So Trump is on board with Bitcoin. This is the same Trump that knows nothing about macroeconomics and wanted negative rates on Treasury bonds. The same Trump that had a $5 Trillion deficit in one year. The same Trump that still thinks the covid vaccines saved lives.
I give Trump a semi pass on the $5 trillion, as he was in office during the start of and peak of the first global pandemic in 100 yrs, and the ensuing economy lockdowns. Lockdowns that the entire developed world also participated in. Biden made the much bigger mistake and CONTINUED the massive fiscal, LONG AFTER the economy had re-opened.
Doesn't matter who the president was at that time in 2020 during peak covid, they would have all made the same mistake with the vaccine. Listened to advisors. Easy now with 20/20 hindsight to think what he should have done different.
You are correct though on Trumps stance on zero and negative rates. That is incredibly stupid and ignorant shit.
Yes........the very same one........that is just as much a shill this time as he was the last time.......the same one that isn't going to be able to change anything about the direction of this snowball headed for hell.
I paid I'm to join this Substack after seeing QTR's interview on Peter Mccormick's Bitcoin YouTube channel, and fully endorse this post's sentiments, enough said.
My concern/question for QTR's affiliation and endorsement of Swan. Practically speaking, Swan seems like an ethical firm providing a valuable service, so kudos on that. But they are damn weird. Have you watched their Bitcoin propaganda videos? Again, they are "on my side" and my inclination is to give them a pass for being the good guys, but damn, they are really weird. Kinda creepy.
I am a relative newbie so might be getting the vibes completely wrong, but QTR doesn't seem like a Kool-Aid drinker or evangelical-follower type. But the Swan stuff just reeks of a messianic true-believer mystical mystery vibe that really turns me off. I suspect their style resonates with the Kathy Woods evangelical Christian Pentacostal crowd, and am surprised to see it embraced here. Am I the one that's off here?
Wow! You said just about verbatim what I was going to say, before I said it. I went to the Swan site and, because I know almost NOTHING about Bitcoin, I went straight to their “Bitcoin 101” page. I’m an old-school kinda guy who doesn’t care to watch hours (7 hours and 40 minutes in their Bitcoin 101 section) of talking heads shuckin’ an’ jivin’ unscripted for a phone camera, so I read their “Dear Family, Dear Friends — A letter to all of you who still have no bitcoin.” After the standard “why fiat is crap” explanation that everyone on QTR’s Substack already knows, what followed was, “Buy Bitcoin.” Dozens of times, it was “Buy Bitcoin.” “Stack Bitcoin.” “Start stacking sats, today.” “The best time to buy sats is now.” “Convert a certain amount of your local currency to sats every week, month, or day.” And so on, ad nauseam. But then, toward the end, she explains that you should never sell your Bitcoin. Direct quote: “I also do not view it as an asset that is to be sold again for dollars, euro, or yen. As the meme goes: When you’re ready, you won’t have to sell your bitcoin.” Hallelujah! Bitcoin is your salvation! It’s yours to have and to hold forever and ever, world without end, amen!
This is somewhat similar to the problem I have with the constant push to “buy gold.” “It’s a store of wealth that will survive after the fiat money system crashes.” Okay, at least I will have something I can touch, but then what? Since no one takes gold bars and coins as payment, how is my “store of wealth” turned back into something that sellers WILL take? Crickets. Costco sells gold bars, but will they take those very same gold bars at the register in payment for a shopping cart full of groceries? Will the folks clamoring to sell me physical gold for $2500 fiat bucks per ounce in 2024 take it back and give me $10,000 fiat bucks per ounce after SHTF in 2030? Probably not. You’ll have to take it to your local “We Buy Gold” pawn shop to get $2000/ounce. So much for your “store of wealth.” I foresee an even bigger problem turning Bitcoin, which you cannot touch, into something sellers will take. The market is saturated with Bitcoin and gold SELLERS, but not Bitcoin and gold BUYERS.
