Analysis: The cost of mining gold is higher than Bitcoin

According to AMBCrypto, Peter Pacific, CEO of Euro Pacific Capital, said recently that if Bitcoin is used on a large scale worldwide, it will be impossible to maintain the network because it cannot be afforded. Twitter user ArcaChemist reported in Twitter that one of the world's leading gold mining companies, for example, stressed that in 2017 Barrick Gold Corp mined about 5.3 million ounces of gold and needed 92 million barrels of crude oil (worth more than $87 billion). In comparison, the annual mining cost of Bitcoin was only $4.3 billion. He pointed out that "the idea that bitcoin is wasting unnecessary energy is wrong – Bitcoin often uses the remaining energy."