Bloomberg: It Costs $4,000 to Mine a Bitcoin Worth $3,600

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Bloomberg provides the latest on Bitcoin:

The production-weighted cash cost to create one Bitcoin averaged around $4,060 globally in the fourth quarter, according to analysts with JPMorgan Chase & Co. With Bitcoin itself currently trading below $3,600, that doesn’t look like such a good deal.

The exception, apparently, is Chinese Bitcoin miners, who are able to make use of super-cheap hydro electricity and are still making a profit. Everyone else is just wasting time and power.

And what happens when Bitcoin falls below $1,000 and it’s unprofitable for everyone? Then the game is up, I suppose. In fact, the game is already up, since it doesn’t appear to me that there’s any kind of broad market for Bitcoin. If there’s anyone out there who’s consistently been able to sell Bitcoin in return for US$ or something similar, I’d like to hear from them.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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