So, is crazy to see people investing in farms of 10k or 20k miners knowing they will get obsolete in a short period of time.
Once you've paid the upfront cost to buy and set up the miners, they only become obsolete when the electricity cost outweighs the bitcoin income they generate. Given that a lot of farms generate their own renewable energy, which essentially costs nothing (again, after the initial set up cost), then these miners will continue to run until they fail and are no longer economical to repair.
Like i told you before, the only way bitcoin would reach 100k this quickly is because of the USD collapsing, not bitcoin suddenly becoming so valuable.
I never said anything about bitcoin reaching $100k quickly. It's got decades to reach that level.
You think a hundred years is too far away but Bitcoin is already becoming unprofitable to mine, and the reward becoming so low most people will just stop doing it.
And yet, hashrate continues to hit new all time highs every week.
So its not a 100 years away, its a decade at most. Most bitcoins have already been made.
In a decade the block reward will be 1.5625 BTC. Given what I said above, that just last year miners were quite happy to mine with a block reward of $37,500, we only need bitcoin to be $24,000 for the block reward in a decade to be higher then it was back then, and that's not even counting the profit from fees which will be 8x higher at $24k than they were at $3k. I don't think $24,000 in 10 years is at all unrealistic.
This is reasonable, but it doesn't mean its "that" profitable. It might remain technically profitable for years to come, just not in most countries. And of course, if you already have "free" electricity, it remains profitable as along as the scale remains small, otherwise you may never see the ROI from investing in a large renewable installation unless its combined with you selling clean electricity to a factory or something.
This is nearly the last chance, and yes hashrate is rising like crazy. Some may consider it the last swan song. This action in itself is pushing more miners out of the game, and eventually themselves (the whale miners). Who remains? The smaller ones who can use free electricity or have some other business keeping the mining because the owner wants to, for example a power plant.
We know by Jan 2021 those 2000 S19s Bitmain promised to his 8000 units client will be delivered. What do you think the difficulty becomes then? And profitability? The guys working on margin will just stop, as it has been happening all these years.
This is like the peak oil theory. It not an on/off switch, it happens gradually, but it DOES happen. In fact its logarithmic, but i wont deviate.
So to remain "profitable" (while still paying the grid) your Kw/h will have to be 3¢ then 2¢, then 1¢, then 0.5¢, etc.
Yes, its possible to find gold in an asteroid, but not bitcoin. In a hundred years a lot of things may happen... How about using energy to make gold?