Replying to Avatar Deliverator

Thought exercise: Estimate the average cost to mine 1 bitcoin in epoch 6.

Why do stocks trade at multiples of their p/e, but #bitcoin doesn’t trade anywhere near its future production cost?
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Joda 2y ago

Because it has no earnings? The "production" is intentionally "unproductive", like digging a hole in the ground and then filling it back in.

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