Even more stunning! I knew that the quoted consumption cost in the article was predicated on cheap hydro power in that valley...but..who would mine Bitcoin at this cost?
Let's see, I'll spend $13,800 (plus the cost of my server farm) to create something that I can sell at a market price of, $6,600...
It only works where the electricity is really cheap, but then just barely as the cost of the mining equipment is also expensive. If it collapses down to 2 or 4k, then there should be more of those miners going out of business. They do say that there's lots of them still running and they're losing money, it's just that everyone is playing a game of chicken and waiting for others to drop out so that the difficulty gets easier with less miners but that's not happening. I'm not sure why it's holding stable pretty much, there's probably some market manipulation going on in the background, but there's no real controls on it so it's hard to say.
