low grade LOL cash copper......................]
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The price of Bitcoin today is $27,365. Does this imply that it approximately costs $27,365 to mine a Bitcoin? Is this broken down by electric consumption + man hours? If so how is the cost allocated over the inputs. I suspect there is a speculative component in there that has to account for some percentage of price? How long does it take to mine a new Bitcoin? How is it determined that the Bitcoin is legitimate?
The cost to mine 1 bitcoin depends on many factors, but the biggest one is electricity cost
https://www.coinwarz.com/mining/bitcoin/calculator
A Bitcoin miner operating at home that has solar power with near-free electricity may do well
A big Bitcoin mining operation like Mara or Riot, will have other costs such as infrastructure, (i.e. physical building, cooling as the ASIC Bitcoin mining hardware produce a lot of heat, employees, etc)
Costco is selling gold bars and they are selling out very quickly
But physical gold is very much inferior to bitcoin in terms of utility and features
Bitcoin market cap will most likely overtake the gold market cap in the future, imo
Thanks for the info. The link bitcoin/calculator was very informative. Did not exactly understand most of it but got the gist. Based on the example it takes about 8.9 years to generate 1 Bitcoin.
"Bitcoin market cap will most likely overtake the gold market cap in the future.." I agree with you as long as a safe system remains in place for the storage and transfer of Bitcoins i.e. functioning Internet.
"Bitcoin market cap will most likely overtake the gold market cap in the future.." I agree with you as long as a safe system remains in place for the storage and transfer of Bitcoins i.e. functioning Internet.
[It is very easy to authenticate a bitcoin, using any blockchain explorer, mempool.space or blockchain.com, there are no fake bitcoins that is analogous to a fake gold]
Depends on the hashrate of your Bitcoin farm
For example, here's a screenshot for 20 Bitmain S19j XP that can produce 151 Th/s each
Lots of caveats... The amount of heat produced by 65kw, the network hash rate of the Bitcoin network keeps increasing thus the mining difficulty goes higher, iow, the target is moving away
Best place to mine is in Iceland using geothermal power, or in the coldest winter of Canada
Also, this Bitmain hardware has no shipping date, says Q4/2023
https://shop.bitmain.com/product/detail?pid=00020230626114337330962EtM9r0640
Updated with mining pool fee of 2%
https://buybitcoinworldwide.com/mining/pools/
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