Hidden Bitcoin RISK? The Coming Energy CRUNCH!! (Ep 269)
Coin Bureau
00:00
Bit Coin Mining and Proof of Work Systems - What You Need to Know
The price of bit coin is near its all time high, and as such it's still a digital gold rush for those with shovels. Miners now have to compete with more limited resources for data centres and other hardware. This means few miners are securing the network and the hash rate falls. If there's ever a point where the cost of production makes mining unprofitable, the marginal miners will switch off their machines. And this will mean that thos industries that are not seen as critical will get the cold shoulder. Some states like york city have already introduced legislation that would limit bit coin mining in the state. Quite simply, they will allow bit coin miners to get rationed over
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