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   4057

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

 

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   885

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.
 

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.