Bitcoin is still early

[jacoavlu]

What is the price of bitcoin you need in order to be profitable?

you have to define profitable, and of course it depends on the cost of electricity and the efficiency of the machine

just based on electric, coins I mine cost about $18k/btc

[xraygoggles]

cheap electric rate really helps, and you have to make sure you don't overspend in btc terms on the machine. certainly don't spend more than 0.2 btc on a new gen machine and even that's pushing it

for example a 100T machine right now earns about 45k sats per day. so a new gen machine bought at 0.2 btc would take like 15 months to ROI the btc but that doesn't account for electric cost and other capex. but that math can be done

that sats/day number has trended down recently as network hash has increased to all time highs. but as price dumps typically network hash is gonna trend down somewhat. not guaranteed. there are a lot of miners out there that have been sold but not deployed. supply chain delays in getting electric infrastructure done no surprise

I think my machines will end up ROIing at about 15 months and that's with electric

and separate conversation is if you elect to run as a proper business, in which you report on schedule C and deduct expenses. a couple miners at the house likely doesn't meet threshold and would be hobby income. But certainly opportunity there to operate as a business if you scale up a little bit

This site is handy: https://whattomine.com/asic

[jacoavlu]

This site is handy: https://whattomine.com/asic

if interested in bitcoin mining braiins has probably the best site for playing with numbers https://insights.braiins.com/en/

[Max Power]

If I Google bitcoin price, it doesn't even give results anymore...

It just does a "Neeeeeeeeeeeeeee- Roowwwwwwwwwww- Woowww" noise?

[CordMcNally]

If I Google bitcoin price, it doesn't even give results anymore...

It just does a "Neeeeeeeeeeeeeee- Roowwwwwwwwwww- Woowww" noise?

Are you trying to log on to America Online?

[GIMD]

I'm starting to buy BTC now as the price gets close to the break even point for mining it. I'm planning to buy more every 10% drop. Not sure how much BTC will drop but looking at previous crypto winter cycle, it can probably go down close to $10,000.

[Random1]

Your luckily day, BTC is down again , go on a shopping spree

[HikingDO]

Your luckily day, BTC is down again , go on a shopping spree

I’m sure the Dutch in the 1600s were saying the same thing about tulip bulbs.

[Brains428]

Celsius getting investigated. Clock is ticking on Tether. People don't care about fraud when everyone is making money.

Also, my issue is with Tether, not BTC or blockchain.

[jacoavlu]

Celsius getting investigated. Clock is ticking on Tether. People don't care about fraud when everyone is making money.

Also, my issue is with Tether, not BTC or blockchain.

CordMcNally and I have a bet re tether so it will be fun to watch

during the terra/luna implosion tether redeemed billions in coins for actual dollars without issue.

[oysterblues]

When this thread was created (November 5, 2020), Bitcoin was passing the $15,000 mark. Today, Bitcion has dipped below $20,000, off from it's high of nearly $70,000. Is Bitcoin still early?

[jacoavlu]

When this thread was created (November 5, 2020), Bitcoin was passing the $15,000 mark. Today, Bitcion has dipped below $20,000, off from it's high of nearly $70,000. Is Bitcoin still early?

yes. It was a perfect thread title.

[Craigslist]

https://www.reddit.com/r/buttcoin

[CM]

From the Wall Street Journal today:

"Bitcoin fell as low as $18,739.50 and stayed below $20,000 on Saturday, according to CoinDesk, losing 72% of its value from its high in November."

So there is a bitcoin market with active trading and public quotes 7 days per week? Are these published somewhere?

[CM]

I haven't read much of this thread or other crypto exchanges, so this may have been covered, but I ask in case any Bitcoin/crypto enthusiast is interested in stating the case (again?) for Bitcoin and/or other crypto assets:

Bitcoin provides no earnings, interest, or dividends, and does not produce anything, which is why Buffett assigns it a value of zero.

It is also clearly not an inflation hedge, and it's not a stock market hedge, as demonstrated this year.

It isn't a store of value, and it isn't suitable as a currency, because it is extremely volatile.

I understand it may be of some use to criminals, but that isn't much of an investment case.

So, what is it that makes it of great value?