0 sats \ 6 replies \ @BTCMiner OP 5 Aug 2022 \ on: Bitcoin mining in the crypto crash — the mining companies’ creative accounting bitcoin
It doesn't help that the footnote references in the BMC report has links that were made ALL CAPS, and thus invalid. But I found a year-end 2021 report which is close. The authors of this article made a rookie mistake, so I responded:
Actually it is a 2022 report, so I deleted the Tweet and did another with correct year.
The 2022 report from the BP website is:
reply
.
reply
The miners also did accounting tricks, such as depreciating mining rigs over five years — and not the 15 months they should have [..]
The author is making it sound like the miners broke a law or something.
Anyway, later in the article she references another article / blog post presumably where she got the 15 months from. That article was also shared, previously, here on SN:
The problem with bitcoin miners [seen on Hacker News]
#28657
https://paulbutler.org/2022/the-problem-with-bitcoin-miners
https://archive.ph/5g3br
tl;dr: Nobody knows ... a modern (2021) S19 Pro 110, for example, might be producing bitcoin for ten years, who knows. IRS allows 5 years, and that's what the miner's used (and disclosed, as far as I know).
reply
The BTC chain took an hour between blocks at times in November 2017 — about 15% of the previous hash power.
Now that's just an outright lie. Bitcoin didn't lose 85% of its hashrate during the BCash fork. Variance happens. We've can see an hour between blocks multiple times every week yet today. It's called variance.
reply
Those loans are never getting paid off. The mining rigs are near-worthless, and the bitcoins held as collateral can’t be dumped without taking the market down even further.
The bitcoins will likely be dumped, putting more sell pressure on the price of bitcoin.
Didn't she just mention earlier in the article from the CoinTelegraph article that miners are accumulating aggressively once again?
Oh well, ... haters gonna hate.
reply
Yes. Somewhat sad that Bitcoin Mining Council was created specifically for such people but they just ignore data and instead use their own agitated sources.
reply