Well, now. This is just. . . silly.
There is no "there, there". But it is 95 per cent. . . gone, already. See, Satoshi Nakamoto -- whatever else one thinks of his creation -- he hard coded a immutable limit into the Blockchain: no more than 21 million Bitcoin will ever be "mined". And using mathematical algorithms, he made each successive coin "harder to find". To use the imperfect analogy, he set it up so that the "gold ore body" keeps moving (forever) deeper, and deeper into the mountain's hard rock face.
Thus, over the last 15 or so years, the difficulty of "mining" has increased in logarithmic fashion. And yet, with the irrational frenzy for these digital beanie babies, already the vast majority. . . have been "found" by mining rigs. At current hashrates, some time on Saturday night, the 20 millionth one will be mined.
So -- Riot is spending billions each year, to upgrade its fragile liquid cooled mining rigs, and build ever more powerful transformers [to suck ever-more electricity from the Texas grid], and chase this last 5%.
And, so -- Riot and the other miners will before too long have to either rely on day-trading their hoards (in hopes of catching other suckers unawares), or live off of the meager transaction fees, exclusively.
This is (supposedly) the cash cow, one that feeds the high performance computing center cap ex (also over $2 billion, all in, in cap ex over the next two years, alone). . . Riot hopes to lease out to big companies [like AMD and Google], eventually. Eventually -- like 2028 or so.
Welp. "good luck" with all that, I say. The company simply does NOT have a customer service ethos. It is "all pirate -- all the time". It, in sum, cannot survive in the world it created for itself.
Out.
नमस्ते
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