Reports indicate that mining a single Bitcoin now costs far more in electricity than it's worth, even at sky-high prices.
  • @Sibshops@lemm.eeEnglish
    3•18 days ago

    I don’t believe this is necessarily true. Miners like Riot Blockchain are operating at a loss and other people are stealing electricity.

    • bjorney
      3•18 days ago

      Miners like Riot Blockchain are operating at a loss

      I’m not a finance wizard, but I peeked at their last SEC filing, and first 3 quarters of 2024 they posted a 35m operating loss, but added almost 900m worth of assets to their balance sheet (mostly Bitcoin), which to me tells a very different story

      • @Sibshops@lemm.eeEnglish
        3•18 days ago

        That’s because they diluted their stock and sold it. The income doesn’t come from mining Bitcoin.