Hot discussion on "blockchain experts": within 11 years, bitcoin mining will become too expensive to continue

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.

Screenshot 2019-05-07 Afternoon 2.04.35

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.

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?"

7CA08518B73B4BE792A9474EC1A5F7FB

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.

User humanasaurus:

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! 4DC1FDF52EBD4686B42906592D6BEEB7

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

PEPE Surges 190% and Reclaims Top Spot as Third Largest Meme Coin 🚀

Pepe Coin (PEPE), a meme-inspired cryptocurrency built on the Solana (SOL) platform, has seen an impressive increase ...

Market

Bonk: The Meme Coin That’s Going Barking Mad on Binance

Great news for fashion lovers! Binance has officially listed the BONK token and will allow withdrawal starting tomorr...

Market

Zodia Custody and Metaco Shake Hands to Redefine Crypto Custody

Fashionista, you'll be interested to know that Zodia Custody, a crypto custody service provider supported by Standard...

Blockchain

NBA Sued for Alleged Role in Voyager Digital Losses

A group of concerned Voyager Digital investors have taken legal action against the NBA for their perceived involvemen...

Blockchain

Singapore's Crypto Adventure Get Ready for Wholesale CBDC Issuance in 2023!

The Monetary Authority of Singapore, led by Managing Director Ravi Menon, has officially announced its plans for a Wh...

NFT

Should NFTs be Legally Considered Virtual Assets in South Korea?

A crucial topic for discussion will be the legal categorization of NFTs as virtual assets in South Korea, presenting ...