I am relatively old and not terribly wealthy. I allocate quite a bit of what I have to gold and Bitcoin. I am not sure whether being called a "goldbug" or a "Bitcoin maxi" would make my skin crawl more. I have no desire to join a tribe, and certainly no desire to join a religion.
That said, at this point I have far greater confidence in the future liquidity of my Bitcoin holdings than the gold. My children will have a much easier time assuming my Bitcoin keys than dealing with physical gold. I have come to have greater confidence in the future value of my Bitcoin holdings than my meager gold coins.
But when these yahoos on the Swan videos go on about "God's money" and prattle about Satoshi bringing peace to earth...well, I feel a little ill. These ain't my people. But I'm pretty sure the market value of my Bitcoin won't suffer too much from association with useful idiots. I just hate to see QTR lend them any legitimacy he has by shilling a pissy affiliate link when there are less creepy Bitcoin sellers he could shill.
"That said, at this point I have far greater confidence in the future liquidity of my Bitcoin holdings than the gold. My children will have a much easier time assuming my Bitcoin keys than dealing with physical gold. I have come to have greater confidence in the future value of my Bitcoin holdings than my meager gold coins."
Wow. 5,000 years of proven, unquestioned value and liquidity........but you have more confidence in a 15 year old program of 1s and 0s requiring an electrical grid?
"multiple Democrats were urging Kamala Harris to walk back her stance on being anti-crypto" --- if people in that brain-checked collective are dropping their anti-crypto position, it means their hive mind has devised a way to make crypto benefit them and to harm us irredeemables frolicking out in the hinterlands
Just for the record, I haven't seen China, India or Russia buying Bitcoin. They buy gold and trust gold. It has an established record for thousands of years. I don't see the central banks of the world buying Bitcoin. They bought and are buying gold. Prepare for a late entry into Mackay's Extraordinary Delusions and the Madness of Crowds. Ask someone you know in your daily life, 'What exactly is Bitcoin'? Unplug your computer or lose electricity and what do you have then? Have you tried to sell Bitcoin? There are complications, delays and expenses that might surprise you. An ounce of gold is accepted anywhere in the world. People can see and feel it. They know it's real. Real money to be specific. I choose not to amuse myself with an imitation of proven real money.
i do not....i do not.....see Bitcoin breaking thru at all......and i watch it like a Hawk....lol
it last hit a peak of $73;789 on March 14 and then it fell and it hasn't rebound to that peak since then.......if Trump made a difference i do not see it YET
I don't understand how it doesn't bother.....supposedly smart people.......that Trump is up there talking, out his ass, about things of which he is clueless.
So frickin what, he is endorsing Bitcon. That cuts both ways. What does it say about Bitcon that it is being endorsed by a politician vying for the highest office in the land, yet, at the same time, couldn't tell you jack shit about Bitcon.
Making the US a Bitcon "Superpower"? What the hell does that even look like. The world is doing quite a bit to get out from under the dollar thumb that we now control. I am pretty sure it is not interested in a Shitcoin "thumb" taking its place........ controlled by the US........if that was even possible.
I can't stand this ego maniacal prick that parades around as if he is some kind of Reagan Republican conservative. Trump is noting more than a late 90s early 2000s democrat. I ask Bitcoiners directly, "Do you want the government messing around with BTC?.....even if it is in a positive way?" What would that look like? Tax breaks for owning BTC? Free energy to the atrocities called miners? What kind of regulation do you want the government to grant you that can one day be taken away? I thought the whole great thing about BTC was that it was "totally independent" and needed help or permission from no one.
Personally, I am not a fan of BTC........or the whole crypto, digital abomination. The "fight." the "battle" is for control of money. Evil bastards have known for centuries that whomever controls the money, controls everyone. You want the powers that be to control something? Then put it in digital format and traffic it on the world wide web. Nothing on the web, at a certain level, is independent.......or private.......and if you haven't learned that by now, then you are just real stupid. They are not going to let the masses have a money that they cannot control. Period. And all the talk about how they can't control Bitcon or crypto is just bullshit for stupid people to believe.......while they help build their own digital prison. It's kind of funny to me, that as much as the Bitcon crowd brags about how free, independent, and uncontrollable Bitcon is, they sure concern themselves quite a bit with what the government says it is going to do. Like maybe the government CAN control BTC.......or the government CAN shut down BTC. Yeah? Well, no duh.
