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Steve
@stevebeachy
One of the questions that I always get from people in bitcoin conversation is “ Why does bitcoin have any underlying value if it is mined out of thin air ? “ Of course my gut reaction is to be a smart a** and say “ You must be talking about our fiat currency “ , but I understand that it is difficult for people to wrap their heads around ! 😅 The most simple explanation is that bitcoin is backed by energy ! Did you know that the average cost to mine one bitcoin as of May 2025 is $93, 568 per bitcoin ? Although at one time bitcoin could be mined on a laptop, now expensive ASIC miners are the standard, and electricity costs are even greater ! ⚡️ It’s estimated that all the miners combined consume about $43M worth of electricity per day, 365 days a year ! Bitcoin is also backed by the bitcoin network. Bitcoin operates on a global network of nodes. This means there’s no single point of failure, making it incredibly difficult for any event, to bring down the entire system.
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Rose
@rosekeyes
I wish I had knowledge of the crypto market when we could mine Bitcoin with computers.🤣
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Steve
@stevebeachy
Me too Rose ! The problem was back then, nobody knew how its value would grow, so they didn’t guard it very carefully ! 🤷♂️
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