No matter what’s the price of Bitcoin, you cannot lose money by mining it: John McAfee
Crypto enthusiast John McAfee recently shared his perspective about the price of Bitcoin (BTC) in the long-term. At the CoinsBank Blockchain Cruise, he spoke about the state of mining and economics of the coin. According to an AMBCrypto report, McAfee said that he has no idea what will happen to the price of the crypto in the short-term.
However, from working at MGT Capital, John McAfee gained insights into mining and stated, “I was one of the world’s largest miners when I was with MGT…we did it because it was profitable.”
He added, “No matter what the price of Bitcoin, you cannot lose money by mining Bitcoin. Let’s say the price drops to $2000, everybody gets out and the difficulty rate drops to zero and you’re cranking out millions of coins per day.”
He also spoke about balancing the four variables of temperature, hashrate, consumption of electricity and mining difficulty. He further stated, “As a large miner I am able to see the actual growth and use of Bitcoin. Two weeks ago I did a Bitcoin transaction and it took me 18 hours. If you have an item, entity, product whatever that is in such demand and you tell me the price is going to go down, no it’s not.”
He also shared that the mining difficulty of Bitcoin blockchain was slowly going up, which means the supply of the tokens would be cut in half, with block reward reduced from 12.5 BTC to 6.25 BTC.
McAfee added, “Why don’t we look at the last Bitcoin? We have thousands of people to mine one coin. What is that coin going to be worth? Maybe billions. Mathematics doesn’t lie. Say what you want, mathematics doesn’t lie. If it’s not a million dollars in 2020, it has to be. The end of 2020, December. That’s my prediction, I’m going to stand by it…it is the number 1 coin for processing transactions. Run the numbers.”
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