After Trump's endorsement of Bitcon, I expect all the boomers will be looking to pick some up on their next trip to Sams or Costco. That's just how stupid this all is regarding an endorsement by the BTC-dummy, Donald Trump.
I've been a fan of Bitcoin for a while. I got lucky and bought in at $30,000. I like the idea of having assets in many different forms. Trump doesn't need to know about Bitcoin. Vance does.
Vance? Well, then. That makes everything all that much better.
Tell me, why is it important that any politician know about Bitcon? I was under the impression that the whole purpose of Bitcon was to remove the politician from the monetary equation.
Basically, I'd like politicians to keep the government out of it. The only way for that to happen is to have someone introduce policies that protect the people's right to invest in whatever they like because I can assure you, the other side will introduce policies to stop it or regulate it. It wouldn't be necessary if there weren't already people in government trying to get involved now. Hope you feel more enlightened. It was really just a common sense answer. Please, take your sarcasm to someone else. 🙄
How can something that is touted as unable to be regulated......be regulated? How do you imagine one side of government can protect you from the other side of the same government? When BTC becomes a right declared by government, it is now on the table and controlled by government. It's really just a common sense answer.
You don't think much, do you? And that's not sarcasm.
I hope your confidence in Vance is well placed. Truly. I read his book back I'm the day and have watched him since, and fear that he is an opportunistic snake capable of taking whatever position the moment requires. He seems like Obama without the eloquence or charisma. I see no evidence that Trump will ever listen to him any more than he did Mike Pence. Why do you think that Vance has anything to offer, or will ever have influence in the administration?
I think he knows more about finance, technology, and can relate better to younger people (especially men) He's a sounding board when there's a lack of understanding.
Trump also has talked up a gold standard. I don’t think our owners will allow anything that isn’t controlled by the banksters. Said banksters will work with the unelected bureaucrats to keep their power money and profits and Trump will be fighting too many powerful interests trying to destroy him to worry about what is best for the people. Sorry I am an eternal pessimist.
"When the people want something, elected officials have no choice to but to conspire to make it happen."
If our elected officials actually believed this and took action on behalf of their constituents our society and monetary situation could be vastly improved.
Actually most of the public wants free stuff and "elected officials have no choice but to conspire to make it happen".... by printing money. Most people want their stocks and real estate to endlessly go up, and "elected officials have no choice but to conspire to make it happen" by printing money.
Most of us who pay attention to this stuff want sound money, but the public doesn't want sound money. Or they are too ignorant to know they should want it. They just want free stuff and their stocks & real estate to keep going up.
very insightful. particularly, saying ppl are too ignorant to understand why they should want sound money. sooooo very true. making an ounce of gold = $20 US would fix so much, but would break the financial/credit sector as it exists rn. actually sounds great. but how do we make working and saving mean anything
Trump did not say if elected he would buy more bitcoin, just HODL what the gov already confiscated. I read that he was going to announce adding much more. Didn't happen.
Here is a little trivia for you Bitcon fans to contemplate.
Amount of energy required to mine:
1 oz of silver...................21 kwh
1 oz of gold....................3160 kwh
1 Bitcoin...........................521,000 kwh.............at an average .18 cents a kwh, that's $88,570.00
My source comes from another paid prescription that does not allow me to publish. But if you look up the reports put out by SRSROCCO on YouTube and Twitter, you can find it.
If that silliness we're true, there would be no Bitcoin mined, would there? You also need to add the cost for refining and maintaining and securing the gold or silver. Regardless, that is all irrelevant to its future value.
