Because gold has applications in different industries so energy use to mine gold is taken as given, where as energy needed to mine crypto is taken as negative effect. Why it’s taken as negative, I don’t know? I think it’s a carryover from the days when news outlouts considered crypto to be a way for criminals to transact, the news media always tries to sentionlize in order to attract views.
One of my other hobbies (of which there are many) is prospecting for gold. Here in Colorado it is not hard at all to find. Finding enough for the trouble you go through is the tricky part. I think this must be why I am having fun with mining, HA! I have about 10K in gold prospecting equipment, and a about 2.5K in dedicated crypto mining equipment. In both cases, the fun is always worth the bucks.
Jewelery is mainly a different form of storing value. It has no other use that storing wealth and maybe show it from time to time. If all gold which is just sitting around was used to make electronics, spoons or whatever, it's price would plummet, since the industrial utility is not that great as the price implies.
While the valuation of gold is inflated compared to its practical value, the fact stands that gold has more functions than monetary.
If the gold supply dried up, humanity would be in a bind to find a replacement for its commercial and industrial uses.
Sure you can. It's right there on Amazon.
Thanks for sparing me to read the article :D
It's very obvious that the costs for digging up gold is about the same as the value of that gold. Same with Bitcoin. So the article could have said: Gold production 5x of bitcoin production (with an * here, as bitcoin mining now finally has a significant portion of fees, too sometimes. But if you compare that to gold recycling, it works again).
The point here is that an immense amount of resources are being spent. It's energy or money, still it costs a lot in order to get that metal out of the ground. It's kind of a sunk cost issue that gold mining companies don't want to back out of at this point. They've put a lot of money into the equipment and land so they'll take it out no matter what.
Bitcoin costs will go down in the future anyway. It's just a matter of time until we figure out the technology and get correct blockchain solutions in place. Remember the first computer? How much energy did that use?
Once butcoin mining cost becomes not effective they stop mining in this place. They do not spend money just to mine all gold, they mine when it's profitable. The same for Bitcoin. While mining is profitable, hashrate will grow
No bitcoin is a waste fo energy and zero practicality. Don't you get it gold is a way better store of value you know with the 20time more power and inflationary model. Who even likes fixed supply's. And I just love it when mining companys find huge deposits and the every increasing supply. pfft Bitcoin is bad at least that's what my 60 year old commerce teacher said