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> As soon as it costs more to mine a Bitcoin than the value of a Bitcoin is worth, nobody's going to mine it anymore

That doesn't matter. The amount of energy burned to mine the bitcoin that already exists has no relationship to its price in the future - the "bottled energy" characterization is totally incorrect.



Only if you think the price is going to go up enough to recoup your investment, which is by no means certain. It’s a medium of exchange. Smart investors don’t invest in currency for its own sake; they invest in things that have untapped value beyond themselves. I just don’t know how much dark money remains out there to make bitcoin in particular continue to appreciate. And if it depreciates so much that it falls below the production cost, then I think people might be discouraged from producing it because they might conclude that it’s an irreversible trend. It’d be the end of the line.




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