You are naive and ignorant if you think this BTC stuff is all about the money or "profits" from BTC. You need to go educate yourself and stop walking around with head in the clouds.
"Riot Platforms, a bitcoin miner in Rockdale, took in $31.7 million in August alone for curtailing demand, overshadowing the $8.6 million net proceeds from producing bitcoin that month. The Riot mine consumes enough electricity for 300,000 homes.
“August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” Jason Les, the company’s CEO, said in a statement. This year was the second in a row where Riot made more money from demand response in August than producing tokens."
Allow me to interpret. They get to "sell back" to the electric grid power they are not going to use. They don't make electricity; they don't have excess electricity; they simply get paid to not use electricity........and they pick times when the electricity is at its highest prices, so they can take advantage of the situation.
Everything about BTC is a con.......a grift.......snake oil. The fact that they have jacked up the price on the big board doesn't make it true.......it just makes it so in the fake reality they have created with their digital world.
I don’t know about that. Not all hot, new, sexy products are profitable. Remember the dot-com crash, when VC funds propped up hot, new internet companies that never made a dime? And today, it costs more to manufacture and transport the lithium battery pack in an electric vehicle than the vehicle sells for. Manufacturers recoup part of the shortfall from Democrats’ Green New subsidies, with the remaining shortfall just killing their bottom line. That’s why multiple car companies have stopped making EVs and retooled their factories to resume the production of gasoline vehicles. At least the per-ounce AISC (all-in sustained cost) for producing gold and silver is a known quantity for each mine, and the mine’s profitability can be calculated by: (spot price — AISC) x ounces produced.
So Trump is on board with Bitcoin. This is the same Trump that knows nothing about macroeconomics and wanted negative rates on Treasury bonds. The same Trump that had a $5 Trillion deficit in one year. The same Trump that still thinks the covid vaccines saved lives.
I give Trump a semi pass on the $5 trillion, as he was in office during the start of and peak of the first global pandemic in 100 yrs, and the ensuing economy lockdowns. Lockdowns that the entire developed world also participated in. Biden made the much bigger mistake and CONTINUED the massive fiscal, LONG AFTER the economy had re-opened.
Doesn't matter who the president was at that time in 2020 during peak covid, they would have all made the same mistake with the vaccine. Listened to advisors. Easy now with 20/20 hindsight to think what he should have done different.
You are correct though on Trumps stance on zero and negative rates. That is incredibly stupid and ignorant shit.
He was running the standard $1.5 trillion deficit before the scamdemic.
Pumping the MIC with their biggest budget eva. And signing the NDAA and Patriot Act.
Yes........the very same one........that is just as much a shill this time as he was the last time.......the same one that isn't going to be able to change anything about the direction of this snowball headed for hell.
I paid I'm to join this Substack after seeing QTR's interview on Peter Mccormick's Bitcoin YouTube channel, and fully endorse this post's sentiments, enough said.
My concern/question for QTR's affiliation and endorsement of Swan. Practically speaking, Swan seems like an ethical firm providing a valuable service, so kudos on that. But they are damn weird. Have you watched their Bitcoin propaganda videos? Again, they are "on my side" and my inclination is to give them a pass for being the good guys, but damn, they are really weird. Kinda creepy.
I am a relative newbie so might be getting the vibes completely wrong, but QTR doesn't seem like a Kool-Aid drinker or evangelical-follower type. But the Swan stuff just reeks of a messianic true-believer mystical mystery vibe that really turns me off. I suspect their style resonates with the Kathy Woods evangelical Christian Pentacostal crowd, and am surprised to see it embraced here. Am I the one that's off here?
