Tone Vays, a well-known Bitcoin proponent, spoke about the controversial topic of Bitcoin’s mining cost surpassing the price of the cryptocurrency, in his latest Bitcoin Brief episode on Youtube.
Vays stated that the price of Bitcoin is “very critical” for mining, security and infrastructure of Bitcoin, adding that the critical point is much lower than the current market point. Vays further added that Satoshi Nakamoto, the creator of Bitcoin, designed the “system just fine”, stating that mining has been incredibly profitable and that printing free money does not exist. He also spoke about Bitcoin halving, wherein the block reward is halved every four years. He said:
“To me, I look at it this way the having is supposed to take place every four years. Every time it happens earlier than four years that means people are, that means mining is, you know, over popular. The last having was in July, the current having was projected to be in May, I know the whole bcash stupid slowed that down by a little bit and now if a lot of mining comes offline and hash trade drops.”
He went on to say that if the next halving takes place in less then four years from the previous halving, then there is no point in complaining about the mining cost going overboard the price. Vays further stated that there are still a lot of reasons to mine Bitcoin. He added:
“[…] I don’t see a big problem with it. There are lots of places you can mine with unreasonably cheap electricity, maybe even free electricity in some countries and I’m not worried about this and worst case scenario guys like me and Leah and Giacomo will mine at a loss because Bitcoin is so important to us and I think this will only decentralize Bitcoin in the future and not centralize it.”
This is because all the major players would step out of the market,