Citigroup: by 2022 Bitcoin mining can become unprofitable

According to the Citigroup research, by 2022 Bitcoin mining will be profitable only with BTC price above $300 000
10 November 2017   3404

In five years, the bitcoin mining will become absolutely unprofitable because of the too rapid growth in the prime cost of the first cryptocurrency. This conclusion was reached by analysts of financial conglomerate Citigroup, reports Bloomberg.

According to the analyst of the company Christopher Chapman, by 2022, mining will be cost-effective only with a bitcoin cost above $ 300,000. By the same time, the total electricity consumption for bitcoin production will be equal to the consumption of all Japan and will be limited to the governments.

We don’t think that those levels of mining can be reached, and that governments will regulate/tax miners as a way of reducing the power consumption.
 

Christopher Chapman
Analyst, Citigroup

Bitcoin Bulls
Bitcoin Bulls 

It is noteworthy that the expert also believes that the cryptocurrency community will have to change the earnings model and switch to the Proof-of-Stake algorithm. In this case, the winners will be participants, who initially had more cryptocurrency.

As the current arms race is not in the interests of established miners we think that the BTC network may move to a proof-of-stake model; particularly if such a change is implemented by major rival ethereum. Such a move would not be uncontentious, but may be necessary for the survival of the currency.
 

Christopher Chapman
Analyst, Citigroup

 

Craig Wright to Claim to be Satoshi Again

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows
18 February 2019   46

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document he did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

My name is Dr. Craig Wright and under the pseudonym of Satoshi Nakamoto I completed a project I started in 1997 that was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as BlackNet. Ethereum is a poorly designed copy of bitcoin designed with the purpose of completing the promise of smart contracts and scripting that were delivered within bitcoin but which were hobbled by the core developers of bitcoin who sought to enable anonymous transactions to exist within the system. 
 

Craig Wright

"Satoshi"

Earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a mistake confirming that he was not Satoshi Nakamoto.