If you look into the electricity cost of mining a BTC (on a scale of £10,000 in 2020 but it goes up as processing power increases) you'll see there is a kind of basis for value.
If you have a dedicated miner computer consuming the same as a 3 bar electric fire round the clock you might mine 1/4 of a BTC in a year. The key to profitable mining is cheaper electricity than you can readily buy in the UK, and turning your miner on and off as the BTC price falls and rises. You might as well just buy BTC when you think it's cheap and sell when the price goes up, and hope you aren't holding them when the bubble bursts or the world's governments successfully stop bitcoin transactions.
It has been estimated that 1% of the world's electricity generation is going to bitcoin mining. If this is true then arguably it is not only environmentally disastrous but also inefficient compared with conventional payment systems. I've given up researching this because the sources I've found don't really stand scrutiny e.g. some don't seem to understand the difference between GW and GWh so you're never quite sure how to interpret the information.
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