Right now, each bitcoin 'produced' by mining generates, on average, around $3,226 in losses to miners

https://pbs.twimg.com/media/FkgJD3QaAAEteb9?format=jpg&name=large

Right now, each bitcoin 'produced' by mining generates, on average, around $3,226 in losses to miners:

• Bitcoin Average Mining Costs: $20,095
• BTC/USD: ~$16,869

And the mining net negative has been a reality for a few weeks in a row.

When considering this quick accounting of around $3,226 of losses for each new BTC put into circulation and that every 10 minutes, 6.25 BTC are issued, we are talking about an estimated loss of $120,975/hour.

Draw your own conclusions about this...

This Wednesday (21st), another large mining company demonstrates the difficulties faced in the activity, as Core Scientific filed for Chapter 11 bankruptcy in the USA.

It's not the first, not the second, and probably not the last.

With each new event like this one, the bitcoin network tends towards centralization. It's scary to think that a network of over $300 billion USD in capitalization has a Nakamoto Coefficient (NC) equal to 2. With 2 entities being responsible for >52% of all hashrate produced.

https://pbs.twimg.com/media/FkgJqzKWQAIkY9c?format=jpg&name=large

This is just one more demonstration, among many others, of how flawed Bitcoin's economic and security model is. Or, as the advocates of the leading currency say: "this is just another FUD".

We need to have an open mind to change our minds based on new learnings.

Bitcoin was an excellent idea, which emerged during a major global economic crisis and brought a rare innovation to our monetary and technological system, but technology continued to evolve and the BTC experiment brought us previously unknown answers.

I don't believe bitcoin is the best candidate to continue to bring the innovation we need to decentralized money. Currently, there are already coins that better fulfill some of the functions of bitcoin.

I have my personal favorites, but I don't want this post to be seen as a "shill post", so I will keep this opinion to myself for now.

DYOR!