Loading ...But no one has yet to point out the fatal flaw in Bitcon. Yes, when the price to produce goes below the cost people are going to unplug their banks of computers and wait out the drought. As of Monday the 5th of February Coindesk shows a low of $6583.56 for Bitcon. Coindesk shows a high of $19,343.04 on December 16th for a decline of 66%.
So far.
The map from MarketWatch shows a cost of production of $7,059 in Hawaii, $6,951 for Connecticut and $6,674 for Massachusetts so anyone mining in those states is shutting down.
But there is a fatal flaw that I’m pretty sure no one has pointed out yet. The math for the blockchain requires people to mine Bitcon. When people stop mining, the value plunges. And when the price drops below the cost of production everywhere your Bitcon is going to have all the value of a slightly used Fax machine or a wonderful Beanie Baby. (MIBNSH)