You don't actually need ASICs to directly mine or indirectly "mine" Bitcoin, if you have a high-enough Bitcoin price, large enough GPU base, nearly-free and abundant energy (like nuclear), and intelligent load-balancing (AI DevOps).
By "mine", I mean that you can mine other crypto and exchange it for Bitcoin.
You have to remember that hashrate is fungible, just like electricity or Bitcoin. These three forms of energy (computation, power, storage) can be shifted around, to produce more of one and less of another, so long as the system stays energy-efficient.
If you have idle computation capabilities, and limitless energy, you can find a way to use that computation to convert that energy into Bitcoin. Even if you burn out the GPUs, after a couple of years, you can still make a lot of money with 1.3 million GPUs.
And, you would only be using any computation leftover from the AI stuff. If you shifted the mining computation from one GPU to another, they wouldn't burn out.
it is fungible but the value at a given moment is not
Time moves on.
Bitcoin price goes up, computation becomes more efficient and AI-supported, energy gets cheaper....
Trump is going to open oil drilling in Alaska. Biden completely drained the strategic oil reserves to suppress the price and win the election (didn't work, but the reserves are empty). They are building nuclear power stations and increasing the drilling for natural gas and Germany's energy consumption is going down because our economy is collapsing.
Like it or not, this is America's game to lose.
And they're the only consumers with any money to spend, so producers are all going to cave on tarifs.
i am keeping my media intake low these days but it is quite notable that a trend in the movement of precious metals, mostly gold, is that everyone is shipping it back from elsewhere (mostly london) to home (fort knox for USA)
the central banks are preparing for mass insolvency, if you ask me
it's gonna be the 7 plagues of joseph's egypt
Yeah, that's why Trump is demanding lower interest rates and preparing to spend like there is no tomorrow, and trying to bring manufacturing home, and everyone else is loading up with gold, Bitcoin, or fiat-denominated debt to build physical infrastructure, like oil rigs, bridges, and data centers. (Well, everyone except Germany because Mr. Habeck is absolutely deranged and economically illiterate.)
The Bitcoin market is too small, still, to absorb all of that money, so most of it has to go into other hard assets.
But don't forget that all currencies roll into the reserve, when the system collapses. So, the dollar-ruled fiat system collapsing starts with the dollar going up, in relation to the other fiats, even while it goes down in relation to other assets.
That's why we should expect to see a massive flood of money and investment into the USA, which will give them consumer price pressure ($40 for a loaf of 🍞?), but crash the price of imports.
yeah, and those reserve units will pile on to bitcoin
it won't be obvious or immediate as it happens but i've pretty much got it on my list to sell of part of my stack around that point because i know it's gonna be 250 shortly thereafter and there's a lot i can do with that because i know it's a blow-off
also, this AI bubble, it seems to be really signalling the top of the market in general, the intense reaction to #deepsnek tells you they are starting to feel it in their gut they are beyond the rational valuation and that in the near future there has to be a correction
Any further correction would require the dollar to rise in value, so that owning dollars is more attractive than investing in stocks.
Trump won't let that happen because it would make imported goods cheaper and destroy the American manufacturing base, again.
but what does cheap dollars mean for everyone else who is holding them abroad for payment reasons?
time to buy gold, silver, bitcoin, bullets, and oil
People still prefer dollars over Bitcoin, in commerce. The price rising doesn't seem to affect that.
We would probably need hyperinflation, to get people to drop the dollar, and it's actually difficult to hyperinflate a debt-based currency because a flailing economy causes debt to be retired/written-off/paid-down. Every wealthy country is currently fighting disinflation, not inflation.
hyperinflation will inevitably happen
0 out of 0 historical fiat currencies have not failed... the incredible machinations and convolutions and lies and bullshit and murder that happened to keep the post Bretton Woods USD alive this last 50 years, i think everyone will be relieved when it finally is over and people realise that the problem of not having this cycle of boom and bust happen over and over again every 1-2 generations can actually be over, thanks to the magic of game theory and cryptography
not really magic, but you know what i mean.
i think the important thing is that we are now in a situation where when the dollar fails, there is an angel of vengance waiting to bill the murderous motherfuckers who ran those inflation rackets and reward those who were faithful and saved and did what they could to end this centuries old regime of usury
i would just point out that despite it being "small" at this point (ie, just smaller than the magnificent 7) the failure of the price structure is going to put a lot of people's eyes on bitcoin and a lot of adoption is going to happen extremely rapidly
like, i can see it happening here where i live, that my local supermarket will have a lightning terminal within 3 years 100% certainty
and how do i see that? i can read the people who work for this retail organisation, they run a bar/restaurant, supermarket and small garden store, and i can feel the stress they have got going on about their finances, this is something that you ... idk... there's signs, little subtle, pervasive things
I see it, too. My butcher complains about EC card fees, for instance.
