White House: Biden Will Veto Bitcoin Legislation

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BIDEN WILL VETO LEGISLATION ALLOWING FINANCIAL FIRMS TO CUSTODY BITCOIN
The Executive Office of US President Joe Biden has announced its stance on proposed legislation, H.J. Res. 109, that would allow highly regulated financial firms to act as custodians for Bitcoin and other cryptocurrencies.

"The Administration strongly opposes passage of H.J. Res. 109, which would disrupt the Securities and Exchange Commission’s (SEC) work to protect investors in crypto-asset markets and to safeguard the broader financial system," The Executive Office of The President stated. "If the President were presented with H.J. Res. 109, he would veto it."

US Congressman Patrick McHenry, Chairman of the House Financial Services Committee,
expressed support for overturning the SEC's SAB 121, stating, “Staff Accounting Bulletin, or SAB, 121 is one of the most glaring examples of the regulatory overreach that has defined Gary Gensler’s tenure at the SEC. Through SAB 121, the Commission is trying to dictate how financial institutions and firms safeguard Americans’ digital assets under the guise of so-called staff guidance.”
 
NoahA said:
Bitcoin is the biggest threat facing the elite class, which runs the government, that it has ever seen.
More...

Not WWI. Not WWII. Not the Cold war.
Bitcoin! That's the big threat.

The lack of insight in the crypto crowd is truly stunning.

It always feels like they have everything invested in this one thing and they cannot bear to even consider anything but a positive outcome for them.
 
Not WWI. Not WWII. Not the Cold war.
Bitcoin! That's the big threat.
More...

Well, the billionaires already have their nuclear bomb-shelters installed with perpetual supply of oxygen. So it makes sense they got other worries than the Kremlin's threats. :sneaky:
 
So one Bitcoin (atm) equals about 26 ounces of gold.

3 questions....

1) On average, how much electricity in dollars (assuming a mining operation located in an area with the lowest cost using power from the grid) does it cost to mine one Bitcoin?

2) Of the big gold miners, what is their cost/ounce to produce an ounce of gold.... multiplied by 23 obviously.

3) If given the choice between 23 ounces of gold or one Bitcoin.... what would folks choose?

Me personally, and nothing against BTC, I'd take the gold. But before I made that decision, I'd need answers to both of the above questions.
 
vanzandt said:
Of the big gold miners, what is their cost/ounce to produce an ounce of gold.... multiplied by 23 obviously.
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Rough rule of thumb consider an average all-in sustaining cost, or AISC, of roughly AUD 1,760—around USD 1,140.
Therefore 26 ounces of gold would have a cost to produce of US$29,640
 
vanzandt said:
So one Bitcoin (atm) equals about 26 ounces of gold.
More...

I started to look up energy needs but got lost in terajoules and too many zeros. So I changed the search words and here we go:

https://digiconomist.net/bitcoin-versus-gold#:~:text=of electrical energy is used to mine a single Bitcoin.&text=of electrical energy is used to mine a BTC worth,number, the difference increases fast.

Long story short, BTC mining is 20 times more energy intensive than gold mining. Money of the future.
 
themickey said:
Rough rule of thumb consider an average all-in sustaining cost, or AISC, of roughly AUD 1,760—around USD 1,140.
Therefore 26 ounces of gold would have a cost to produce of US$29,640
More...
Hmph. That saved me a lot of work... thanks Mick. So 29.6K to sell at 61K... I wonder what the BTC electricity costs are comparison. It has to be way way lower. I would think. Maybe not. And of course this is an extremely simplified query. The BTC miners aren't purchasing $1.5MM dollar hoes from CAT. But that said, those costs should be priced in to your numbers. Hmmm.

I'd still take the gold.

edit:
Pek, we were typing at the same time.
 
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