Comment on Bitcoin mining is no longer profitable

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Hirom@beehaw.org ⁨3⁩ ⁨days⁩ ago

Thanks for the refresher. I’m aware of the basics, but assumed the difficulty measured by the number of zeros could only increase. Apparently difficulty can decrease, and I’ve read it’s expected to decrease very soon to keep the system running a while longer.

Bitcoin’s creator was smart enough to design a system that automatically adjust to remain profitable for several years without intervention, but not smart enough to foresee social and environmental costs.

It’s a good example that illustrate why automated systems shouldn’t be left running unsupervised, even if it’s designed by the best of minds with the best of intentions.

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