As well as the electricity you have to keep buying hardware. If its a large operation you need somewhere to keep it and possibly people to maintain it. Still looks expensive. It just doesn't seem scalable in the long term. We have alternatives that are much more efficient now. Bitcoin proved the concept of cryptocurrency, but it's time to move on
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Good point, I am stuck in the middle on this one, technology is growing at such a fast rate, perhaps parabolic now if you consider the last 10,000 years? At some point in the near future the costs will be a fraction of what they are now, we won't be able to keep up with the speed of technology itself, renewables will power everything, the hardware running the network will be a hundred and eventually a million times faster. Of course there are other alternatives like POS so going forward we will see which system the market decides.