The cost of mining Bitcoin is quickly outpacing the dollar value of Bitcoin itself, new reports indicate. 4,000, and yet by the time it produces enough Bitcoin to even break even, such a machine will already be obsolete and in need of mining bitcoin now. 3,900 when it is eventually released in November 2017.
24 hours a day, seven days a week. Bitcoin, it’s not like they’re contributing to some sense of community either, because the community is motivated by profit. Bitcoin phenomenon, Lawton explained that China is currently the world leader in Bitcoin mining. The reason for this, he explained, is that electricity costs in China are far cheaper than they are here in the West, which makes it more economically viable for mining operations to thrive.
But for those in the United States trying to do the same thing, it’s not necessarily worth the investment. In fact, it’s pretty much a bad idea all the way around to even attempt to get involved with Bitcoin mining this late in the game, especially as the costs of both electricity and the equipment to mine Bitcoin continue to go up and up. Bitcoin are also becoming increasingly more complex as time goes on, which will further exacerbate the problem and create what some see as an energy crisis in the future. That electronic digging takes more and more power as more and more people dig for that virtual gold. Bitcoin’s algorithm requires that it get more and more difficult over time to mine, as long as mining itself becomes increasingly popular. With an approximately 132-year discovery cycle to mine all 21 million bitcoins, mining power demand will go up exponentially. Google deliberately censors this email newsletter to protect Big Pharma’s profits.