The average production cost was sitting at $88,000 per bitcoin in mid-March, according to Checkonchain's difficulty regression model.
  • Kairos@lemmy.today
    3·
    2 days ago

    Surely the cost of turning off the machines is less than $19,000 times however many coins they gain

    • AAA@feddit.org
      6·
      2 days ago

      Apparently not. Either the cost of not running those machines is higher than running them and losing 19k on each coin. Or they speculate on prices increasing again, and not mining coins would effectively be a gift to the competition.

      I think it’s an unhealthy combination of both.