One month ago on "Bitcoin Miners!"...
I predicted how Bitcoin might die back in Dec, 2022. It's taken longer than I expected as I didn't anticipate Blackrock's intervention in the miner collapse. The Bitcoin Masters blunted the deterioration but... it's still there in clogged mempool and erratic, rising response time.
On July 14, 2024, bitcoin confirmation time reached 11,600 minutes. That's eight days. This is related to the saturated bandwidth issue I mentioned before. And from August 2nd to 5th, confirmation time was 32 to 93 hours.
Bitcoin is currently at $54,800 and the Cambridge Energy Index is at 153 terawatts. Let's run some numbers!
$54.8K x 165K coins = $9.04 billion in income!
153 twatts at $0.10/kwatt = $15.3 billion in energy cost
Miners losing in the range of $6 billion annually, up from $5 billion a month ago
yay!
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