Wow! You said just about verbatim what I was going to say, before I said it. I went to the Swan site and, because I know almost NOTHING about Bitcoin, I went straight to their “Bitcoin 101” page. I’m an old-school kinda guy who doesn’t care to watch hours (7 hours and 40 minutes in their Bitcoin 101 section) of talking heads shuckin’ an’ jivin’ unscripted for a phone camera, so I read their “Dear Family, Dear Friends — A letter to all of you who still have no bitcoin.” After the standard “why fiat is crap” explanation that everyone on QTR’s Substack already knows, what followed was, “Buy Bitcoin.” Dozens of times, it was “Buy Bitcoin.” “Stack Bitcoin.” “Start stacking sats, today.” “The best time to buy sats is now.” “Convert a certain amount of your local currency to sats every week, month, or day.” And so on, ad nauseam. But then, toward the end, she explains that you should never sell your Bitcoin. Direct quote: “I also do not view it as an asset that is to be sold again for dollars, euro, or yen. As the meme goes: When you’re ready, you won’t have to sell your bitcoin.” Hallelujah! Bitcoin is your salvation! It’s yours to have and to hold forever and ever, world without end, amen!
This is somewhat similar to the problem I have with the constant push to “buy gold.” “It’s a store of wealth that will survive after the fiat money system crashes.” Okay, at least I will have something I can touch, but then what? Since no one takes gold bars and coins as payment, how is my “store of wealth” turned back into something that sellers WILL take? Crickets. Costco sells gold bars, but will they take those very same gold bars at the register in payment for a shopping cart full of groceries? Will the folks clamoring to sell me physical gold for $2500 fiat bucks per ounce in 2024 take it back and give me $10,000 fiat bucks per ounce after SHTF in 2030? Probably not. You’ll have to take it to your local “We Buy Gold” pawn shop to get $2000/ounce. So much for your “store of wealth.” I foresee an even bigger problem turning Bitcoin, which you cannot touch, into something sellers will take. The market is saturated with Bitcoin and gold SELLERS, but not Bitcoin and gold BUYERS.
I am relatively old and not terribly wealthy. I allocate quite a bit of what I have to gold and Bitcoin. I am not sure whether being called a "goldbug" or a "Bitcoin maxi" would make my skin crawl more. I have no desire to join a tribe, and certainly no desire to join a religion.
That said, at this point I have far greater confidence in the future liquidity of my Bitcoin holdings than the gold. My children will have a much easier time assuming my Bitcoin keys than dealing with physical gold. I have come to have greater confidence in the future value of my Bitcoin holdings than my meager gold coins.
But when these yahoos on the Swan videos go on about "God's money" and prattle about Satoshi bringing peace to earth...well, I feel a little ill. These ain't my people. But I'm pretty sure the market value of my Bitcoin won't suffer too much from association with useful idiots. I just hate to see QTR lend them any legitimacy he has by shilling a pissy affiliate link when there are less creepy Bitcoin sellers he could shill.
"That said, at this point I have far greater confidence in the future liquidity of my Bitcoin holdings than the gold. My children will have a much easier time assuming my Bitcoin keys than dealing with physical gold. I have come to have greater confidence in the future value of my Bitcoin holdings than my meager gold coins."
Wow. 5,000 years of proven, unquestioned value and liquidity........but you have more confidence in a 15 year old program of 1s and 0s requiring an electrical grid?
And I'm the silly one?
"multiple Democrats were urging Kamala Harris to walk back her stance on being anti-crypto" --- if people in that brain-checked collective are dropping their anti-crypto position, it means their hive mind has devised a way to make crypto benefit them and to harm us irredeemables frolicking out in the hinterlands
Just for the record, I haven't seen China, India or Russia buying Bitcoin. They buy gold and trust gold. It has an established record for thousands of years. I don't see the central banks of the world buying Bitcoin. They bought and are buying gold. Prepare for a late entry into Mackay's Extraordinary Delusions and the Madness of Crowds. Ask someone you know in your daily life, 'What exactly is Bitcoin'? Unplug your computer or lose electricity and what do you have then? Have you tried to sell Bitcoin? There are complications, delays and expenses that might surprise you. An ounce of gold is accepted anywhere in the world. People can see and feel it. They know it's real. Real money to be specific. I choose not to amuse myself with an imitation of proven real money.
i do not....i do not.....see Bitcoin breaking thru at all......and i watch it like a Hawk....lol
it last hit a peak of $73;789 on March 14 and then it fell and it hasn't rebound to that peak since then.......if Trump made a difference i do not see it YET
I don't understand how it doesn't bother.....supposedly smart people.......that Trump is up there talking, out his ass, about things of which he is clueless.
