Correcting a misconception: The cost of electricity to mine a bitcoin does not create a bottom for the price

I've seen a lot of people repeat the myth that the cost of the electricity to mine a bitcoin creates a natural floor for the coin's price. In light of the rapid loss of value and there being nothing to stop this from continuing, I wanted to make sure that everyone who is holding the coin is aware of this so that they at least have a proper investment thesis formulated.

The basic idea that claims the cost to mine a bitcoin has some fundamental correlation to value falls under the Labor Theory of Value, however this theory is a fallacy and does not hold up under market dynamics. Just because a person spends a lot of time or resources creating an object, does not mean that that object has value on the market.

submitted by /u/curiouscitizen100
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Bitcoin – The Currency of the Internet

So far I’ve made 42 transactions on Lightning Network, and it has cost me 600 sat (channel open) and about 120 sat in routing fees. total of 720 sat, or 4.9 cents. Virtually no other alt-coin can compete with these costs.

So far I've made 42 transactions on Lightning Network, and it has cost me 600 sat (channel open) and about 120 sat in routing fees. total of 720 sat, or 4.9 cents. Virtually no other alt-coin can compete with these costs. submitted by /u/Legitinternetguy
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Bitcoin – The Currency of the Internet

Bitcoin's High Mining Cost Means It Cannot Become Global Currency: FT Analysis

Last week, the CEO of both the beleaguered Twitter Inc (TWTR) and Square Inc (SQ) made a strong statement in favor of bitcoin by saying that the cryptocoin is expected to become the most significant currency of the world within the next 10 years. (For more, see Bitcoin Will Become World's 'Single …
Google Alert – bitcoin