28 Jun '14, 12pm

Under the Microscope: The True Costs of Gold Production hmmm... Any Info-graphic for True Cost for single Bitcoi...

Satoshi was very clever--the bitcoin mining is just like real gold mining in that the return is elastic. So the miners will always increase costs to mine more marginal return up to the market price (or their guess of some future market price). So for real gold, it's not a coincidence $1200 is the mining cost. Same for bitcoin--it's not coincidence that $570 or whatever is the cost. What I think is fascinating is how the mining cost (for both gold and bitcoin), which is driven by the market price, then turns around and becomes a loose psychological floor for the market price. Markets in free fall look for a gathering point in which to provide resistance--this "actual mining cost" provides that gathering point. It's why gold stopped it's free fall at $1200 I think. So mining is like a big flywheel to the system. It takes time to spin up, but once it gets going, it convinces ...

Full article: http://www.reddit.com/r/Bitcoin/comments/29bcjw/under_the...

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