So frickin what, he is endorsing Bitcon. That cuts both ways. What does it say about Bitcon that it is being endorsed by a politician vying for the highest office in the land, yet, at the same time, couldn't tell you jack shit about Bitcon.
Making the US a Bitcon "Superpower"? What the hell does that even look like. The world is doing quite a bit to get out from under the dollar thumb that we now control. I am pretty sure it is not interested in a Shitcoin "thumb" taking its place........ controlled by the US........if that was even possible.
I can't stand this ego maniacal prick that parades around as if he is some kind of Reagan Republican conservative. Trump is noting more than a late 90s early 2000s democrat. I ask Bitcoiners directly, "Do you want the government messing around with BTC?.....even if it is in a positive way?" What would that look like? Tax breaks for owning BTC? Free energy to the atrocities called miners? What kind of regulation do you want the government to grant you that can one day be taken away? I thought the whole great thing about BTC was that it was "totally independent" and needed help or permission from no one.
Personally, I am not a fan of BTC........or the whole crypto, digital abomination. The "fight." the "battle" is for control of money. Evil bastards have known for centuries that whomever controls the money, controls everyone. You want the powers that be to control something? Then put it in digital format and traffic it on the world wide web. Nothing on the web, at a certain level, is independent.......or private.......and if you haven't learned that by now, then you are just real stupid. They are not going to let the masses have a money that they cannot control. Period. And all the talk about how they can't control Bitcon or crypto is just bullshit for stupid people to believe.......while they help build their own digital prison. It's kind of funny to me, that as much as the Bitcon crowd brags about how free, independent, and uncontrollable Bitcon is, they sure concern themselves quite a bit with what the government says it is going to do. Like maybe the government CAN control BTC.......or the government CAN shut down BTC. Yeah? Well, no duh.
After Trump's endorsement of Bitcon, I expect all the boomers will be looking to pick some up on their next trip to Sams or Costco. That's just how stupid this all is regarding an endorsement by the BTC-dummy, Donald Trump.
I've been a fan of Bitcoin for a while. I got lucky and bought in at $30,000. I like the idea of having assets in many different forms. Trump doesn't need to know about Bitcoin. Vance does.
Vance? Well, then. That makes everything all that much better.
Tell me, why is it important that any politician know about Bitcon? I was under the impression that the whole purpose of Bitcon was to remove the politician from the monetary equation.
Please do enlighten us.
Basically, I'd like politicians to keep the government out of it. The only way for that to happen is to have someone introduce policies that protect the people's right to invest in whatever they like because I can assure you, the other side will introduce policies to stop it or regulate it. It wouldn't be necessary if there weren't already people in government trying to get involved now. Hope you feel more enlightened. It was really just a common sense answer. Please, take your sarcasm to someone else. 🙄
You are talking out both sides of the BTC mouth.
How can something that is touted as unable to be regulated......be regulated? How do you imagine one side of government can protect you from the other side of the same government? When BTC becomes a right declared by government, it is now on the table and controlled by government. It's really just a common sense answer.
You don't think much, do you? And that's not sarcasm.
I hope your confidence in Vance is well placed. Truly. I read his book back I'm the day and have watched him since, and fear that he is an opportunistic snake capable of taking whatever position the moment requires. He seems like Obama without the eloquence or charisma. I see no evidence that Trump will ever listen to him any more than he did Mike Pence. Why do you think that Vance has anything to offer, or will ever have influence in the administration?
I think he knows more about finance, technology, and can relate better to younger people (especially men) He's a sounding board when there's a lack of understanding.
