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Mining Bitcoin with Computers More than Four Times More Expensive than Mining for Gold
By Scott Reeves On 4/2/21 at 4:13 PM EDT
While it's impossible to know how much gold is in the ocean, the National Oceanic and Atmospheric Administration estimates there is about one gram of gold for every 100 million metric tons of water in the Atlantic and Pacific.
There's also undissolved gold on the seafloor, but much of it is a mile or two under water and encased in rock. There isn't yet a cost-effective way to extract gold from seawater or mine it from the ocean floor and make a profit.
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But if gold can someday be profitably recovered from the ocean—or even mined from asteroids—could increased supply lower its price? In short, could gold become obsolete as a store of value in the future? If so, what would replace it?
The Bitcoin faithful nominate the cryptocurrency.
Bitcoin backers argue that traditional methods of establishing value—earnings, expenses, market share, innovation, future growth and profit—don't apply to the cryptocurrency. Further, they say the traditional concept of monetary value can't accurately size up Bitcoin.
FE_Bitcoin_05
A technician inspects a bitcoin mine in Saint Hyacinthe, Quebec on March 19, 2018. LARS HAGBERG/AFP/Getty
The cryptocurrency is a network, and like social networks, the greater number of people who use the service the more valuable it becomes to the community, Bitcoin proponents say.
The Bitcoin vs. fiat currency debate raises a basic question: What is money?
Mining Bitcoin with Computers More than Four Times More Expensive than Mining for Gold
By Scott Reeves On 4/2/21 at 4:13 PM EDT
While it's impossible to know how much gold is in the ocean, the National Oceanic and Atmospheric Administration estimates there is about one gram of gold for every 100 million metric tons of water in the Atlantic and Pacific.
There's also undissolved gold on the seafloor, but much of it is a mile or two under water and encased in rock. There isn't yet a cost-effective way to extract gold from seawater or mine it from the ocean floor and make a profit.
>
But if gold can someday be profitably recovered from the ocean—or even mined from asteroids—could increased supply lower its price? In short, could gold become obsolete as a store of value in the future? If so, what would replace it?
The Bitcoin faithful nominate the cryptocurrency.
Bitcoin backers argue that traditional methods of establishing value—earnings, expenses, market share, innovation, future growth and profit—don't apply to the cryptocurrency. Further, they say the traditional concept of monetary value can't accurately size up Bitcoin.
FE_Bitcoin_05
A technician inspects a bitcoin mine in Saint Hyacinthe, Quebec on March 19, 2018. LARS HAGBERG/AFP/Getty
The cryptocurrency is a network, and like social networks, the greater number of people who use the service the more valuable it becomes to the community, Bitcoin proponents say.
The Bitcoin vs. fiat currency debate raises a basic question: What is money?
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