A new discussion on Reddit was heatedly discussed by a Reddit user who gave a new perspective on bitcoin mining from a computer and blockchain expert.
The Reddit user named "Illsellyoullbuy" caused a lively discussion on the platform. He posted a comment from his friend, who is "a computer engineer and blockchain expert", claiming that In 11 years, Bitcoin mining will become too expensive to continue because of continued halving and high electricity costs.
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The "expert" said that miners will be forced to abandon their business, without miners, it will be impossible to issue new bitcoins.
“One of my computer engineers and blockchain expert friends told me that Bitcoin is a failure in a sense, because every year this year the mining reward is halved, bitcoin mining will eventually be too expensive to Mining, there is no miner, there is no transaction check, there is no transaction volume. Is this correct?"
However, the community's response raised doubts about the blockchain expert.
Some people also believe that with the development of new technologies and the supply of renewable energy to more and more people, the price of electricity will inevitably decline in the future.
Bitcoin is limited in number because it has the characteristics of deflation. Because of this, bitcoin prices will be higher in the long run, which makes up for energy costs. But energy costs are actually falling, as new technological advances are being made every day. Therefore, energy costs will become less and less a problem in the future. Better oil and gas extraction technologies, more efficient solar energy, safe nuclear power plants, and even atomic fusion technologies (under study) will drive lower energy costs.
Once the Bitcoin's $21 million limit is reached, miners will make money from transaction costs. By that time, it would be very rare to have a bitcoin. Looking back, Bitcoin used to cost only $0.003, but now it's $10,000. One day, when we see $100,000 in bitcoin, we would like to buy it at $10,000. I tried to buy Bitcoin when I was at $400, but it didn't work. It still hurts me. Learn from my mistakes, buy, buy, and hold for a long time! ”