I hope that you are right. He is certainly very smart and some that I follow in tech/finance share your confidence. We shall see!
I hope I'm right, too. It's hard to trust anyone in politics, especially these days.
Trump also has talked up a gold standard. I don’t think our owners will allow anything that isn’t controlled by the banksters. Said banksters will work with the unelected bureaucrats to keep their power money and profits and Trump will be fighting too many powerful interests trying to destroy him to worry about what is best for the people. Sorry I am an eternal pessimist.
"When the people want something, elected officials have no choice to but to conspire to make it happen."
If our elected officials actually believed this and took action on behalf of their constituents our society and monetary situation could be vastly improved.
Actually most of the public wants free stuff and "elected officials have no choice but to conspire to make it happen".... by printing money. Most people want their stocks and real estate to endlessly go up, and "elected officials have no choice but to conspire to make it happen" by printing money.
Most of us who pay attention to this stuff want sound money, but the public doesn't want sound money. Or they are too ignorant to know they should want it. They just want free stuff and their stocks & real estate to keep going up.
very insightful. particularly, saying ppl are too ignorant to understand why they should want sound money. sooooo very true. making an ounce of gold = $20 US would fix so much, but would break the financial/credit sector as it exists rn. actually sounds great. but how do we make working and saving mean anything
Trump did not say if elected he would buy more bitcoin, just HODL what the gov already confiscated. I read that he was going to announce adding much more. Didn't happen.
Here is a little trivia for you Bitcon fans to contemplate.
Amount of energy required to mine:
1 oz of silver...................21 kwh
1 oz of gold....................3160 kwh
1 Bitcoin...........................521,000 kwh.............at an average .18 cents a kwh, that's $88,570.00
My source comes from another paid prescription that does not allow me to publish. But if you look up the reports put out by SRSROCCO on YouTube and Twitter, you can find it.
If that silliness we're true, there would be no Bitcoin mined, would there? You also need to add the cost for refining and maintaining and securing the gold or silver. Regardless, that is all irrelevant to its future value.
You are welcome to refute that data, but silly, I am not. Welcome to reality. Be sure to check out the cost around April of this year.
https://en.macromicro.me/charts/29435/bitcoin-production-total-cost
You are naive and ignorant if you think this BTC stuff is all about the money or "profits" from BTC. You need to go educate yourself and stop walking around with head in the clouds.
https://www.mrt.com/opinion/article/chris-tomlinson-bitcoin-miners-drive-texans-18429149.php
From the article:
"Riot Platforms, a bitcoin miner in Rockdale, took in $31.7 million in August alone for curtailing demand, overshadowing the $8.6 million net proceeds from producing bitcoin that month. The Riot mine consumes enough electricity for 300,000 homes.
“August was a landmark month for Riot in showcasing the benefits of our unique power strategy,” Jason Les, the company’s CEO, said in a statement. This year was the second in a row where Riot made more money from demand response in August than producing tokens."
Allow me to interpret. They get to "sell back" to the electric grid power they are not going to use. They don't make electricity; they don't have excess electricity; they simply get paid to not use electricity........and they pick times when the electricity is at its highest prices, so they can take advantage of the situation.
Everything about BTC is a con.......a grift.......snake oil. The fact that they have jacked up the price on the big board doesn't make it true.......it just makes it so in the fake reality they have created with their digital world.
I don’t know about that. Not all hot, new, sexy products are profitable. Remember the dot-com crash, when VC funds propped up hot, new internet companies that never made a dime? And today, it costs more to manufacture and transport the lithium battery pack in an electric vehicle than the vehicle sells for. Manufacturers recoup part of the shortfall from Democrats’ Green New subsidies, with the remaining shortfall just killing their bottom line. That’s why multiple car companies have stopped making EVs and retooled their factories to resume the production of gasoline vehicles. At least the per-ounce AISC (all-in sustained cost) for producing gold and silver is a known quantity for each mine, and the mine’s profitability can be calculated by: (spot price — AISC) x ounces produced.