After the disappointing drop in price from nearly $20,000 to $8,000, perhaps the last thing you might want to hear is that bitcoin might be overpriced but consider this: If you can mine 1 BTC for less than the market price, would you not do it?
There are massive differences in the cost of bitcoin mining in various place according to this article. Consider 500 USD to mine an entire Bitcoin in Venezuela! The cost of mining bitcoin should cap the price but this cap varies greatly according to each country's electrcity costs and availability of mining hardware.
In South Korea the cost is $26,000 each. It sems to me a Venezuelan should mine and then sell in South Korea. But the exchanges in Korea do not allow foreign users and it might be hard to get cash into Venezuela. Maybe I should get myself a mining rig... I wonde what the cost is here.
good job💵💵
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit