The average mining cost of 1 bitcoin as of December 2nd 2024 is $91,271.
You can argue the value of bitcoin is nothing but that's not how value works. Value is based on the price someone is willing to pay and the cost to obtain that good.
I'm not a Bitcoin shill, and I can see a scenario where the value of Bitcoin drops 90%. But when you have an asset that is expensive to create, is fungible, and can't be copied, you can't just say it's not worth anything because you feel like it.
Value is defined on tangible trade, aka worth, not simply bcz some one believes an exchange can be negotiated based on labor. You don't pay for spoiled milk. You don't pay a mechanic for an unfixed engine bcz he looked and tried.
The value of an individual mining reward is very small relative to all extant bitcoins. When you mine often enough, the value of your reward is rightly comparable to the amount of work you've done, all the goal and nongoal calculations averaged together. If Bitcoin rewarded lucky stiffs unduly it'd be unfair, but it's proven rigorously that it doesn't, it rewards committed laborers.
Authors get paid for the thousands of hours of writing, not just for the time it takes an uneducated typist to copy out the final text.
The average mining cost of 1 bitcoin as of December 2nd 2024 is $91,271.
You can argue the value of bitcoin is nothing but that's not how value works. Value is based on the price someone is willing to pay and the cost to obtain that good.
I'm not a Bitcoin shill, and I can see a scenario where the value of Bitcoin drops 90%. But when you have an asset that is expensive to create, is fungible, and can't be copied, you can't just say it's not worth anything because you feel like it.
https://en.macromicro.me/charts/29435/bitcoin-production-total-cost
Value is defined on tangible trade, aka worth, not simply bcz some one believes an exchange can be negotiated based on labor. You don't pay for spoiled milk. You don't pay a mechanic for an unfixed engine bcz he looked and tried.
The value of an individual mining reward is very small relative to all extant bitcoins. When you mine often enough, the value of your reward is rightly comparable to the amount of work you've done, all the goal and nongoal calculations averaged together. If Bitcoin rewarded lucky stiffs unduly it'd be unfair, but it's proven rigorously that it doesn't, it rewards committed laborers.
Authors get paid for the thousands of hours of writing, not just for the time it takes an uneducated typist to copy out the final text.