Is “mining” a waste of electricity?

The Mining Prince was invited to answer this question as a miner.

First of all, I didn't waste any resources. I paid for every kilowatt-hour of electricity I used.

Secondly, Bitcoin does exist, but it does not exist in the form of paper currency as the questioner understands.

Third, as a beneficiary of mining, it is hard for me to hate the improvement it has brought to my life. You hate it because you don’t enjoy its dividends.

If people who trade in cryptocurrencies are speculators, then miners are more like producers. It is actually very simple to understand mining from the perspective of traditional industry. You open a weaving factory and buy a batch of looms. During this period, you have to invest in cotton yarn and pay workers' wages. The woven cloth is your output. But in traditional industry, you have to receive orders, and someone has to buy the cloth you weave. If the machine is always running to weave cloth, you have to ensure that the inventory will not be overstocked and someone will buy it. In contrast, you can transfer the output coins to the exchange, sell them at the current price or sell them over the counter, which is almost as easy as breathing.

So if we use the traditional production thinking to look at mining compared to traditional production, the mining prince believes that mining is really a good business. The market is free. If someone is willing to buy, there will be someone willing to sell. Even if it is a stone, as long as someone is willing to bid, there will be a market. The questioner is confused as to why someone would go to such great lengths to dig this stone that you think is useless, but someone is willing to pay for it, so we just dig it and that's it. There is no stealing or robbery, and the money earned is what I know.

So is the stone that you think is worthless really a stone? In fact, as early as prehistoric times when gold was not yet circulated as a general equivalent, there were also a group of people who questioned this "stone".

Existence is reasonable, follow the trend. Welcome to chat