"Blockchain Expert": In 11 Years, Bitcoin Mining Will Be Too Expensive to Continue

A new discussion on Reddit has been heatedly discussed by a Reddit user who has given a new perspective on the issue of Bitcoin mining from a computer and blockchain expert.

The Reddit user, who goes by the handle “Illsellyoullbuy,” sparked a lively discussion on the platform by posting an opinion piece from his friend, “a computer engineer and blockchain expert,” who claimed that in 11 years, Bitcoin mining will become too expensive to continue due to the ongoing halvings and high electricity costs.

The “expert” said that miners would be forced to abandon their operations and without miners, it would be impossible to issue new Bitcoins.

“A friend of mine who is a computer engineer and blockchain expert told me that Bitcoin is a failure in a sense, and that Bitcoin mining will eventually become too expensive to mine due to the halving of mining rewards every year. Without miners, there will be no transaction verification, and no transaction volume. Is this view correct?”

However, the community’s reaction cast doubt on the blockchain expert.

Some also believe that as new technologies develop to provide renewable energy to more and more people, electricity prices will inevitably fall in the future.

User humanasaurus:

Bitcoin is limited in quantity because it has deflationary properties. Due to this, the price of Bitcoin will be higher in the long run, which compensates for the cost of energy. But energy costs are actually falling, because new technological advances are being made every day. Therefore, energy costs will become less and less of an issue in the future. Better oil and gas extraction technology, more efficient solar energy, safe nuclear power plants, and even atomic fusion technology (which is being studied) will drive energy costs lower.

Once the 21 million Bitcoin limit is reached, miners will make money from transaction costs. By then, it will be very rare to even own one Bitcoin. Looking back, Bitcoin was once only $0.003 and now it is $10,000. One day, when we see $100,000 Bitcoin, we will wish we had bought it when it was $10,000. I tried to buy Bitcoin when it was $400 and couldn't, and it still hurts me. Learn from my mistake, buy buy buy, and hold for the long term! ”