DecentralBTC on Nostr: Right now energy is priced in dollars and sats are priced in dollars (for most), so ...
Right now energy is priced in dollars and sats are priced in dollars (for most), so mining is an arbitrage against the dollar. Spend x in dollars get x+ in sats value. What happens to energy prices when priced in bitcoin.
For example I read it would take solo miner 266,000 kWh to find a block (if ever) and might take 7 years. At $0.12 per kWh would be $31,920. At $46,000 Bitcoin that’s “profit” of ~14,000.
If priced in Bitcoin would the cost of energy equal that value of the network? Having a hard time wrapping my head around this.
For example I read it would take solo miner 266,000 kWh to find a block (if ever) and might take 7 years. At $0.12 per kWh would be $31,920. At $46,000 Bitcoin that’s “profit” of ~14,000.
If priced in Bitcoin would the cost of energy equal that value of the network? Having a hard time wrapping my head around this.