Bitcoin mining equipments now LOSING money daily spil the Bitcoin Ponzi scheme proceeds to unravel
Saturday, September 23, 2017 by: Ethan Huff
(Natural News) The cost of mining Bitcoin is quickly outpacing the dollar value of Bitcoin itself, fresh reports indicate. The most up-to-date Bitcoin mining devices cost upwards of around $Four,000, and yet by the time it produces enough Bitcoin to even pauze even, such a machine will already be obsolete and te need of replacement.
Silver Doctors recently took a closer look at the mathematical inconsistency, showcasing how a “Bitmain Antminer D3 (15GH/s X11 Dash Miner 1200W)” machine that mines Bitcoin will cost $Three,900 when it is eventually released te November 2017. This machine requires a special “Antminer Power Supply (APW3++ [email ,protected] [email ,protected] w/ Ten Connectors)” power supply to operate it, which costs an extra $268.30 on Amazon.com spil of this writing.
Combined, the cost of the two chunks of hardware is a hefty $Four,168.30, which is harshly the price of a single Bitcoin (spil of this writing). According to Silver Doctors, this setup will very likely have a life cycle of around two years maximum before it needs to be substituted with a swifter machine that likely costs even more. But it takes time to mine Bitcoin, and the expected come back doesn’t seem to outweigh the costs of buying the mining technology вЂ“ not to mention the exorbitant electrical costs associated with running it 24 hours a day, seven days a week.
Citing a cost rekenmachine suggested by Crypto Compare, Silver Doctors illustrates how those who mine Bitcoin using even the latest and fastest technology will still incur a netwerk loss when all is said a done вЂ“ a phenomenon that some are referring to spil “peak Bitcoin.”
“CryptoCompare shows that a equipment set-up for this would be a televisiekanaal loser daily, monthly, yearly, or however long the miner chosesВ [sic] to lose money by turning it on,” the webpagina explains. “Since people are looking to ‘,get rich’ off of Bitcoin, it’s not like they’re contributing to some sense of community either, because the community is motivated by profit.”
China mines the most Bitcoin because tens unit is cheaper there than te the Westelijk
When Mike Adams, the Health Ranger, interviewed cryptocurrency experienced Kevin Lawton to unpack his views about the Bitcoin phenomenon, Lawton explained that China is presently the world leader te Bitcoin mining. The reason for this, he explained, is that tens unit costs ter China are far cheaper than they are here te the Westelijk, which makes it more economically viable for mining operations to thrive.
But for those ter the United States attempting to do the same thing, it’s not necessarily worth the investment. Te fact, it’s pretty much a bad idea all the way around to even attempt to get involved with Bitcoin mining this late ter the spel, especially spil the costs of both tens unit and the equipment to mine Bitcoin proceed to go up and up. The algorithms that have to be “unlocked” te order to mine more Bitcoin are also becoming increasingly more elaborate spil time goes on, which will further exacerbate the problem and create what some see spil an energy laagconjunctuur te the future.
“The mining metaphor is apt because bitcoins are created through specialized computers looking for the juist codes (hash keys), just like digging for gold,” reads an analysis about Bitcoin published by Green Tech Media.
“That electronic digging takes more and more power spil more and more people dig for that virtual gold. Sebastian-Deetman calculated ter 2016 that mining would require spil much electrical play by 2020 spil the entire nation of Denmark presently consumes …, Bitcoin’s algorithm requires that it get more and more difficult overheen time to mine, spil long spil mining itself becomes increasingly popular. With an approximately 132-year discovery cycle to mine all 21 million bitcoins, mining power request will go up exponentially.”
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